I am no financial expert and this article in good faith and I shared some of my opinions on way of manage our money.
Contradictory to the general view, doctors do not earn much and this especially to the junior doctors.
For a House-officer in Malaysia, average salary plus allowance will approx to 3K to 4K plus or minus few hundreds and more if one posted to Sarawak or Sabah.
And the medical officers probably earn extra hundreds around 5K.
Well, you might ask a person earn 4K to 5K per month should be able to pay of all the expenses and even have substantial amount for saving.
The above applied if a person is able to control his/her expenses.
Unfortunately, as a junior doctor, there are many bills to pay.
List of expenses
Car loan – this is true since many buying new car after graduate , installment can up to thousands.
Travel – Airasia cheap air thicket is just too good to be missed
Food – dinar at expensive restaurant
Assessory- clothes and so forth.
Credit card loans
Enough said of this
HERE ARE THE SOLUTION( actually it’s my personal view of solving the problem)
THE CENTER of the solution is TO CUT AND CUT AND CUT down the EXPENSES
MEANING You must controlled how much you spend
SO WHAT TO CUT?
NUMBER ONE is STOP TRAVELING and STOP GIVING MONEY To Tony Fernandez . Please ignore Airasia website. The advertisement is just too good and everyone get hooked. Ok, you may allowed yourself once a year a trip and not more than that.
NUMBER TWO is BUY less expensive car but safe car – NO MILO tin car.
NUMBER THREE is choose cheap travel mode of transport. Choose to travel in train or bus instead or flight if you travel from Penang to KL (example)
NUMBER FOUR is START TO THINK LIKE ” I JUST A POOR DOCTOR” which keep remind yourself you are not private hospital consultant who earn 5 figures per month.
NUMBER FIVE is reduce the number of clubbing and having dinner outside with friend.
NUMBER SIX is to eat hospital food and even better, eat the free meal serve during on0-call.
NUMBER SEVEN is try to remind yourself that you need to save money for the future i.e money for membership examination
NUMBER EIGHT is try to learn to make yourself a cup of coffee instead of donating money to starbuck.
NUMBER NINE is stop buying lenses – for guy who interest in photography. Those lenses are just too expensive and probably we don’t really need it.
NUMBER TEN is pay up the credit card. The credit card interest alone can make one to declare bankrupt.
NUMBER ELEVEN is to dress down and not dress up. I just hope MOH can start to enforce no tie rule in ward and it’s will save thousand of money.
AND FINALLY ( you have more ideas, please share!)
Is to earn extra income and for doctors is to do locum.
EVERYONE is fighting for locum at government clinic which paid OBSCENE amount of money. (allowance for 1 call which last for 15 hrs is RM150 and for the off hrs clinic it’s paying RM40 every hrs to see URTI cases )
And you can do as many locum at private GP or clinic.
AND PERSONALLY I don’s do locum and I discourage doctors from doing too many locum because it’s bound to interfere with our daily duty which we are supposed to do.