Financial growth and stability typically come from saving and investing your money. It is often recommended to keep your purchases within a budget. However, using some of your money for purchases that can benefit your life in some aspect or make you more comfortable can be money well spent. While frugality can be a favorable trait to help Physicians reach early financial success, a mindset built on scarcity can also hinder some of the joy life has to offer.
Physicians can spend, or splurge with some specific goals in mind to break thrifty habits they may have developed during residency. Here are some purchases to invest in if you are looking to break through frugality with purpose driven spending.
1. Personal Technology
It’s rare to find a person who doesn’t own an iPhone in today’s day in age; however, it is important to keep your technology updated to the latest versions. Time is money, and the more time you spend waiting for programs to load and websites to run, the more money you are losing in the long run. A good time to consider a technology update is when your phone is essentially slowing you and your work down.
2. Experiences
Investing in experiences that can lead to memorable moments with loved ones is something worth much more than financial wealth itself. If there is one thing people regret most in life, it is skimping out on spending valuable time with family and friends. Further, the more experiences you take, the better your mental health and well-being will become.
3. Work Attire
A study conducted by BMJ Open found that patients do have preferences for how their Physicians dress. Researchers found a direct correlation between work attire and patient’s perception of the trustworthiness, approachability, and comfortability. It may be a good idea to revitalize your wardrobe (hint: a patient favorite was formal attire paired with a bright white coat).
4. Travel
Traveling can be an important part of personal growth for you as well as your family. Spending time in different countries can lend a global perspective that cannot be taught without experiencing different languages, cultures, travel delays, etc. This will teach you to expect the unexpected, which is a life lesson that can improve intellectual, professional and social skills. Plus, traveling can be a lot of fun! It’s also a great way to de-stress and prevent burnout.
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