An article authored by Ebony Escalona, equine vet, founder of Vets:Stay, Go, or Diversify and Director of VetYou.
Ebony Escalona is an equine vet, founder of Vets:Stay, Go, or Diversify and Director of VetYou. She also sits on the executive board of StreetVet, is a visiting lecturer at Surrey University and an advisor to VDS Training, and was the recipient of the inaugural RCVS Inspiration Award.
VetYou have created a supportive community and a network of financial professionals to help you navigate your financial path. With a deep understanding of the unique challenges you face, VetYou are there to provide actionable advice and resources tailored specifically for veterinary professionals, mainly in the United Kingdom.
As veterinary professionals, we spend much of our lives caring for others. Long hours, high-stress environments, and the emotional toll of our work can leave little time or energy to focus on personal matters – finances included. Yet, gaining control over your financial future is crucial not only for your peace of mind but also for ensuring that you can continue to do the work you love, and pursue what’s important to you, no matter what life throws at you.
Acknowledging Where You Are Now
Before diving into financial strategies, it’s important to acknowledge your current situation. Whether you’re just starting your career, juggling student debt, or trying to balance work with family life, your financial circumstances are unique – and so are the challenges you face.
For many, the pressures of veterinary work can lead to burnout, impacting both mental and physical health. Financial stress only exacerbates this, making it difficult to find the time and energy to manage personal finances effectively. The key is to start by understanding that it’s okay to feel overwhelmed. You’re not alone, and there are steps you can take to regain control.
Action Prompts:
Take a moment to reflect on your current financial situation. What aspects bring you stress? What aspects bring you peace? Who could help you figure out your next step?
If you had a friend who felt overwhelmed with their finances, what kind words of encouragement would you offer to them?
Building a Financial Foundation
The first step in taking control of your finances is establishing a strong financial foundation, and awareness. This begins with understanding your cash flow – what’s coming in and what’s going out. Many in our community have found that this process is actually easier than they expected.
Start by getting a clear picture of your current situation. Don’t worry about setting a strict budget right away. Simply look at your income and expenses. This process can be eye-opening, allowing you to see where positive changes can be made. Remember, your current situation doesn’t dictate your financial future; you have the power to shape it.
Choose a method that works for you: a budgeting app, pen and paper, or the VetYou Financial Healthcheck spreadsheet. Many find that having someone guide them through this process is helpful, whether a friend to body double or a financial advisor. This clarity helps you to identify your next step and who could help with that.
Action Prompt: Choose one method to track your income and expenses for the next month. Set a reminder to review your findings in 30 days.
Resource: Download the VetYou Financial Questionnaire, created by financial advisor Ruth Downs, to gain clarity on your current financial status: Financial Questionnaire Download
Resource: Re-watch the ‘Facing up to Finances’ budgeting masterclass, co-delivered with Veterinary Woman, for more in-depth guidance.
Income Protection: Safeguarding Your Future
One of the most critical, yet often overlooked, aspects of financial planning for veterinary professionals is income protection. Given the physical demands of the job, alongside the challenges of being human, injuries or illnesses that prevent you from working can have a significant impact on your financial stability.
Income protection insurance is designed to replace a portion of your income if you’re unable to work due to illness or injury, providing you with a financial safety net. When choosing a policy, consider factors such as the benefit period, the waiting period, and the coverage amount. Ensuring that your policy is tailored to your specific needs as a veterinary professional is crucial for long-term financial security.
Many policies now cover pre-existing conditions or chronic illnesses, making protection accessible to more professionals. Remember, we encourage our clients to insure their animals – let’s apply that to ourselves too.
Action Prompt: Schedule a call with a financial advisor to discuss what policy might be right for you.
Resource: Watch the VetYou Finance Friday session with Katie Ford and Ruth Downs on income protection: Income Protection Video
Tackling Debt: A Strategic Approach
For many veterinary professionals, student loans and other debts are significant financial burdens. Rather than letting debt weigh you down, take a proactive approach by creating a repayment strategy. This doesn’t have to be completed alone.
Start by listing all your debts, including interest rates and minimum payments. From there, you can decide whether to prioritise paying off high-interest debt (often the most expensive in the long run) or opt for the “snowball” method, where you pay off smaller debts first to build momentum. Whichever method you choose, the goal is to create a plan that feels manageable and aligns with your broader financial goals.
Action Prompt: List all your debts, including interest rates and minimum payments. Identify which debt you’ll focus on paying off first.
Resource: Book a call with financial advisor Ruth Downs to discuss debt repayment strategies
Saving and Investing: Planning for the Future
While paying off debt is important, saving and investing for the future is also a priority for many. The financial advisors we work with suggest starting by building an ‘emergency fund’ – enough to cover 3-6 months of living expenses – before moving on to other savings goals. That might seem initially out of reach, but remember, everyone starts somewhere!
Investing can also seem daunting, especially if you’re new to it, but it’s a powerful component of long term financial health; it’s about having your money work for you. Consider working with a financial advisor who understands the unique needs of veterinary professionals. The key is to start small and be consistent, taking advantage of compound interest over time.
Action Prompt: Set a specific savings goal for the next three months. It could be starting an emergency fund or saving toward something specific.
Resource: Re-watch the VetYou webinars on investing.
Navigating Gender-Specific Financial Challenges
Women in the veterinary community may face additional challenges when it comes to financial planning. The gender pay gap, career breaks due to family responsibilities, and longer life expectancies can all impact financial trajectory. It’s important to be proactive in addressing these issues, whether it’s negotiating for better pay, planning for career breaks, or ensuring you’re saving enough for retirement.
Women have historically been left out of financial conversations, with the first women’s bank account only being available in 1975, but the reality is that they are more than capable of managing money. In 2024, veterinary women get to be the generation that makes the change and takes back their financial independence.
Action Prompt: Identify one area where you feel less confident in your financial knowledge. How could you spend 10 minutes learning a little more about this topic?
Resource: Check out this webinar VetYou hosted on salary negotiation
Building a Support Network
You don’t have to navigate your financial path alone. Building a support network of fellow veterinary professionals, financial advisors, and mentors can provide the guidance and encouragement you need. VetYou provide excellent resource for connecting with others who understand the unique challenges you face and can offer practical advice.
Financial advice is for everyone, not just for the super rich.
Action Prompt: Book a call with a financial professional from VetYou.
Resource: Join the VetYou mailing list to keep up to date with activities to empower personal finances.
Taking Action: Your Path to Financial Empowerment
Empowering yourself with financial knowledge and taking actionable steps toward financial security requires time and effort. Start with small steps, like creating a budget or exploring income protection insurance, and gradually build toward larger goals, such as debt repayment and investing. Celebrate each step along the way as you build momentum.
Remember, the goal isn’t perfection but progress. Every step you take toward understanding and managing your finances is a step toward greater independence, security, and peace of mind. Support is available at every step of the way.
Final Action Prompt: Choose one action from this article to implement this week. Set a reminder to check in with yourself in seven days to reflect on your progress.
By taking control of your finances, you’re not just securing your own future—you’re ensuring that you can continue to provide the best care for your patients for years to come.
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