As doctors ourselves we know how busy being a SAS Doctor can be. Seemingly never-ending expenses, punitive on call rotas and thinking about buying a home. It’s easy to neglect your finances and put off managing your money to another day. But the sooner you start, the sooner you can start improving your finances.
We started Medics’ Money to empower doctors like you to make better financial decisions by giving you the financial education you deserve.
Over 30,000 doctors subscribe to our financial CPD emails, our podcast has over 130,000 downloads and we have matched over 4,000 doctors to a specialist medical adviser.
To help you get started with making better financial decisions we’ve summarised seven key things for you to think about.
Did you know you can claim a tax rebate worth an average of £1245 for GMC, Royal College Fees, exam fees amongst others? Over 30,000 doctors have used our free guide to claim themselves online for free.
Is your tax code correct? What is your tax code and why is it important. Unfortunately, frequent job rotations combined with NHS Payroll and HMRC can lead to incorrect tax codes which means you pay the wrong amount of tax. Our guide explains the anatomy of your tax code and how to make sure its correct.
We also have a podcast on Tax codes.
Got kids? There are some valuable tax reliefs to help reduce the cost of childcare and they are covered in our free ebook “What medical school didn’t teach us about money” and you can download your free copy here.
Between us we amassed > £100,000 of debt qualifying as doctors. It’s crucial to understand the difference between good debt and bad debt. Our ebook covers this in detail and you can download your copy here.
We don’t insure anything we can afford to replace such as our phones, laptops and Tommy doesn’t even insure his beloved surfboards. But unless you could afford to pay your bills if you got sick and couldn’t work you need to consider protecting your income. As a self-employed locum it likely you get no sick pay and you need to consider getting insurance. What is the difference between Income protection and Critical illness? It’s all covered in this article and on the podcast. Read more here.
When was the last time you analysed your bank statements with the same care and attention that you analyse your patients test results? Do you spend less than you earn? Want to know how one doctor spent £139,000 on lunch at the hospital? Do you know why Einstein described compound interest as the eighth wonder of the world? It’s all covered in our ebook.
What is one of the best investments you can make? Not property, shares or even cryptocurrency 😉 It’s your NHS Pension. Unfortunately, this investment needs some annual maintenance and Chapter 6 of our ebook tells you the essential annual check you need to make on your NHS Pension.
We have several podcasts on the NHS pension including this beginners guide and our blog has an entire pensions section.
This podcast is a good introduction to the NHS Pension.
We regularly hold free NHS Pension webinars that attract thousands of doctors. When you download our ebook you can opt into our community of 30,000 doctors and receive your webinar invites.
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