Physicians, like anyone else, have money worries. This is because they accumulate student debt in qualifying and focus their sole attention on training rather than their bank balance. So, here, we shall look at ways of investing wisely and saving money in other ways for those vital to our healthcare.
To help with finances, we shall consider first, choosing the right mortgage, then think about how money can be saved when heating a home, followed by eating healthily but cost effectively. It is easy, as a busy physician, to eat conveniently rather than considering the cost of doing so.
Physician Mortgage Loans
A physician mortgage loan is a special type of mortgage that is only open to members of the medical profession that have reached, or about to qualify, with physician status. It is a well-earned right and something to be explored. So, if you are a physician, or about to become one, you will be interested to know what is on offer here. Primarily, physician mortgage loans entitle physicians to apply for a mortgage where there will be a low, if not non-existent, down payment required to purchase a house. As a bonus, too, the borrower can avoid needing private mortgage insurance (PPI) that most lenders insist upon to protect the lender from the borrower defaulting. So, there is a viability and cost saving element to these loans in that they are made possible by the lower deposit, and then save the lender money in having no insurance cost.
Saving Money with Heating
Electric heaters are considered one of the most expensive forms of heating. A gas central heating system is recognised as the most efficient way to heat a home. In addition, a programmable thermostat can mean that you are not heating your home when you are not there. Insulation is an important part, too, in then not allowing the heat that you pay for to escape needlessly. Various types of insulation materials can be used, including aerogel, cellulose, fibreglass, mineral wool, and polystyrene. The most expensive is aerogel but considered the best type of insulation. Fibreglass might be cheap to purchase but it requires careful handling. In terms of fire safety, mineral wool might be effective, but is not fire resistant. Cellulose, on the other hand, is fire resistant, effective, and eco-friendly, although hard to apply. It would be wise to consult a professional firm in choosing and fitting any kind of insulation, should your house not already have it to an efficient level.
Eating Cost Effectively
The main thing to consider here for someone as busy as a physician, is to not allow your foods to become out-of-date in the cupboard. Freezing foods that you know you are not going to eat for a while, or have stocked up on, is in part a solution to this. Buying in bulk will achieve better prices and save time. It might be an idea to consider cheaper supermarket brands that are primarily offering the same type of food but at lower prices. It depends on your personal taste, and the time available to enjoy eating the food anyway. Cooking from scratch can save money if you have the time. This could be something to consider when you are off duty.
So, with many ways of saving money, it will make the investment of a first house even more affordable. Mortgage physician loans, as a first choice, with their low or non-existent down payment options. If you keep asking yourself the question “What Is A Mortgage?“, there are plenty of resources that can help you. Then, from studying the details of what a mortgage entails, you can start to see just what benefits have been tailored specifically to the financial needs of the physician.