Five key financial considerations

When you start your Foundation year there’s a lot to consider to keep your finances on an even keel.

1. Know when you get paid so you can plan your spending – and saving

That way you won't run out of money unexpectedly and it will you help create a saving plan for repaying your debts.

2. Add up all your regular expenses to work out how much disposable income you will have at the end of the month. Don’t overspend!

Sometimes just writing down what you spend can help you identify where you can make savings. This could include rent, phone bills, insurance, travel cards, gym membership, house bills and credit cards.

3. Planning to get your finances in order and start repaying debts? Prioritise the most expensive

It's easy to get carried away when you get your first pay slip, especially if you still have the luxury of a low interest rate overdraft. However, this will not last forever, and the best thing you can do is create a budget so you can start repaying your overdraft and any credit cards.

4. A 24-year-old Junior Doctor who retires at 65 will receive less than 500 payslips during their career. Make every one count!

Saving should not affect your ability to do the things you enjoy, but it will help you buy expensive items such as a holiday or a car. You should be comfortable with how much you can save, and this will depend on whether you are saving for long-term or short-term goals.

5. Find out more about the NHS Pension Scheme and how you can benefit from it

Anyone who starts working for the NHS automatically becomes a member of the NHS Pension Scheme. It is generally a good option, but make sure you know all about the benefits and risks. Although you can opt-out at any time, the scheme provides a number of worthwhile benefits that are expensive to replace.

You can find out more here: