Money Diary 24-Year-Old Medical Student On 7.9k

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 24-year-old final-year medical student living in Devon. I will officially be a doctor in two weeks! I will be starting work in a hospital in London. For the past five years of my degree I have lived in various student accommodation in the southwest. Prior to my degree, I took a gap year (like many, I didn’t get into medical school first time) and I worked as a healthcare assistant in the NHS. This is a job I have continued to do on the NHS 'bank' while completing my studies. Regarding money, I appreciate I do not have much 'real world' experience. I only worked full-time for one year prior to my degree and only had part-time jobs on the side. I am quite frugal, being a student, and I'm always looking for ways to make money on the side. I have switched banks four times in the last three years to make the most of the joining financial incentives."

Occupation: Medical student
Industry: Healthcare
Age: 24
Location: Devon
Salary: £7.9k through student work and loans. I will start on £29k in August as a first-year doctor.
Paycheque amount: £350 through bank shifts as a healthcare assistant. £98.15 through my NHS bursary. £211 maintenance loan (this has been reduced because in your final year the NHS pays for your tuition fees so you get less maintenance). This change has been a huge source of stress this year.
Number of housemates: One
Pronouns: She/her

Monthly Expenses

Housing costs: £375 rent.
Loan payments: £0 as still studying but I do use my 0% £2,500 overdraft.
Pension? Nope. But will pay into the NHS one when I start working.
Savings? £450
Utilities: All included in my rent. I don’t pay council tax as a student either.
All other monthly payments: £6.50 phone bill, SIM only. Subscriptions: £4.88 BMA (medical union), £3 my share of Spotify family. £18 The Gym membership.

Did you participate in any form of higher education? If yes, how did you pay for it?

I have wanted to be a doctor for as long as I can remember so knew I had to go to university. I didn’t have much help getting into medical school. I went to a regular state secondary school and college. I didn’t do that well on my admission test for medical school (UKCAT), despite getting A*AA at A-level. Hence having to reapply the second time round. I am so grateful for having a place and wouldn’t change it for the world!

Growing up, what kind of conversations did you have about money?

My parents were very open about money. We always discussed salaries and how much things actually cost – house, food, bills etc. My parents never 'gave' me money as a child, I always had to earn it through chores. So I guess I learned early on the value of my time vs how much money earned! Neither of my parents went to university so there was always a discussion about going to university for better salary progression. Looking back, I don’t 100% agree with that now. I think you can be financially successful without a degree. But I can see how it can increase your chances.

If you have, when did you move out of your parents'/guardians' house?

I am two weeks away from finishing my degree and I have a flat lined up near my new hospital so will be officially moving out in two weeks.

At what age did you become financially responsible for yourself? Does anyone else cover any aspects of your financial life?

Currently I am not financially responsible for myself. I get monthly contributions from my parents, student finance and the NHS bursary. However, when I start my job as a doctor in August I will be, so therefore at 24 I will be financially responsible.

What was your first job and why did you get it?

My first job was when I was 13. I did a paper round on Saturday and Sunday mornings. I got paid £10 a week for this. After this, I worked at a care home as a cleaner on the weekends on £4.25ph, alongside working at my local pharmacy.

Do you worry about money now?

Yes and no. As a student I stress about money a lot. I really struggle to be on placement for 40 hours a week, study and pick up paid shifts as a healthcare assistant. As I am nearing the end of my degree, I am not too worried about being near the maximum of my overdraft as I should be able to pay it off when I start working. Compared to the first few years of my degree, it really stressed me out. The student loan just does not cut it for living expenses, particularly fuel costs to the hospital and parking at the hospital. When I start my job, I will be on £29k. It will be a huge jump, as my monthly salary will be around what I now earn a year! I am extremely grateful that I have good job security and virtually a guaranteed job. I also know I will get salary progression and in five years' time I should be on £50k.

Do you or have you ever received passive or inherited income?

I inherited about £3,500 and I receive £180 from my parents each month to help with cost of living.