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Financial Tips for Veterinary Graduates

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Congratulations, Doctor—you've graduated! Start off your career on healthy financial footing with these important tips:

  • Have a budget. If you're new to budgeting, consider tracking a few months of your historical spending first so you have an idea where your money has been going. Then move to budgeting, where you'll set goals for future spending. You can use the AVMA's personal financial planning tool to put your budget together with veterinary-specific suggested categories to make things easy!
  • Know your loan repayment strategy. If you took out student loans to help pay for veterinary school, it's important to think about your repayment strategy as soon as possible so you have a plan. You'll have a six-month "grace period" after graduation before you have to start making payments, so take advantage of this time early on to explore your options. First, check your loan types and balances. Your federal loan information is available at StudentAid.gov; private loans must be tracked separately. Then, review the available repayment plans and select the option that best matches your goals. These short video modules featuring student debt expert Paul Garrard provide important information, and you can always seek professional advice if needed.
  • File your taxes. Especially if you're planning to use an income-driven repayment strategy for student debt, filing your taxes for the year you graduate will give you the documentation you need to start off on the right foot.
  • Resist the urge to run on auto-pilot. This is an exciting time and the fulfillment of a lifelong dream. But even if—and especially if—you have a job lined up and income on the way, your finances need attention. It's important to spend a little energy on a financial plan: assessing your current situation, identifying future financial goals, and making sure you have a budget that sets you up for success. Be sure to consider all of the components of your financial health, including your income, debt, student loans, savings, retirement, insurance, and emergency fund. Make a commitment to revisit your financial plan every year, and stick with it!

Find more financial tips in this AVMA Trust blog post on financial planning at the start of your career.