My brother who is a financial adviser shared a jar system that helps in setting aside money for different purposes the easy way. One of those jars is a personal and professional development jar. This jar is meant to help us improve ourselves and do the work we do. It can cover expenses for conventions, membership fees for societies, permits or clearances to practice our profession. How much do these add up to? What ways can we make it easy on the pocket to shell out for it? Since i am a pediatrician, I will make mine an example.
My society fees are:
Annual membership fee
Annual convention fee
I usually attend 2 to 3 other specialty or general pediatrics convention a year.
Specialty or general pediatrics convention
Php 3 x Php 2500 = Php 7500
I practice in a hospital where our department have annual dues too.
Department annual dues
These fees add up to Php 15860 .
Permits and clearances are required annually if you register your clinic as a business entity (eg. a multi-specialty clinic ). The fees may vary in different areas.
Sanitation permit etc
If you also pay the above permits, the total can vary between 20 to 25k
The jar system allocates a certain amount to a particular jar each time you earn. Since registration expenses usually occurs in the first month of the year, setting aside for it will be easier to the pocket if done the whole year. For the other expenses that are spread out through the year, the system still works by providing you a certain amount available (could be in full or partial) that you could draw from.
Go get your jar now! Have you tried this system before? Share if you did.
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