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    Hey guys

    Just wondering how current F1s and F2s (or any doctors really) are finding their pay. Do you find that you have enough for living expenses and some to save/ for enjoyment too? How much tax do you get charged?

    Coming towards the final years of my degree now and thinking practically

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    You can easily Google what your take home pay will be on a given wage - 30000 is a reasonable estimate for gross pay until you know what banding you will be on.

    I have a take home pay of >3x what I was living on previously. I can afford to be far more frivolous with costs and still make a handsome saving.

    I have been relatively sensible - loads of my colleagues are spending like nothing else, going to posh bars rather than the pub, buying cars, getting far more upmarket accommodation. I got asked recently why i didn't have a car and i said i had no need for one, to which the response was 'who cares you're a doctor now you can afford to just buy one' :s Even those guys will probably break even though. When you are young and have no commitments circa 20,000 per year after tax is a lot of money.
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    As an F1 on a 1B banding you take about £1800 a month home which is plenty to live on. Plenty of my friends have turned into fairly big spenders (compared to uni), whilst others are saving like crazy. It's up to you really, but so long as you live outside of London, you've got no excuse not to be living very comfortably.
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    It all depends on what your priorities are.

    You can spend all the time on day to day luxuries, food, booze, accommodation, clothes
    You could be sensible day to day and save for infrequent luxuries, a nice car, holidays
    You could live frugally and save long term for life events like marriage/house deposit/children.

    The lifestyle you choose depends completely on which of these things is important to you. I don't think on an F1 salary it's possible to do all 3 all at once, so there are choices to be made, but I've never heard an F1 say they had any serious money problems (bar waiting for that first pay cheque!).

    The best piece of advice I was given was, after you graduate, try not to change your lifestyle too much too soon. If you start spend spend spending in your first few months, you'll quickly get used to your new lifestyle, making it more difficult to cut back later if you then need to save for any reason. I'm not saying don't treat yourself once you graduate, you've earned some reward, but once you live in a s****y flat by yourself, you'll not want to go back to house-sharing etc etc.

    It can be quite easy to save money pretty quickly if you want to though. If you have jobs with heavy OOH commitment/high banding, not only do you get a good salary supplement, but you also have very little free time in which to spend any money!
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    Haha that says s-w-a-n-k-y, not anything rude, oops!
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    On a side note, how much do most F1s save? I save about half of my take home pay every month but I wonder if I should save more? I do live a comfortable lifestyle with frequent meals in restaurants and I travel quite a lot to the next nearest city (about 2 hours away). I wonder if most people save more or less than half of their monthly salary?
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    Gross pay is nearing the 30k but tax and other deductions gives you a roughly 22-23k net which is still reasonable.

    Still think it should be higher.
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    (Original post by Da CorrupteD KiD)
    On a side note, how much do most F1s save? I save about half of my take home pay every month but I wonder if I should save more? I do live a comfortable lifestyle with frequent meals in restaurants and I travel quite a lot to the next nearest city (about 2 hours away). I wonder if most people save more or less than half of their monthly salary?
    To be honest my impression is that most of my colleagues and friends are saving very little/nothing at all. Maybe they're just the ones you hear more about though.

    I personally am saving a lot less than that, but for a number of reasons that will have gone by the end of the year. Next year i'd anticipate saving about half yeah.

    This is a time in your life when you should be able to live well and still be able to put lots of money away for future mortgages/children etc. I think you're saving a good amount but its up to how much you prioritise things in your life really - no harm saving more if you think you can + want to.
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    (Original post by Da CorrupteD KiD)
    On a side note, how much do most F1s save? I save about half of my take home pay every month but I wonder if I should save more? I do live a comfortable lifestyle with frequent meals in restaurants and I travel quite a lot to the next nearest city (about 2 hours away). I wonder if most people save more or less than half of their monthly salary?

    I only manage to save about £100 a month to clear my overdraft, but to be fair i'm paying £500 a month to clear a private loan on top of normal people expenses. I live pretty well on that as well, nice flat, going for meals, buying the fancy stuff at supermarkets etc. No reason you can't live well and save a few hundred a month really.
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    (Original post by nexttime)
    To be honest my impression is that most of my colleagues and friends are saving very little/nothing at all. Maybe they're just the ones you hear more about though.





    To be honest my impression is that most of my colleagues and friends are saving very little/nothing at all.













    To be honest my impression is that most of my colleagues and friends are saving very little/nothing at all.















    saving very little/nothing at all.









    nothing at all.






    • Thread Starter
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    Thanks for the useful replies everyone, glad to know that the future is somewhat bright

    Just wondering what chunk student finance takes of your earnings?
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    (Original post by *Dreamer*)
    Thanks for the useful replies everyone, glad to know that the future is somewhat bright

    Just wondering what chunk student finance takes of your earnings?
    It depends on when you graduated and how much you earn. I pay approx £280 per month in student loan. It's pre tax though and as it's never in your pocket i don't really miss it.
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    (Original post by *Dreamer*)
    Thanks for the useful replies everyone, glad to know that the future is somewhat bright

    Just wondering what chunk student finance takes of your earnings?
    I believe it is 9% of your pre-tax income monthly. But for a lot of my F1 friends, they will only start paying it back later this year (started jobs July '14).
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    (Original post by Kyalimers)
    I believe it is 9% of your pre-tax income monthly. But for a lot of my F1 friends, they will only start paying it back later this year (started jobs July '14).
    9% of your pre-tax income over £15,000 for those who had £3000 tuition fees (will be over £21,000 for those on new fees).
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    Outside London, yes - my pay at F1 and F2 has been good enough.

    Take home ranging from 1500 - 2450, I've been on 5%, 40% and 50% bandings.
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    (Original post by Adipoptosis)
    Outside London, yes - my pay at F1 and F2 has been good enough.

    Take home ranging from 1500 - 2450, I've been on 5%, 40% and 50% bandings.
    £1500?! That's awful I know HCAs that get more than that in a month!
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    (Original post by Mrs House)
    £1500?! That's awful I know HCAs that get more than that in a month!
    lol yeah its not great, but thats after tax/NI etc. Its what the basic salary for an unbanded F1 is.
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    (Original post by Mrs House)
    £1500?! That's awful I know HCAs that get more than that in a month!
    The very top of the band 3 pay scale still only works out around £1340 a month so those HCAs you know must be doing bank/agency shifts on top...
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    (Original post by Smile88egc)
    The very top of the band 3 pay scale still only works out around £1340 a month so those HCAs you know must be doing bank/agency shifts on top...
    Nope I know 2 who work in ICU in london and they get between £1500-1700 per month, more if they do nights and weekends. They only do 1 or 2 bank shifts but not a lot
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    I have to disagree with some of the earlier posts. I am currently a F1 with a mixed banded job (some months unbanded, some months band A) and I am struggling to save anything.

    Last month my net salary was £1514 then minus rent, transport, bills and groceries I only had 300 left to cover all my other expenses.... which was a massive struggle and some expenses went begrudgingly onto my mastercard.
    No holidays, no car, no fancy nights out. Budget for all groceries so no wasted food.

    Have been trying to save up for my mrcs part a in April but so far only have 100 (exam is 500).

    Genuinely struggling to cover costs. Have had to turn down a conference in feb as I cant afford it :*(
 
 
 
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