By Dr. Roxanne Arnal, CFP®, CLU®

When we think about fitness, we picture strength, flexibility, and resilience. Financial fitness is no different. It’s about building a strong foundation, staying adaptable, and preparing for life’s unexpected challenges

For eye care professionals, who often juggle student debt, practice expenses, and personal financial goals, being Money Fit is essential for peace of mind and long-term success.

How to be Money Fit

Money Fit means having clarity and confidence in your financial life. It’s not about being wealthy, it’s about being in control. Just like physical health requires regular checkups, financial health needs ongoing attention. A Money Fit professional understands their cash flow, manages debt wisely, and plans for the future.

Five Pillars of Financial Fitness

1: Cash Flow Control

For both your personal and business finances, be sure you know where your money goes. Are you spending unnecessarily? Have you grown your inventory because of “great” new looks? Do you realize how much you are spending on your coffee outings a year? Create a spending plan that reflects your priorities.

2: Debt Management

Student loans and practice financing are common in eye care. Being Money Fit means using debt strategically to maximize opportunities for other investments like long term savings or equipment additions.

3: Risk Protection

Your ability to earn an income is your greatest asset. Review your base household expenses and understand the costs to keep your business going. Disability and critical illness insurance protect your income-generating ability if health issues arise. You want to have time to recover and still have your business afloat when you are ready to return. Revisit your protection plan regularly to ensure it’s just as healthy as you are.

4: Emergency Preparedness

Life happens. Despite the best risk protection, unfortunate events and sudden expenses can appear. An easily accessible emergency fund covering three to six months of base expenses provides security when the unexpected occurs.

5: Future Planning

Retirement may feel far away, but starting early matters. Use tools like RRSPs, TFSAs, and corporate accounts to build wealth over time. Prepare your practice for a successful transition well in advance of your desired exit day. Understand the implications of taxation both today and in the future. Creating flexibility through multiple sources of future revenue is key to retirement success.

Why does Being Money Fit Matter?

Financial stress can impact your well-being and even your patient care. According to the 2025 Financial Stress Index conducted for FP Canada, money remains the top source of stress for Canadians at 42%, followed by personal health at 21%. Yet, for those working with a financial professional, this drops to 34%.

Being Money Fit reduces anxiety, improves decision-making,
and allows you to focus on what you do best, helping others see clearly.

Start Now!

Final Thought:

Like with physical fitness, money fitness isn’t about perfection, it’s about progress. Small, consistent steps lead to long-term stability and freedom. Just as you encourage patients to care for their vision, take time to care for your financial health. Your future self will thank you.

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