This week: “I’m a 24-year-old final-year medical student living in Devon. I will officially be a doctor in two weeks! I will be starting work in a hospital in London. For the past five years of my degree I have lived in various student accommodation in the southwest. Prior to my degree, I took a gap year (like many, I didn’t get into medical school first time) and I worked as a healthcare assistant in the NHS. This is a job I have continued to do on the NHS ‘bank’ while completing my studies. Regarding money, I appreciate I do not have much ‘real world’ experience. I only worked full-time for one year prior to my degree and only had part-time jobs on the side. I am quite frugal, being a student, and I’m always looking for ways to make money on the side. I have switched banks four times in the last three years to make the most of the joining financial incentives.”
Occupation: Medical student
Industry: Healthcare
Age: 24
Location: Devon
Salary: £7.9k through student work and loans. I will start on £29k in August as a first-year doctor.
Paycheque amount: £350 through bank shifts as a healthcare assistant. £98.15 through my NHS bursary. £211 maintenance loan (this has been reduced because in your final year the NHS pays for your tuition fees so you get less maintenance). This change has been a huge source of stress this year.
Number of housemates: One
Pronouns: She/her
Monthly Expenses
Housing costs: £375 rent.
Loan payments: £0 as still studying but I do use my 0% £2,500 overdraft.
Pension? Nope. But will pay into the NHS one when I start working.
Savings? £450
Utilities: All included in my rent. I don’t pay council tax as a student either.
All other monthly payments: £6.50 phone bill, SIM only. Subscriptions: £4.88 BMA (medical union), £3 my share of Spotify family. £18 The Gym membership.
Did you participate in any form of higher education? If yes, how did you pay for it?
I have wanted to be a doctor for as long as I can remember so knew I had to go to university. I didn’t have much help getting into medical school. I went to a regular state secondary school and college. I didn’t do that well on my admission test for medical school (UKCAT), despite getting A*AA at A-level. Hence having to reapply the second time round. I am so grateful for having a place and wouldn’t change it for the world!
Growing up, what kind of conversations did you have about money?
My parents were very open about money. We always discussed salaries and how much things actually cost – house, food, bills etc. My parents never ‘gave’ me money as a child, I always had to earn it through chores. So I guess I learned early on the value of my time vs how much money earned! Neither of my parents went to university so there was always a discussion about going to university for better salary progression. Looking back, I don’t 100% agree with that now. I think you can be financially successful without a degree. But I can see how it can increase your chances.
If you have, when did you move out of your parents’/guardians’ house?
I am two weeks away from finishing my degree and I have a flat lined up near my new hospital so will be officially moving out in two weeks.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
Currently I am not financially responsible for myself. I get monthly contributions from my parents, student finance and the NHS bursary. However, when I start my job as a doctor in August I will be, so therefore at 24 I will be financially responsible.
What was your first job and why did you get it?
My first job was when I was 13. I did a paper round on Saturday and Sunday mornings. I got paid £10 a week for this. After this, I worked at a care home as a cleaner on the weekends on £4.25ph, alongside working at my local pharmacy.
Do you worry about money now?
Yes and no. As a student I stress about money a lot. I really struggle to be on placement for 40 hours a week, study and pick up paid shifts as a healthcare assistant. As I am nearing the end of my degree, I am not too worried about being near the maximum of my overdraft as I should be able to pay it off when I start working. Compared to the first few years of my degree, it really stressed me out. The student loan just does not cut it for living expenses, particularly fuel costs to the hospital and parking at the hospital. When I start my job, I will be on £29k. It will be a huge jump, as my monthly salary will be around what I now earn a year! I am extremely grateful that I have good job security and virtually a guaranteed job. I also know I will get salary progression and in five years’ time I should be on £50k.
Do you or have you ever received passive or inherited income?
I inherited about £3,500 and I receive £180 from my parents each month to help with cost of living.
7am: Wake up.
7.30am: Leave my house to drive to my placement, which is at a GP practice in the middle of nowhere in Cornwall.
8.15am: Arrive at the GP practice very early as I thought it would take longer to drive here. I decide to fill up my car as I planned to do this later anyway. The practice is a 52-mile round trip every day. I only get a ‘contribution’ towards my fuel from the university (approx. 60%). £55.16
2.35pm: The morning went super fast. I was shown around the building and met everyone for a mini orientation, then had my first clinic. As I’m a student I get 30 minutes with each patient and have to discuss every case with my supervising GP before the patient leaves.
2.45pm: Lunchtime! I bring my own lunch to save money.
5.45pm: Finished for the day. Spent the afternoon with the nurses taking blood, changing dressings and went on a few home visits with the GP and paramedic.
6.30pm: Finally get home. I head straight to the swimming pool for the free student session.
8pm: Have leftovers at home for dinner.
9pm: Spend the rest of the evening studying and completing coursework and getting my stuff ready for the next day.
10.30pm: Watch TV and head to bed for an early night.
Total: £55.16
5.45am: Wake up and drive to the gym.
6am: Work out and shower at the gym. In first year I got a gym membership purely for the nice showers as my student halls showers never worked/were cold. Now, I must admit I am one of *those people* who goes to the gym regularly, early.
7.20am: Drive to the GP placement.
8.10am: Arrive at GP. Make breakfast at ‘work’. Feels odd to call it work as I am not being paid to be there, rather I am paying to be there!
12pm: Finish morning clinic as my last two patients don’t show up. It’s a blessing in disguise as I then have time to join lunchtime teaching with some trainee doctors, which is sponsored by a pharmaceutical company (hello, free M&S lunch).
12.30pm: Checking emails and I need to pay my GMC (General Medical Council) fee to be a doctor in August. It states it’s ‘only’ £54 for me, normally it’s £420 *sigh*. Pay £54 begrudgingly.
5pm: Spend the afternoon doing the care home weekly visits, which finish early. My supervisor says I can leave early so I head home after.
7pm: Dinner of leftover M&S sandwiches – yum!
9pm: End up on Vinted and buy a dress for my graduation. It’s a bit of an impulse buy but if it doesn’t fit I can always resell it. £16.34
Total: £70.34
7am: Wake up. Today is our teaching day so I get the day off placement and instead have teaching at the hospital.
7.30am: Make breakfast.
8am: Leave my house to walk to the hospital. This takes around 35 minutes but it’s a lovely day and will save on fuel and paying to park.
11am: Coffee break between lectures. End up buying one from Costa. £2.10
12.30pm: Lunchtime! I forget as medical students we don’t have a microwave on site for us anymore due to hygiene reasons…grrr. I refuse to eat my butterbean stew cold (that sounds snobby, I know). Buy M&S meal deal for £4.50. Tesco meal deal is better.
3pm: Normally teaching days are a half day for students but I have a meeting with a previous supervisor and need to go to A&E to get my chest XR interpretation signed off.
4pm: Finish for the day and head home via the gym.
5pm: Home after the gym. Shower and do about one and a half hours of studying using question banks. I realise that my subscription is coming to an end next week so pay to renew. £9.99
7pm: Dinner of chicken, rice and veg with some cheeky Nando’s sauce. I meal prep once a week on a Sunday for lunches and it saves so much time.
10pm: Sleep.
Total: £16.59
5.45am: My alarm goes off but I am exhausted. Hit snooze and decide to skip the gym today.
7.45am: Leave the house on time and head to my GP placement.
8.30am: Arrive at the GP surgery. One of the nurses is off sick and I am asked if I can go cover at the COVID vaccination clinic.
11am: Spend the morning at the vaccination clinic. I have done so many of these over the past few months so it isn’t particularly exciting but a worthwhile job I guess. Lunch is provided, which is nice.
12pm: During my lunch break my friend texts me to remind me I owe her for my share of the Airbnb. To celebrate finishing medical school we are going to the Isle of Wight for the weekend! I send her my payment. £98.15
3pm: Spend the afternoon back at the GP surgery, where I run my ‘own’ clinic. I get to assist in lots of newborn six-week checks, which are always my favourite part of GP. I get quizzed on newborn heart murmurs, which I’m a bit rusty on. Make a note to study this tonight as I know I will be quizzed on it again tomorrow by my supervisor.
6pm: Arrive home. End up eating my packed lunch for dinner as I had lunch provided today. Sit and eat my lunch at my desk while I study.
8pm: Chill in front of the TV and FaceTime my family.
10pm: Head to bed.
Total: £98.15
5.45am: Head to the gym. It is leg day today, my favourite!
8.30am: Arrive at placement, ready to start my morning clinic.
2pm: I am starving! This morning was a mental health review clinic and talking about mainly depression all morning is exhausting.
3.30pm: My supervisor lets me finish early. I was aiding with her duty list, which is the emergencies that come through to GP. This Friday afternoon, dare I say it, was *quiet* so I head home.
4.45pm: Arrive home and get a phone call from the rota team at the hospital. They are looking for last-minute shift cover for this evening (7pm-1am) and are offering £15ph, which is a great rate. Even though I am exhausted I could do with the extra cash so agree.
6.30pm: Arrive at the hospital a bit early to find out where I will be heading. I have been assigned an elderly care stroke ward for the night.
Total: £0
1.30am: Head home via McDonald’s. I really need a McFlurry and some chips as it was so hot on the older people’s ward! Plus, it’s a little treat for myself. £1.98
1.45am: Arrive home and go to sleep.
8.15am: Wake up and get ready to go to a parkrun with my old housemate. Regretting agreeing to go but I can’t let her down.
10am: Back from parkrun, it was great fun as always. Shower and have a power nap as I’m seriously tired.
1pm: Somehow slept for nearly three hours. Head to the university as I forgot I signed up to help the year twos with their practical exams and be an ‘examiner’ for them.
2pm: Realise this session is on Zoom and not face to face. Quickly grab a Boots meal deal on campus and head to the library to find a computer. Feel like such an idiot. £3.50
4pm: Return home and waste time on Instagram and my phone. I hate doomscrolling! It makes me feel like I’m wasting time as I have exams coming up, so I head to do some studying.
7pm: Go to Aldi for my weekly food shop. I love going late on a weekend as there are so many less people. This week’s shop includes a bottle of prosecco for my housemate’s birthday. My budget is normally £40 per week but I spend £47.15 including the gift.
Total: £52.63
9am: Sunday is always lie-in day. I wake up and binge YouTube in bed.
11am: Head to the gym and have a long session, followed by a free yoga class!
2pm: Get home and start on my batch cooking. Once that’s all done, I shower and change into PJs (don’t judge).
5pm: I receive a group message chat that my year group is going for a BBQ on the beach. I contemplate massively if I want to go as I am in my pyjamas. I decide I do want to go but it takes a lot of willpower to get out of my PJs.
6pm: I bring my own bread, sausages and sauce. My friends supply the BBQ, snacks and a few ciders to share.
9pm: Home after a lovely evening!
Total: £0
Food & Drink: £59.23
Entertainment: £0
Clothes & Beauty: £16.34
Home & Health: £0
Travel: £153.31
Other: £63.99
Total: £292.87
Conclusion
“I feel this week was a little more expensive than normal. This is due to my GMC fees and the Airbnb. Normally I would say my expenses are £100 per week. I can see how in August when I am earning money my disposable income will increase drastically and I think for the first few months I will definitely enjoy myself. The thought of going to a supermarket and choosing whatever I want and not having to calculate to the penny will be lovely. In the future I will need to properly break down my salary and have a budget. Particularly as I hope to save for a house deposit and buy a house within the next four years.”
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