Personal Finance Simulator 2019    
Version 28.3
David E. Lee, DVM, MBA
Associate Professor, Practice Management
College of Veterinary Medicine
University of Minnesota
      Disclaimer - This program is intended to illustrate basic concepts of personal finance. In the interest of simplicity, many elements have been ignored because of immateriality or irrelevance to the program's intended purpose, As such, the results generated may lack the accuracy desired for serious financial planning. The user is referred to a CPA, CFP, or other qualified professional for such purposes.    
© 2018, Practice in Practice Management Case Studies, All rights reserved.  
Personal Finance Simulator  
Links across the top of the page walk you through the 8 steps needed to develop a personal budget
1111111111111 1) Student Loan Debt Calculate your monthly payment for any student loans you may have
2) Salary Predict your salary based on productivity. Other sources of income can be entered too.
3) Credit Cards Credit card debt can be a drain on your budget
4) Auto Lease vs Buy Determine whether a new car makes sense for you
5) Home Expenses A new home can be a good investment but a huge liability as well
6) Retirement Savings Saving for retirement is essential but challenging for many new grads
7) Personal Savings Saving for a rainy day is more than just an old adage!
8) Summary Estimate your monthly expenses for the categories provided. Be sure to enter your marital status and exemptions for tax purposes. Scroll down to the bottom to see if you have money leftover!
9) Analysis See how your expenses compare to recommended levels
Beige cells require your input
Dark Blue cells are calculated from other sheets
  IMPORTANT:Input (beige) cells which do not apply should be left blank or you may enter a value of zero ("0"). Include all sources of income, including that from a spouse or partner on the salary page.    
* Students using this program with Dr. Roasa's courses should also refer to his supplemental instructions
"Reset" will return the values to their default
"Print" will print the current sheet
"Update" will recalculate the worksheets with any changes
(clicking on another cell will do the same thing!)
    Salary Calculator  
Days per Week
Part-time positions are becoming common in veterinary medicine. While such hours may be necessary or desirable for personal reasons, part-time practice can make case continuity and professional growth more challenging. On the other hand, working long hours six or seven days a week for an extended period of time can contribute to burnout and be counterproductive in the long run.
11111 Hours/Day
Vacation/Sick/CE Days/Year
Days Worked per Year
Appointments per 8 Hour Day
Experienced small animal clinicians in busy, efficient practices with proper staffing may see 20 or more cases in an average 8 to 10 hour work day. A new graduate may struggle with more than 12 per day for the first few months. Some practices prefer to see fewer cases (e.g. 8/day) but charge more for their time.
Visits per Year
Doctor ACT
Overall practice Average Client Transactions (ACTs) serve as an important metric of production. A small animal associate's Dr. ACT (total doctor revenue divided by number of doctor produced invoices) varies from a low of $120/case to a high of $225. The national average Dr. ACT is about $180. These numbers are significantly higher for emergency and referral practices where $250 to $500 are common numbers. The ACT for an entire practice is always lower because of sales of pet food, Rx refills, retail items, and any other OTC products.
Sales Req per Year
% of Production
According to NCVEI data from over 12,000 veterinary practices, over 50% of them have a production-based compensation component. Percentages in small animal practices vary from 18% to 22% of production plus benefits while large animal practices average about 25% plus benefits. Check on the willingness to negotiate this percentage, especially as your years of experience grow. Even more importantly, be sure that your contract indicates what services and products are included in your production and which are excluded.
Possible Salary
Other Income Including Spouse's/Partner's
The average salary for new veterinary graduates is about $68K. Can you produce enough revenue for your employer to pay the salary you need? Don't forget to include your spouse's or significant other's income here so it flows through to total household income on future pages.
Household Income
© 2018, Practice in Practice Management Case Studies, All rights reserved.
    Student Loan Calculator  
Number of Loans
Amount Borrowed Annual Interest Rate Number of Years
Monthly Payment
Total Amount Paid Total Interest Paid
Use IBR?
11111 Input Data
1 Loan 1
2 Loan 2
3 Loan 3
4 Loan 4
5 Loan 5
6 Loan 6
7 Loan 7
8 Loan 8
9 Loan 9
10 Loan 10
11 Loan 11
12 Loan 12
13 Loan 13
14 Loan 14
15 Loan 15
16 Loan 16
IBR Monthly Payment
click here to calculate (link to federal student loans site)
Monthly Savings Needed
click here to calculate (link to VIN calculator)
(for Forgiveness Tax Payment)
© 2018, Practice in Practice Management Case Studies, All rights reserved.      
      Credit Card Calculator      
1111 11111 Input Data
Annual Interest Rate
Planned Monthly Payment
Output Data Minimum Monthly Payment Allowed
Years to Zero Balance
Total Amount Paid:
Total Interest Paid:
© 2018, Practice in Practice Management Case Studies, All rights reserved.
    Auto Loan Calculator  
        Lease vs. Buy      
Input Data
Price of Car
Annual Depreciation Rate
Residual Value
Amount Financed
Annual Interest Rate
Money Factor (Ask Dealer) N.A.
Number of Years
Number of cars to lease or buy?
1111 Output Data Depreciation Cost: N.A.
Lease Cost: N.A.
Total Monthly Payment:
Total Amount Paid:
Equity in Car at Termination $0
Total Cost of Deal:
True Monthly Cost:
© 2018, Practice in Practice Management Case Studies, All rights reserved.        
    Home Expenses Calculator    
Input Data
Cost of Home
Annual Interest Rate
Number of Years
1111 11111 Output Data Monthly Payment:
Est. Property Taxes (1%)
Total Monthly Costs
        Total Amount Paid:    
Total Interest Paid:
Tax Benefits per year
Purchase Home?
y n
© 2018, Practice in Practice Management Case Studies, All rights reserved.
      Retirement Savings Calculator    
Input Data
Current Age
Retirement Age
Expected Annual Household Income (from salary worksheet)
Expected Rate of Return before Retirement
Expected Rate of Return during Retirement
Expected salary increase per year (%)
Retirement Income as Percent of Working Income
Annual Social Security Benefits after Retirement (estimate) Social Security Calculator
Value of Current Retirement Savings
Output Data Salary at Retirement (in future dollars)
Retirement Income Needed per Year
Social Security Receipts
Retirement Income Unmet
Savings Needed at Retirement (in future dollars)
Future Value of Current Retirement Savings
Amount you still need to save
Amount to save per month
© 2018, Practice in Practice Management Case Studies, All rights reserved.
Personal Savings Calculator
1111 1111 ##### Input Data
Interest Rate
Number of Years
Amount Saved per Month
Output Data Amount Saved
Interest Received
© 2018, Practice in Practice Management Case Studies, All rights reserved.
Estimated Annual Expenses
Monthly Annual
1111111 Debt/Loans
College Loans1
Loan Payments
IBR Payments
Forgiveness Pmt
Total College Loans
Car Payment2
Credit Cards3
Total Debt Payments
Property Taxes4
Home Repairs & Maint.4
Maint. & Supplies
Renters Insurance Premium
Monthly Base Telecomm
Long Distance/Cell
Cable/Satellite TV
Repairs and Maintenance
Mass Transit
Meals out
Child Care
Private Education Tuition
Childrens Clothing
Disability Ins (click for quote)
Prof Lblty (if unpaid by employer)
Uninsured Medical Expenses
Medical & Copays
Dental (annual exam & prophy)
Optometrist/Contact Lenses
Prescription/OTC Drugs
Pet Insurance (click for quote)
Entertainment Movies/Dining/TGIF
Clothes Dress like a doctor!
Job Search Expenses
Pet Food
Pet Care (inc Med Costs)
Personal Hygiene/Hair/Cosmetics
Books, Newspapers, Magazines
Vet Cont Education
Charitable Contributions
Travel to Visit Family
Cleaning and Laundry
Other Tuition
Text Books
Expenses I may have forgotten
Total Expenses
Contributions to Savings
Total Fixed and Variable Household Expenses
Household Income5:
Adjusted Gross Income:
Marital Status for Tax Purposes
S=Single, M=Married
Children for Tax Purposes
Total Exemptions
Taxable Income
State Taxes (click for info)
FICA/Medicare (7.65% of Gross)
Federal Income Tax
Total Taxes
Net Income (gross wages less taxes)
Monthly Annually
Personal Profit      
1. From Student Loans Worksheet
4. From Home Expenses Worksheet
2. From Auto Lease vs. Buy Worksheet
5. From Salary Worksheet
3. From Credit Cards Worksheet
6. From Personal Savings Worksheet
© 2018, Practice in Practice Management Case Studies, All rights reserved.
Expense Analysis
Classification of Expenses and Recommendations  
Your Budget
Expenses Dollars % of Income Recommended
Housing 25-35%
Utilities 5-10%
Transportation 10-15%
Food 5-15%
Savings,Insurance, Health Care 5-10%
Personal Expenses 5-10%
Student Loans* <15%
Health/Medical 5-10%
Recreation 5-10%
Credit <5%
Taxes <32%
Total 100%
Analysis of Debt  Your Debt     
Student Loans*
Auto Loans/Lease
 Your Budget   Recommended 
Debt/Income Ratio  <36.0% 
Analysis of Housing Expenses    
Property Taxes
Homeowners Insurance
Housing Expense Ratio  <28% 
* Includes savings payments for future IBR balance payment
© 2018, Practice in Practice Management Case Studies, All rights reserved.