One of my aims for the blog is to improve financial literacy among healthcare professionals. Although the internet houses a plethora of financial information, deciphering which of it is relevant to you can be a bit of a struggle. This page will therefore serve as a repository for financial resources that are applicable specifically to doctors and other NHS professionals. As always please read the disclaimer.
If you know of a resource that you think should be featured on the page – get in touch!
First steps
- If you’re just starting out, then take a look at the financial induction for Junior Doctors
- For a catch-all approach to sorting out your finances look no further than the UK Personal Finance Flowchart
Pay
- Find out the latest pay scales for doctors from the NHS Employers site
- Understand how your salary is calculated with this page on Junior Doctor Finance
- This pay calculator can help you to estimate your take-home pay from your work schedule
- Understand your payslip better using the BMA’s pages for both junior doctors (FT and LTFT) and consultants
- Find out about nursing pay scales (also applicable to other healthcare roles) and estimate your pay with their calculator
Tax
- Articles on understanding your tax code include those by Mind the Bleep, the Royal Medical Benevolent Fund and Junior Doctor Finance
- You can also read about whether you might be able to claim some tax back on Mind the Bleep or Junior Doctor Finance
- Medics Money has published a free guide on how to claim tax relief, and their tax rebate calculator will help you estimate how much you might expect back from it
- The BMA also has a page on tax relief
- A tax guide, as well as other financial and business resources, for doctors in private practice can be found over at Independent Practitioner
NHS Pension
- For a basic, easy to read and step-by-step guide on how your NHS Pension works check out my own series of articles, which includes information about SIPPs.
- Doctor and fellow FI blogger The FIRE Shrink has written a succinct one-pager on the NHS Pension
- Junior Doctor Finance also has a page on the topic, which includes an NHS Pension calculator, and one on understanding your NHS Total Reward Statement too
- The BMA also has a page dedicated to pensions
Other
- This spreadsheet can help you keep track of locum pay (credit to Reddit user Dr. Davish)
- Medics Money could help put you in touch with a medic-savvy independent financial advisor or accountant
- The BMA has guidance on charging fees
- This article could help with financial aspects of being a student nurse
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