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Physicians average $200K in student loan debt — 5 ways to manage finances

With an average of $200,000 in student loan debt, physicians have a long road to healthy finances, according to Medscape writer Karen Riccio.

Here are five strategies for managing finances:

1. Prioritize spending by creating spending guidelines.

2. Calculate anticipated net income and designate a purpose for every dollar.

3. Use programs such as Excel, Google Sheets, Quicken, Personal Capital or You Need a Budget, which help users track, categorize and estimate spending.

4. Seek advice from a third-party if necessary, but avoid being tricked into buying expensive, unnecessary products or services.

5. Pay off student loan debt as quickly as possible by following an aggressive payment plan.

Click here for more details on the strategies.

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