Why is personal finance important?

Many doctors will have questions around personal finance at some point during their careers. These include:

The answers can be simple, but they take a lot of time and effort to find.

This website aims to direct you through the basic principles of managing your finances as a UK doctor, by answering questions like these as well as providing the answers to questions you didn’t even know you had!

How to use this site

You can start with the basics of money management and work from there, search to look up a specific question or browse all the articles to build a solid foundation in financial literacy.

Finally, you may find useful some of the tools available.

  • The pay calculator can help you determine what your salary should be, based on your working hours and grade. It will also help you work out how much tax and other deductions you should be paying.
  • Use the pensions page and calculator to learn about the NHS pension, and see how much your contributions now could be worth later on.

The information found here is not taught in any module in medical school, or on any job placement. But by developing this core of knowledge, you can supplement a successful career and live free of the uncertainties and mysteries of the financial unknown.

Do remember the information provided doesn’t represent official financial advice – it’s just guidance to help you make independent informed decisions.

Recent posts

See a list of recent posts below, or browse all.

Understanding the NHS Total Reward Statement
The Total Reward Statement (TRS) is the main document which gives a breakdown of your pension contributions and benefits, as well as other information about your annual income. Your TRS is available annually in August and is most easily accessible via your Trust’s Electronic Staff Record Programme …
The Junior Doctor’s Guide to Student Loans
Many doctors would have had to use a student loan to study medicine for 5 or 6 years.  In this article, we will discuss the terms of your loan, how it’s paid back, and the changes to the student loan that took place in 2012. To begin, …
Maternity and Paternity Pay for Junior Doctors
As an NHS worker, you will be entitled to a certain degree of maternity or paternity leave. For ease of structure, we'll first talk about maternity leave and pay, and then explain how this leads to shared parental leave (SPL). Maternity leave All pregnant employees are entitled …
Sick Pay for NHS Junior Doctors
It's important to plan for sudden unexpected circumstances, and sometimes this involves planning for the worst. This article will discuss what happens if you become unable to work due to illness, injury or disability and how you can plan your finances in these circumstances. If you are …
FiY1 and Coronavirus Salary FAQs
How will my salary be determined after changes due to coronavirus? Because of coronavirus, a number of juniors across the country have had their working rota amended, to facilitate emergency staffing. This may have meant a change in the frequency of your weekends, out-of-hours shifts or total …
Understanding the Junior Doctor’s Payslip
It's really important to understand your payslip, so you can make sure you're being paid and taxed correctly. Unfortunately, they can be extremely tricky to interpret as they use a lot of jargon, acronyms and other terms that seem strange to someone without a background in finance …
Budgeting and Financial Planning
Investing can be the key to long-term financial health by making your money work for you. It can be tricky sometimes to put together enough to get your investment portfolio started, and that's where budgeting comes in. Alongside optimising your income, curbing your expenditure using a budget …
Salary Sacrifice
For doctors moving from CT/ST2 to CT/ST3, the following article is essential reading, as using salary sacrifice could boost your take-home income if used judiciously (~£200 per month). What is salary sacrifice? A salary sacrifice scheme is when you agree to exchange part of your salary in …
What is Junior Doctor Pay Banding?
If you're a new or prospective junior doctor, you might come across the term "banding", usually referring to your salary. But there's not usually very much information about what it means or how it applies to you. In summary, banding no longer applies to junior doctors in …

More pages are coming soon. Say hello and let us know if there is a particular topic or question you’d like covered.