Ep 5 – 10 financial tips for junior doctors

10 high impact financial tips for junior doctors (and some Jaffa Cake tax trivia).

All the 10 tips are summarised in our free ebook here https://www.medicsmoney.co.uk/ebook/

From the Medics Money podcast studio 😉 me and Ed relive our youth and reminisce about our F1 years.

Tip 1 – Use ESR to keep your payslips, P60 and the ESSENTIAL pension document all doctors need.

Tip 2 – Got student debt? Use pay yourself first to ease the pain of repaying it.

Tip 3 – Get a HMRC Personal Tax account. Its free and essential to managing your tax codes, tax rebates etc. Download the guide here https://www.medicsmoney.co.uk/free-guide/

Tip 4 – Are you spending £139,000 on hospital food? (you probably are)

Tip 5 – Check your tax code and correct it yourself online.

Tip 6 – Understand your pay and contract and the BMA may be useful for this.

Interlude for tax trivia – Jaffa Cakes – the most tax efficient “biscuit” ever?

Tip 7 – Claim a tax rebate on GMC/BMA/Royal college/exam fees to save up to 40% https://www.medicsmoney.co.uk/free-guide/

Tip 8 – I don’t insure my phone, my washing machine or my beloved bikes, BUT I do insure this.

Tip 9 – Who needs an accountant and when?

Tip 10 – Unless you want to work as a doctor until state retirement age(68 for me) then you need a backup plan and investing may be that backup plan.

Thanks guys for listening and sharing.

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