It is surprisingly easy to progress a long way through training and never quite get your head around the whole mess that is pay, taxes, national insurance, pensions, and a whole load of other financial mysteries. Add to this confusing work schedules, frequent rotations and the often associated baffling tax codes, and its no wonder many people end up confused.
It is, however, well worth educating yourself on these things, as it can make a huge difference to your finances both in the short and long term.
Medics Money provide a whole range of resources free of charge, from simple guides to podcasts, as well as a recommendation service for financial advisors, mortgage advisors, and accountants who have experience in and understanding of NHS doctors finances.
Finding yourself in financial difficulty can be extremely stressful and bring up a host of difficult emotions, as well as practical difficulty. If you are suffering from financial difficulties, please seek help if you are struggling with your mental health.
There are a number of organisations dedicated to providing help for doctors in finincial difficulty:
The Royal Medical Benevolent Fund (RMBF) offer practical advice, emotional support through their telephone befriending service, as well as financial support for those who qualify.
BMA Charities provide practical advice and grants for qualifying doctors and medical students. You do not need to be a BMA member to apply.
The Royal Medical Foundation provide finicial assistance to qualifying doctors in financial difficulty.
The Society for Assistance of Medical Families (SAMF) offer practical advice, help with household expenses, and help with expenses of courses or examinations.
Government Benefits - if you are out of work or in financial difficulty, you may qualify for government benefits. This page will assess your eligibility.
Reducing expenses - doctors in financial difficulty may qualify for rate reductions on some professional expenses, for example GMC fees, Royal College fees. It is worth contacting such organisations to find out what they can offer you.
There are a number of national debt advice charities which can help you manage debt which has got out of control. They offer free and confidential advice on how best to approach your debt in order to make it manageable.
This page on the government website lists a number of places you can get free help and advice.
Debt which has become out of control can feel overwhelming and cause significant stress and anxiety. If you are struggling with your mental health, please seek help - a range of support can be found here.