How to create a household budget: a physician ’s simple approach
Learning to budget is scary. After all, it means you have to say NO to unnecessary purchases and keep your eye on long-term goals at the expense of short-term pleasure. There are a variety of ways to budget, ranging from the restrictive and somewhat impractical “envelope system” to the more vague and potentially ineffective “wing it” system. I’d like to present a balanced approach to budgeting that is practical, simple, and shouldn’t take any more than a few minutes to implement and monitor.
Step 1: Determine how fast you want to earn your freedom
This step is critical, because without it, you really have no idea how much you should be saving and spending. As discussed in “How To Earn Your Freedom,” the time it takes to reach financial independence is almost exclusively a function of your savings rate.
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Source: Kevin, M.D. - Medical Weblog - Category: General Medicine Authors: < a href="https://www.kevinmd.com/blog/post-author/live-free-md" rel="tag" > Live Free MD < /a > Tags: Finance Practice Management Source Type: blogs
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