Money Diary: An NHS Clinical Psychologist On 40k
Last Updated 4 February 2022, 7:00
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Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking a cross-section of women how they spend their hard-earned money during a seven-day period – and we're tracking every last penny.
This week: "I’m a 28-year-old newly qualified clinical psychologist living in Nottingham with my husband and our two dogs. I work in a chronic pain management service in the NHS, having completed a six-month placement with the team in the final year of my doctorate. I work from home with the only exception being when I deliver patient groups face to face. I really enjoy thinking about the emotional impact of physical health conditions and I find that this slightly less traditional clinical psychology role keeps me on my toes.
My husband and I own the home that we have lived in for the past three years and we rent out my husband's first home. In the last year our finances have been focused on renovating our house. Now that we’re nearing completion we’ve been discussing our next financial priorities. We’ve been struggling to conceive for a while now and have been referred for one round of IVF via the NHS. We understand that if this is unsuccessful we will need to pay for further treatment ourselves. This is at the back of my mind when I’m making financial decisions at the moment, as often I’m weighing up the potential need to save vs spending and enjoying our money before we take on this next chapter together."
Occupation: Clinical psychologist
Industry: Healthcare
Age: 28
Location: Nottingham
Salary: £40,057
Paycheque amount: £2,175.71
Number of housemates: One
Pronouns: She/her
Monthly Expenses
Housing costs: Our mortgage is £800.
Loan payments: £151 student loan from my undergrad degree and £220 bank loan. I took this out to put towards a car.
Pension? £310.44 each month.
Savings? £6,000 in my personal savings and £18,000 in our joint savings.
Utilities: Council tax £180, water £30, gas and electric £82 (this is a direct debit that’s too high – we’re currently about £300 in credit but I never get round to doing anything about it), TV and broadband £35.
All other monthly payments: £15 SIM-only phone contract, £102 gym membership, £14 dental plan. I tend to pay for all my insurance outright if I can, including home, car and pet. Subscriptions: £10 Netflix, £10 Spotify.
Industry: Healthcare
Age: 28
Location: Nottingham
Salary: £40,057
Paycheque amount: £2,175.71
Number of housemates: One
Pronouns: She/her
Monthly Expenses
Housing costs: Our mortgage is £800.
Loan payments: £151 student loan from my undergrad degree and £220 bank loan. I took this out to put towards a car.
Pension? £310.44 each month.
Savings? £6,000 in my personal savings and £18,000 in our joint savings.
Utilities: Council tax £180, water £30, gas and electric £82 (this is a direct debit that’s too high – we’re currently about £300 in credit but I never get round to doing anything about it), TV and broadband £35.
All other monthly payments: £15 SIM-only phone contract, £102 gym membership, £14 dental plan. I tend to pay for all my insurance outright if I can, including home, car and pet. Subscriptions: £10 Netflix, £10 Spotify.
Did you participate in any form of higher education? If yes, how did you pay for it?
Yes. I supplemented a maintenance and tuition loan by working throughout my undergrad degree. I funded my master's tuition fee with a bank loan and my mum and husband supported me with my living costs. I will always be incredibly grateful to both of them as it meant I was able to seriously pursue psychology as a career. I had a nanny role for two evenings a week as well as the occasional weekend, which I would use to fund non-essentials. My doctorate was funded by the NHS. This was a professional doctorate in clinical psychology, meaning I was working towards my doctorate as part of a full-time role in the NHS. I was paid a salary and the NHS paid my uni fees.
Growing up, what kind of conversations did you have about money?
I remember times when we really struggled and times when we were more comfortable. My mum always encouraged me to save some of my money but also enjoy the benefits of my hard work. I think that’s stayed with me. If I have nothing in my savings account then I’m much more frugal as I try to build a little rainy day fund back up again.
If you have, when did you move out of your parents'/guardians' house?
I moved out when I went to uni at 18. In the holidays I would stay with my husband (then boyfriend) and when I finished uni at 21 I moved in with him permanently.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I got my first job after my master's degree, aged 22. Saying that, if there were ever times when I was struggling then either my mum or my husband would have supported me if I had asked, so I suppose I had a safety net if things ever got really difficult. Right now no one specifically covers any of my finances but my husband and I take a shared approach to our living costs.
What was your first job and why did you get it?
I worked in my family business from age 14 because I’d discovered the accessories range in H&M and rapidly needed to fund this addiction. My first job outside of family was at Next when I was 17, between finishing my A-levels and starting university. I was worried that by the time I’d paid for my accommodation I would have very little money left so I was hoping to get a head start on supplementing this.
Do you worry about money now?
No. I realise that I am very lucky to say this. I might have slight worries if things have been spendy, i.e. during a renovation, but ultimately I know that I have a good salary and that I have the ability to save when I need to be sensible.
Do you or have you ever received passive or inherited income? If yes, please explain.
No.
Yes. I supplemented a maintenance and tuition loan by working throughout my undergrad degree. I funded my master's tuition fee with a bank loan and my mum and husband supported me with my living costs. I will always be incredibly grateful to both of them as it meant I was able to seriously pursue psychology as a career. I had a nanny role for two evenings a week as well as the occasional weekend, which I would use to fund non-essentials. My doctorate was funded by the NHS. This was a professional doctorate in clinical psychology, meaning I was working towards my doctorate as part of a full-time role in the NHS. I was paid a salary and the NHS paid my uni fees.
Growing up, what kind of conversations did you have about money?
I remember times when we really struggled and times when we were more comfortable. My mum always encouraged me to save some of my money but also enjoy the benefits of my hard work. I think that’s stayed with me. If I have nothing in my savings account then I’m much more frugal as I try to build a little rainy day fund back up again.
If you have, when did you move out of your parents'/guardians' house?
I moved out when I went to uni at 18. In the holidays I would stay with my husband (then boyfriend) and when I finished uni at 21 I moved in with him permanently.
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?
When I got my first job after my master's degree, aged 22. Saying that, if there were ever times when I was struggling then either my mum or my husband would have supported me if I had asked, so I suppose I had a safety net if things ever got really difficult. Right now no one specifically covers any of my finances but my husband and I take a shared approach to our living costs.
What was your first job and why did you get it?
I worked in my family business from age 14 because I’d discovered the accessories range in H&M and rapidly needed to fund this addiction. My first job outside of family was at Next when I was 17, between finishing my A-levels and starting university. I was worried that by the time I’d paid for my accommodation I would have very little money left so I was hoping to get a head start on supplementing this.
Do you worry about money now?
No. I realise that I am very lucky to say this. I might have slight worries if things have been spendy, i.e. during a renovation, but ultimately I know that I have a good salary and that I have the ability to save when I need to be sensible.
Do you or have you ever received passive or inherited income? If yes, please explain.
No.
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