Money Diary: A 30-Year-Old Orthopaedic Surgeon In Glasgow On 65k

As every person's financial situation is unique, going forward we're asking diarists to complete a series of financial-based questions to provide readers with more context to their relationship with money. Please remember before commenting that the diarists are from a range of backgrounds and cultures and their experience, education and mental relationship with money might be very different from yours. Money Diaries are designed to provide readers with diverse experiences of spending, saving and asking for more in the hope that by learning from each other, we can build a more positive financial future together.

This week: "I’m a 30-year-old orthopaedic surgery registrar (this is the grade below a consultant; I’m still classed as a trainee but I now do operations and run clinics by myself under supervision). I graduated from medical school six years ago and have been working full-time for the NHS since then. I’m currently single and haven’t had a relationship longer than four months for the last three years. Sometimes I’m really bothered about this, especially when all my friends seem to be living with their partners and getting married, but I also think I might want different things from my life. I’m interested in trauma surgery and am keen to work in war zones and disaster response in the future, which doesn’t exactly fit with stable family life.

After years of renting, I bought a flat in Bristol last year but I'm now in the process of selling it as I recently got a new job in Glasgow. I thought about letting it out for a while but I will be able to get so much more for my money in Scotland. For the time being, I will be living in a shared flat in Glasgow. This is the first time in years that I’m living with a stranger so I’m a bit anxious about how that’s going to go, especially having got used to being by myself."

Occupation: Surgeon
Industry: NHS
Age: 30
Location: Glasgow (moved up from Bristol last week to start a new job).
Salary: £65,000
Paycheque amount: £3,289
Number of housemates: One

Monthly Expenses
 
Housing costs: £977 on a mortgage in Bristol and £475 rent in Glasgow. This has only overlapped for one month. I’m hopeful I can complete the sale of my flat before I have to pay both again. 
Loan payments: Student loan only, which comes out before my paycheque is issued.
Savings? £3,200 across various savings accounts, £5,006 in a cash ISA, £1,205 in a stocks and shares ISA, £2,189 in a lifetime ISA. Once I get the money from my flat sale I intend to lock it away in the highest interest account I can find and then start looking for somewhere to buy in Glasgow in a year or so.
Pension? Yes, NHS pension.
All other monthly expenses: Phone bill £15. £144 council tax (hopefully I won’t have to pay double for more than one month), £34.50 electricity, £25.50 Wi-Fi and £18 contact lenses. £800 car insurance (petrol is reimbursed from work). £800 yearly in professional fees and medical indemnity. Subscriptions: £10 Spotify Premium, £8.40 to an online orthopaedics encyclopaedia, £7.99 Amazon Prime, £30 a month to the World Food Programme, £50 Netflix (once a year or so to share my friend’s).

I always knew I would go to university. My undergraduate degree was six years and I took out student loans and my parents kindly paid for my accommodation throughout. The NHS paid my tuition fees for the last two years. I’m now about to start the second year of an MSc, which I’m doing part-time along with my full-time job. My last job had an academic component and I received part-funding through this but now I’m full-time clinical and paying the full year’s fees of £6,000 myself.

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

We rarely talked about money as a family. My dad was the sole earner for most of my childhood and I think money may have been tighter than I realised at points. Once I started earning I had a lot of questions for my parents about how best to save. I still rely on my parents for financial advice but I have also started getting more information from various sources on the internet.

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

I moved out at 24 after graduating.

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

I would probably say 24. My parents are still there for me when I do silly things like tie up too much money in savings I can’t access and can’t actually cover all of my mortgage deposit (yes, this did happen, it was very stressful. Always check the time remaining on your savings accounts!).

I was a tour guide in a cave. I started when I was 16 and I think I just wanted some spending money. It seemed like a cool place to work and I carried on all through university holidays.

Do you worry about money now?

Usually I don't. I’m lucky to earn a good amount and have no dependents. However, everything is quite stressful at the moment with the move. So much money is tied up in the flat I’m selling and I’m living elsewhere so I have to pay double of everything.

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

I got £10,000 from my godmother five years ago. She gave each of her godchildren the same amount as our ‘inheritance’, which was extremely kind. I put the money towards my flat purchase.