Graduate Medical Education Graduate Medical Education PARTNERS ARTNERS OFFICE FFICE of of RESOURCES ESOURCES for for TRAINEES RAINEES Best Practices for Budgeting Presented by Michael Shuman, VP/Lending Medical Area FCU Presented by Michael Shuman, VP/Lending Medical Area FCU
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Best Practices for Budgeting - Partners HealthCare · BestPracticesforBudgeting U li b ki d li bill Best Practices for Budgeting Use online banking and online bill-payer Set-up recurring
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Graduate Medical EducationGraduate Medical Education
Presented by Michael Shuman, VP/Lending Medical Area FCUPresented by Michael Shuman, VP/Lending Medical Area FCU
Best Practices for BudgetingU li b ki d li bill
Best Practices for Budgeting Use online banking and online bill-payer Set-up recurring payments for monthly payments that
don’t change: installment loans: student loans, mortgages, car payments personal loans rentcar payments, personal loans, rent.
Set-up all other payees for online bill-payer for variable expenses: credit cards, lines of credit, phone, electric, cable, gas bills, etc..cable, gas bills, etc..
Get into the habit of setting up the payment when the bill arrives(or check the bill online). Some vendors, like cable and cell phones, will allow you to set up recurring
di dpayments on a credit card. Always pay credit issuers on time. Pay as much as you can
on revolving debt to keep your credit score higher.Graduate Medical Education Graduate Medical Education
Best Practices for BudgetingBest Practices for Budgeting
Budget: Income should exceed expensesp Keep a diary of expenses Prioritize housing utilities loan payments Prioritize housing, utilities, loan payments Manage cash flow as a surplus to pay down
debt and invest for future income retirementdebt and invest for future income, retirement, etc…
Graduate Medical Education Graduate Medical Education
Credit scoring is based on the basic premise that you use credit wisely and sparinglyyou use credit wisely and sparingly.
Use credit wisely: Pay on time, never late.U di i l d i l K l i Use credit wisely and sparingly: Keep revolving lines of credit (credit cards, HELOCs, ODP) as low as possible and limits high.p g
Use credit wisely and sparingly: Apply for credit only when you absolutely need to borrow.
Graduate Medical Education Graduate Medical Education