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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