Money Diary: A Medical Student In The Midlands On 2.9k

This week: "I’m a 22-year-old, final-year medical student at university in the Midlands. I live with two other final-year medics. If all goes well, we’ll be starting as junior doctors (foundation year one) in a hospital somewhere in the UK next summer. I’m currently applying for my job next year and studying for finals and other exams I have to take before then, while also being on placement in the hospital. Although I enjoy medical school, it is a LOT. I find myself being pulled in every direction and struggle to have a healthy work/life balance. Recently I’ve been trying to incorporate more fun and things I enjoy doing into my daily life as I feel I’m teetering on the edge of burnout."
 
Occupation: Medical student
Industry: Healthcare (NHS)
Age: 22
Location: Midlands
Salary: £2,975 (£1,975 from government student loans and £1,000 from the NHS bursary).
Paycheque amount: The loans are paid to me in thirds but monthly my loan works out as £247.92. 
Number of housemates: Two: M and T.
Pronouns: She/her
 
Monthly Expenses
 
Housing costs: £429 rent.
Loan payments: None yet. 
Savings? Around £11.5k in savings accounts and £14.5k in ISAs. This is something I’m quite proud of. I babysat a lot as a teenager and marketed myself at a higher rate as I went on a baby and child first aid course. I also worked in a pub as a waitress while at school. I got my first proper job in sixth form as a receptionist, working every weekend. Then in the summer holidays just before and at uni I worked in sleep-away summer camps. During the pandemic I also worked as a nanny for a few lovely families. I’ve saved all my wages for supplementing my university loan and (hopefully) for a house deposit in the future (though receiving less than £3k to live on in my last year means I’m dipping into my savings more than I’d like). 
Pension: Not yet! The NHS pension is great though so will start paying into that when I start working. 
Utilities: Water £14.80, gas and electricity £50 (we haven’t turned the heating on yet so this will go up), Wi-Fi £10.32.
All other monthly payments: My parents kindly pay for my SIM-only phone contract. Subscriptions: £20 gym, classes and pool. 

I am in my fifth and final year of medical school. For the first four years of medical school, you are entitled to normal student loans. Some years I received the maximum loan and some the minimum because my parents both lost their jobs and so my household income was very low. In the last year (or two if you do a six-year course), your government student loans reduce and you receive the NHS bursary. I get £1,975 from government student loans and £1,000 from the NHS bursary. I’m having to dip into savings from my previous jobs, which sucks. I also make a small amount of money doing paid surveys online but these aren’t guaranteed.
 
Growing up, what kind of conversations did you have about money?

My parents both lost their jobs at the same time when I was a teenager. I became acutely aware of how tight the budget was and that really made me want to strive for financial literacy and a career where I would never be out of a job. Healthcare will hopefully provide that for me. 
 
If you have, when did you move out of your parents'/guardians' house?

I moved out at 18 but came back for longer holidays. I fully moved out when I was 21, in my third year of university.
 
At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

My parents very kindly pay for my SIM-only contract while at university. Other than that, I sustain myself off my loans, savings and any surveys I can do.  
 
What was your first job and why did you get it?

My first job was babysitting. By the time I was 17 and applying for medical school I babysat at least twice a week. I did a paediatric first aid course to be able to charge a higher fee, and started by advertising in shop windows.
 
Do you worry about money now?

I know I am fortunate to have savings, especially as a student, but I worry about money all the time. I don’t want to come across as gaudy but I live on a really strict budget in a separate bank account and worry about that figure most days. I really try to not top it up and live to about £200 or less per month, which has to cover everything bar my bills and rent. 
 
Do you or have you ever received passive or inherited income?

I have never inherited anything. 

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