Not all financial strategies for doctors require long-term investment. Medical accountant Kym Nitschke reveals the quick money wins.


While doctors are among the highest earners in Australia, they still face financial challenges. Overspending, debt and high insurance premiums are just some of the challenges they face.

Rather than becoming overwhelmed by these daily difficulties, there are things you can implement right now to help you build a secure financial future.

Here are some simple ways to work towards financial freedom.

Pay attention to spending

It’s far easier to spend money than save money. That’s why it’s essential to pour over your bills to see exactly where your money is going. 

– Can you consolidate debt, especially credit cards and other loans?

– Are there any subscriptions you can cancel or find a cheaper version?

– Do you need to reassess contracts, eg phone, internet etc.?

– Can you adjust your lifestyle? For example, spending less on entertainment, dining out, cars etc.

The other part of reviewing your budget is assessing whether these costs align with your short-term and long-term goals. A realistic budget helps keep you on the right track to accomplishing these goals.

Doctors also have to beware of lifestyle inflation, which crushes any chance of building wealth. You can’t be a good investor if you’re not a dedicated saver first.

Refinance loans

When was the last time you reviewed your home loan? Many doctors don’t realise that reviewing your property loans every couple of years, and working with a mortgage broker to assess the many deals on offer across the finance market, can bring about big savings on your repayments sometimes up to $1200 a month!

Review insurance

Just like your home loan, it’s worth comparing insurance policies to check if you’re receiving bang for your buck. 

And while you’re at it, check if your life insurance policy needs to be updated. If anything were to happen, you want to ensure your family’s future is secure.

Get prepared

Good financial planning means preparing for the future. While doctors earn good money, you’re also exposed to risk if you couldn’t work for some reason. Here’s how to mitigate that risk:

Emergency fund: This protects you from unexpected events like injury, job loss or illness. Aim to have at least three months living expenses set aside.

Personal savings accounts: This could be for a holiday, home repairs, your children’s education or big purchases. Banks offer different savings funds depending on how quickly you need to access the funds.

Retirement fund: This could include your superannuation fund or additional savings and investments that you put aside for the time when you wind back work. This should be built according to a solid strategy developed with a medical wealth expert.

Have you fallen behind on your short and long-term savings? Don’t fear, you can start investing and setting up these savings pockets today. Better yet, automate predetermined amounts into saving pockets each month.

Automate accounting

Long hours, late nights, family responsibilities, it all builds up. However, managing your income, expenses and savings doesn’t have to be a burden.

You can set up automated monthly payments to your emergency fund, savings fund or retirement fund, as well as all of your other regular payments.

You can also utilise financial software to paint an overall picture of your financial health by monitoring spendings and tracking savings goals. This way, you can make better money decisions based on accurate data.

Partnering with an experienced medical accountant can also be a smart way to remove some of your financial pressures.

Make the right money moves

After a quick chat with a medical accountant and wealth expert who knows your industry, you’ll get many other instant tips to make an immediate financial impact.

But you can go a step further and build a strategy that will set you up for long term success.

Contact us for a free initial discussion about your needs.

The information contained on this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.

Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.

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