How I Spend My Doctor’s Salary in the UK | How I Budget with the 33% Rule
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- Опубліковано 28 чер 2024
- Recently, I shared how much I earn as a junior doctor in the UK and then got a lot of comments and messages from you people asking how I spend, invest, and save that money. Hopefully, this video gives an idea as to how I budget my income to ensure that I save and invest, as well as spend my money guilt-free.
Initially, living in India with my parents, budgeting was simpler; my earnings were mostly for personal use. However, moving to the UK brought budgeting challenges. I experienced phases of extreme frugality and overspending, neither of which were sustainable.
I then discovered a book, "Money" by Laura Whateley, which inspired me to devise my own financial management plan. I call it the 33:33:33 plan, dividing my income into three equal parts for Bills, Spending, and Saving/Investing. The Bills pot is untouchable, exclusively for rent and bills. The Spending pot caters to my lifestyle needs like food, travel, and subscriptions. The Saving/Investing pot is for future financial security.
My take-home salary is around £3,300 monthly. Approximately £1,150 covers my rent and bills, leaving £2,150. I allocate £1,000 to savings and investments, though this sometimes falls short. The remaining £1,050 is for spending, ensuring a balance between saving and enjoying the fruits of my labor. To avoid overspending, I divide this into weekly budgets, with a buffer for unexpected expenses and my UA-cam channel, which currently runs at a loss.
Despite my planning, I occasionally dip into savings for unforeseen costs or significant purchases. For instance, last month, unexpected expenses like registration fees and startup costs meant I couldn't save anything. My goal is to maintain my current budget for the next five years, hoping my savings will grow as my salary increases. However, life changes, like buying a car, could alter my budget.
In summary, my strategy involves dividing income into three pots for bills, spending, and saving. This method provides a balanced approach to managing money, ensuring I cover essentials, enjoy my earnings, and secure my financial future.
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⚡️Timestamps:
00:00 Intro
01:06 Why should we even have a budget?
02:22 The “33:33:33 rule”
05:03 Weekly pots - How to spend your money guilt free
09:20 Variations and my future plan
For IMGs hoping to move to the US, check out my friend Dr Malke Assad's (The Match Guy) courses:
1. Residency interview prep: thematchguy.com/residency-int...
2. Get into a US elective/observership: thematchguy.com/us-clinical-e...
3. The full A-Z match application package: thematchguy.com/residency-mat...
(NB: These are affiliate links)
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Hi,👋🏼 My name is Ajay. I'm a GP trainee in Cambridge, UK.I post videos about productivity, studying and some medical entertainment peppered in-between.
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This month, I need to take some money out of my "Spend" pot and buy 1. A chapstick 2. A new hoodie.
Btw, for IMGs hoping to move to the US, check out my friend Dr Malke Assad MD's courses:
1. Residency interview prep: thematchguy.com/residency-interview-preparation/ref/103
2. Get into a US elective/observership: thematchguy.com/us-clinical-experience-catalog/ref/103
3. The full A-Z match application package: thematchguy.com/residency-match-application-package/ref/103
(NB: These are affiliate links - these will help me buy a lot of chapsticks)
Hello sir , highly appreciate your content , although this question seems out of the topic, i was curious about knowing wether a general practitioner after completing its core training can migrate to usa as a family medicine fellow and settle there considering the great system of healthcare , financial aspect and also i assume high chances of matching being from uk system which is a reputed one . Hope to have some if your insights on it , or potential next video about career progression from specialist to then forward to different countries or within uk
@@rabbarisuresh365 I believe there are a few US states like Maine that allow UK trained doctors to work, but overall if you want to work in the US you might have to do residency there all over again. Some people work in the UK for a couple of years and then apply for US residency, this significantly improves chances of getting into a good program. Good luck!
@@DoctorAmedicine Exactly what i was looking for ! Thank you so much keep up
The good work Doc👍🏻
Thanks for this!
love your videos ❤
You have explained beautifully Ajay, keep it going!
Thanks sir!🙌🏼
It makes sense. I think I will apply it
Nice video sir❤
The coolest doctor in the world 😃
Dr Ajay 🎉love your videos 💖
Doctors are underpaid. One of my main reasons to choose computer science.
Severely underpaid *
@@user-oh8wx9sz6emedicine is good. Anyone can do certifications and boot camps in any IT of interest and still be able to navigate the tech world without necessarily having a degree in computer science. However, to be a doctor, you must go to medical school. So, a doctor can still take all these IT certifications and go into tech, but if you study computer science and want to be a doctor later, you can’t take certifications, you need to go back to school. I will still choose medicine over computer science.
Yeah mate Keep coping. Techies get laid off left and right anytime, doctors on the other hand never. In IT the highs are too high and then the lows are soo low that you crash badly. Job security is a joke in IT. I remember seeing a podcast in which a psychiatrist was telling how it took him many years to complete his medical degree and that how his engineering counterparts had already started earning whereas he was still studying and later when he finally started practicing, his patients were techies who were afraid of losing job and came for mental health counseling. How the tables turn.
@@halfdoc97 There is no way any doctor can beat an above average techie financially in any stage of life. However, the average techie earns less than an average doctor during mid 30s -40s. In medicine college does not matter much but in tech background matters a lot. If you are from ivy league, top colleges in europe or from electrical or computer engg in top 6 IITs and you work in hard college you are set in life.These guys get jobs in either quant finance or bigtech. Quant finance in jane street, 2 sigma, optiver, citadel with a starting salary of 300,000-400,000+ right out of college. Within 3-4 years,your salary crosses millions. In bigtech , if you get a job at a good position in a good company you get 200,000+ and in 6-7 years you will earn in 700,000+. In medicine after 6-8 years of schooling , you are paid a meagre salary. Then after 5-7 years of residency you get 500,000 -600,000 on an average, yeah top surgical fields get 1 million plus in USA but they work a lot of unpredictable hours leaving very few hours for side hustle or anything. While tech workers mostly do some kind of side hustle and earn more money on the side.
Yeah pay's not great, but work doesn't feel like work. So I guess that's a massive W :D
Nice video 👍. Good to have GMC fee on a direct debit.
Yeah, but it was £160 last year and has now changed to £430 since I'm now 5 years post MBBS :D
Sir can u make a video on the exams to be attended and how you managed to go to London.. it would be of great help🙏
950 pounds for rent? What brothel is allowing you to stay in their bathroom for 950 pounds? I have a GED education. In the 30 years I worked as a Corrections Deputy in the US., my hourly wage was over 45USD an hour when I retired. I earned almost $90k a year without overtime. My pension after 30 years is 40k a year. I retired at 60 years old. I was able to buy two homes and have assets of almost two million dollars. Something is definitely wrong in the UK!
Hi. I wonder if it real to find a work as consultant further. I guess it’s such a highly competitive position, isn’t it?
Sir can u make video on how to get into pg tranning in uk (in detail) especially about requirements other than plab ( cv , interview etc ) for fresh mbbs graduates
Thanks🙌🏻
I'm working on an A-Z series for PLAB. Stay tuned!
Thanks sir@@DoctorAmedicine
Im considering becoming a gp.
Please could u answer this for me.
At the moment, im doing a third year of mental health nursing, and afterwards, I'll go into medicine.
Do GPs do night shift? Or they only do day shift. Also, if they do, whats their responsibilities during the night shift. The reason im asking, is because sometimes I'd like to do a day shift and hopefully do a night shift later on in the evening. I know it's not good....
Btw, i love the video😊
I can only save about £70.00 per month but am gradually trying to build up an emergency pot.
Sir I am fibrosis display pasent can you gide me sir
Hello doctor A
I just wanted to ask which degree are you doing from uk
And how many years it approximately takes to do the degree
And are you planning to come to india after completing the degree
And if a student wants to complete their pg medical degree in uk/us or anywhere abroad,
Can they come to india and practice in india?
Who doesn't want to settle abroad and wants to come back after study?
If you have any knowledge on that please let me know.
is this budget for 1 year?
Doctor can u help us studying for pg entrance in INDIA
MBBS grads are doing better here in North India.
I earn INR 65k pm from a CHC and 15-20k pm from a small clinic. Save 60-65k pm.
Is PLAB really worth it for Indian doctors?
What are your plans ahead? Are you returning back to India?
USMLE is the best !!
Upload quickly😢
Is it possible for a junior doctor to live in the UK with his spouse using only his earnings?
please reply
Where is the 1% going ?
This is crazy if a doctor of Cambridge has to micro mangage to this extent. . What about other normal colleges. This is ridiculous. 1000 pounds per month can be spend very easily.
He is in the first few years of working as a doctor. His salary will go up quite rapidly to a much higher level as he progresses through his post-graduate training. Once he is no longer a junior doctor i.e. a hospital consultant or a fully qualified GP (Primary Care Physician) he will be earning a lot more. His path and upward salary progression are certain as long as he works hard and passes all the hurdles and post-graduate exams necessary. He will 100% achieve this because he is a smart guy. His future is bright.
Dude what would you do when you cross 65 and your teeth fall out,you have dementia, and when you are in death bed. Share on these!
You can cut cost on your youtube editing thumbnail by hiring a employe from India 😅
I have an idea. If you dont have any ideas to make videos on, make vlogs.
Doctors are always underpaid unfortunately
Dude I need your email