Physicians Office Resource Volume 12 Issue 5 | Page 17

giving up some precious and scarce free time, or having the office staff work more (and get paid more). There is an old saying “A penny saved is a penny earned.” But I say “A penny saved is better than a penny earned. The penny saved is not taxed.” The option of spending less is a far better solution. To overcome a deficit of $100 in our family budget, reducing spending by $100 over one or more of our expense categories will balance the budget without increasing the tax bill. Many will read this and say, “But I don’t have anything to cut. That’s why I need more money.” Often when I hear this, the person saying it doesn’t keep a budget or track their spending. In this situation, they really don’t know if they have something to cut because they aren’t paying attention to where their money is being spent. The simple exercise of recording everything spent for a month or two can be very eye opening. Often there are many things that could be cut back on without even noticing a change. When we begin to pay attention to where our money is being spent, we will notice some interesting things: “I Dr. Cory S. Fawcett even lose a few pounds.” “I had no idea how much those premium TV channels were costing me. I don’t even watch them.” “I forgot I have two gym memberships. I don’t even use one of them anymore.” “I could have spent half of what I just spent on that vacation and had just as much fun.” Earned income is taxed more than any other kind of income and is the There is an old saying “A penny saved is a penny earned.” But I say “A penny saved is better than a penny earned. The penny saved is not taxed.” Which would you prefer for the same $100 return, working longer hours to earn an extra $170, or tracking your expenses and finding where you could shave $100 off your spending? Don’t work harder, most doctors already work too hard. Physician burnout is at an all-time high. Before you go out and look for opportunities to moonlight and increase your income, think about ways you can accomplish the same effect by decreasing your spending. Then maybe you could afford to take an extra day off now and then. spent more on my daily lattes than I spent on gas for my car last month.” “I didn’t realize how much I spent eating out for lunch every day. I’m going to pack a few more lunches and maybe Find more helpful information from Dr. most inefficient way to increase your Cory S. Fawcett by following his blog at available cash. Cutting back spending DrCorySFawcett.com or by reading one of his books in The Doctors Guide Series. is extremely efficient. Thankfully, the government hasn’t found a way to tax Read this and other articles at spending decreases yet. www.PhysiciansOfficeNews.com 17