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Locum year savings

Dear Doctors,
I am a Fy2 currently in training. In my FY3 year out I want to do locum/bank and get a deposit to buy a house.
My aim is to have £50k by the end of FY3 locum year. Is that possible?

Reply 1

Ghotay

You don't really need 50k to buy a house.

As above though, it really depends on your lifestyle. I will have saved close to that much by the time I finish F2, but then I am a tightass. (Of course I am then blowing much of it on an epic F3 year, but that was the point of the scrimping and saving to begin with :tongue:

)

Reply 2

nexttime

Yeah some good advice above, particularly re: being frugal.

If you want to be earning a good amount - I mean like >£50K per year - do bear in mind the following though
1) You need to be applying to locum agencies - 1 or 2 big ones is enough - a couple of months before you finish FY2. That is how long it will take for DBS checks and consultant references to go through.
2) You will need to be willing to travel, potentially quite far depending on where you live
3) You may need to be willing to do fairly unpleasant jobs in unfamiliar locations.

Having said that, if you were willing to work long hours and travel a lot you could earn >£90k, which is about what you would need to have £50k post-tax. In my FY3 year i could have worked 24/7 for the whole year for £50 per hour based on locum shifts available from just one A&E. Unfortunately, it wasn't the one near me and I wasn't that interested in flogging myself to earn a bunch so didn't take any!

(edited 5 years ago)

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