A budget is a personal thing since it demonstrates where your priorities are. You might not think of it that way, but if your budget DOESN'T reflect your priorities, it's time to make a change. For example, some people may spend more on clothes, transportation, vacations, or their home. Others might direct a lot of money toward paying down debt or toward retirement. Still, others may give a lot to charity. Some may even be embarrassed to reveal they're spending most of what they make—or even more than they make. No wonder no one wants to talk about this.
It helps if you don’t think of the process of budgeting as constraining and boring but instead as a plan for financial independence. Many marriages break up over financial issues. Budgeting done properly can essentially eliminate relationship fights over money.
And remember, in a 2019 survey, it was revealed that about one-quarter of doctors who are in their 60s have a net worth of less than $1 million. If those docs had budgeted, those numbers likely wouldn’t be so high.
Doctors Need to Budget Too!
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Real Life Examples of Physician Budgets
Zero-Based Budget as a High-Income Professional