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Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We're asking real people how they spend their hard-earned money during a seven-day period — and we're tracking every last penny.
Trigger Warning: this Money Diary mentions death and dying.
This week: "I am a 33-year old intensive care doctor. I have been qualified for eight years, and still have a few years to go before I am a consultant but I'm often the most senior doctor out of hours. The term “junior” doctor is a bad name for us, but that’s what I am. When you are sick, in A&E or need ITU or go to an outpatient clitnic, that doctor you are seeing is almost certainly a “junior” doctor. I moved to the UK for medical school when I was 18 and have stayed in the North West ever since (best place to be)."
Occupation: Intensive Care Doctor
Industry: NHS
Age: 33
Location Northwest
Salary £51,017
Paycheque Amount: Approx £3,400 (this includes being paid additional for night duty and weekends hence the additional £500 pounds or so each month. Otherwise, my hourly rate is about £21. I am considered less than full time at 80% (which means my average hours are meant to be 37 but with the night shift duties etc sometimes I will easily average 60 to 70 hours a week. It’s meant to all even out, but I doubt it does.)
Number of housemates: One (husband, R)
Pronouns: She/her
Industry: NHS
Age: 33
Location Northwest
Salary £51,017
Paycheque Amount: Approx £3,400 (this includes being paid additional for night duty and weekends hence the additional £500 pounds or so each month. Otherwise, my hourly rate is about £21. I am considered less than full time at 80% (which means my average hours are meant to be 37 but with the night shift duties etc sometimes I will easily average 60 to 70 hours a week. It’s meant to all even out, but I doubt it does.)
Number of housemates: One (husband, R)
Pronouns: She/her
Monthly Expenses
Housing costs: £850 for my half of the mortgage and my portion for gas and electric.
Loan payments: £600 on a 32k loan that I took out to cover my final year of tuition way back when. We also just paid off an 8k loan we took out four years ago, to help cover some of my exams as well as some additional costs (to progress in my career, I pay £650-900 for exams out of pocket. Three more to go. Fun).
Savings?: Savings approx £4,000. I'm trying to save £6,000 by September to finally pay off my car finance.
Utilities: £50 water, £50 boiler cover (when it broke a little while ago).
Pension? NHS Pension. Think it changed from 10% to 11.6% recently, I can't keep track.
All other monthly payments: £400-£600 to pay my parents (who live abroad and are unfortunately completely utterly bankrupt). I wish I could contribute more and this is an ongoing problem that my brain and I have about feeling guilt/shame for not supporting them more while trying to enjoy myself and save for my future etc. £30 phone, £80 joint life insurance. Subscriptions: £420 annual GMC membership, £600 annual mandatory memberships to other professional groups, £30 monthly BMA (British Medical Association), £40 milk/egg delivery, £12 Specsavers contacts. £19 new gym membership (I had pretty bad PTSD post-COVID so it took me a while to feel comfortable doing stuff that I did pre-COVID. It was very emotional leaving my first spinning class after so long!).
Loan payments: £600 on a 32k loan that I took out to cover my final year of tuition way back when. We also just paid off an 8k loan we took out four years ago, to help cover some of my exams as well as some additional costs (to progress in my career, I pay £650-900 for exams out of pocket. Three more to go. Fun).
Savings?: Savings approx £4,000. I'm trying to save £6,000 by September to finally pay off my car finance.
Utilities: £50 water, £50 boiler cover (when it broke a little while ago).
Pension? NHS Pension. Think it changed from 10% to 11.6% recently, I can't keep track.
All other monthly payments: £400-£600 to pay my parents (who live abroad and are unfortunately completely utterly bankrupt). I wish I could contribute more and this is an ongoing problem that my brain and I have about feeling guilt/shame for not supporting them more while trying to enjoy myself and save for my future etc. £30 phone, £80 joint life insurance. Subscriptions: £420 annual GMC membership, £600 annual mandatory memberships to other professional groups, £30 monthly BMA (British Medical Association), £40 milk/egg delivery, £12 Specsavers contacts. £19 new gym membership (I had pretty bad PTSD post-COVID so it took me a while to feel comfortable doing stuff that I did pre-COVID. It was very emotional leaving my first spinning class after so long!).
Did you participate in any form of higher education? If yes, how did you pay for it?
My parents really value education and really believed that the way to be independent and financially secure was through higher education. They now backtrack and say they think they failed me and my siblings because they made some terrible financial investments and choices and so I have ended up supporting them. I have wasted a lot of emotional energy trying to unpack this all. My parents paid for my tuition for the first few years and then declared bankruptcy, so I took out a loan to pay for my final year of tuition. I will be paying this back for a while (total 32k).
My parents really value education and really believed that the way to be independent and financially secure was through higher education. They now backtrack and say they think they failed me and my siblings because they made some terrible financial investments and choices and so I have ended up supporting them. I have wasted a lot of emotional energy trying to unpack this all. My parents paid for my tuition for the first few years and then declared bankruptcy, so I took out a loan to pay for my final year of tuition. I will be paying this back for a while (total 32k).
Growing up, what kind of conversations did you have about money?
Complicated. There were never frank conversations about money but as a kid, I overheard so much stress over money (which in retrospect was the “beginning of the end” with regards to them declaring bankruptcy). All of the financial health that I have gained since is self-taught (after also lots of trial and error). My husband is pretty financially risky sometimes (he has a similar poor relationship with money) so it’s been a work in progress trying to make better financial decisions in life.
Complicated. There were never frank conversations about money but as a kid, I overheard so much stress over money (which in retrospect was the “beginning of the end” with regards to them declaring bankruptcy). All of the financial health that I have gained since is self-taught (after also lots of trial and error). My husband is pretty financially risky sometimes (he has a similar poor relationship with money) so it’s been a work in progress trying to make better financial decisions in life.
If you have, when did you move out of your parents/guardians house?
I moved out when I was 18 for medical school and never moved back in.
I moved out when I was 18 for medical school and never moved back in.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
I would say around age 21 when I had to figure out how to get my tuition and get a job. I was pretty lucky up until that point but I did feel like a deer caught in the headlights when that privilege suddenly disappeared.
I would say around age 21 when I had to figure out how to get my tuition and get a job. I was pretty lucky up until that point but I did feel like a deer caught in the headlights when that privilege suddenly disappeared.
What was your first job and why did you get it?
The first job I took on was during medical school as a healthcare assistant. I would work weekends to try and save for my expenses at university. It was hard work and as a doctor now, my respect for my wonderful nursing colleagues is 1,000% because I know what a physically and emotionally draining job that is for little pay (they should not accept the terrible 5% offer they have received recently, they are worth so much more).
The first job I took on was during medical school as a healthcare assistant. I would work weekends to try and save for my expenses at university. It was hard work and as a doctor now, my respect for my wonderful nursing colleagues is 1,000% because I know what a physically and emotionally draining job that is for little pay (they should not accept the terrible 5% offer they have received recently, they are worth so much more).
Do you worry about money now?
Yes. I have been qualified as a doctor for nearly eight years but I am still a “junior doctor.” I proudly stood by my colleagues and joined in the non-media-covered junior doctor strikes. I believe for the number of hours we work, the type of work we do and the fact our pays have not gone up since 2008, what we get paid is ridiculous and is a political choice by the government to underfund the NHS in order to dismantle it slowly but surely. The lovely media of course covers this as us asking for a 35% pay rise when it's actually pay restoration, in line with inflation. I am not worth 26% less than my colleagues in 2008.
Yes. I have been qualified as a doctor for nearly eight years but I am still a “junior doctor.” I proudly stood by my colleagues and joined in the non-media-covered junior doctor strikes. I believe for the number of hours we work, the type of work we do and the fact our pays have not gone up since 2008, what we get paid is ridiculous and is a political choice by the government to underfund the NHS in order to dismantle it slowly but surely. The lovely media of course covers this as us asking for a 35% pay rise when it's actually pay restoration, in line with inflation. I am not worth 26% less than my colleagues in 2008.
Do you or have you ever received passive or inherited income?
My tuition was paid by my parents until my final year.
My tuition was paid by my parents until my final year.
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