As an NHS worker, your shifts are long and demanding, often stretching far beyond the standard 9–5. Your days are dedicated to supporting the health of others while still balancing your own personal responsibilities. On top of that, many face the challenge of delayed pay and wages that don’t keep pace with rising costs. The last thing you want on your rare time off is to stress about finances and hunt for ways to save.
Fortunately, there are ways to make your money work harder. In case of emergencies, the best loan for NHS workers often comes from ethical direct lenders – a new generation of lenders focused on financial inclusion by offering accessible, transparent credit.
These FCA-authorised providers offer fairer borrowing with flexible repayment terms, making them ideal in situations like a sudden car breakdown, so you can get your car repairs done at renowned garages like InTown, regardless of your financial situation.
That said, while borrowing is an option, there are also other practical ways you can save money while juggling your busy NHS schedule.
1. Budget With Your Shift Pattern in Mind
If your shift changes every week, your spending habits and your budget should accommodate these changes as well. For example, if you’re on the night shift, you’re more likely to have more on-the-go meals, paying the surcharge for cabs. A standard budgeting spreadsheet will not account for these changes, leading you to believe that you are not saving enough.
To deal with this, try budgeting apps that allow you to adjust income dates and track spending while on the go. Additionally, if you know you’ll need a coffee before a 7 a.m. shift, you should budget for it rather than pretending it won’t happen. A realistic budget that you can stick to will always outperform a perfect one that you abandon after two weeks.
2. Get to Know Your NHS Pension Inside Out
The NHS pension scheme is a valuable part of your benefits package, but many people don’t think about it until a few years before their retirement. The NHS runs several pension schemes, and their contribution rates and benefit calculations can vary. Even if you’ve just been a few years on the job, it’s worth logging into your pension account to see your latest statements and projections.
If you have any doubts, your HR department could help you. An NHS pension may not appear to be much help right now, but it will continue to grow in the background, rewarding you for each year of service.
3. Make the Most of NHS Discounts
The NHS offers a number of perks to its staff, including the Blue Light Card and Health Service Discounts. These schemes unlock a surprisingly wide range of savings, from supermarket shopping and gym memberships to travel deals and even tech gadgets.
The key is to make a habit of checking available discounts before every purchase. Some NHS trusts also provide their own local deals, so it’s worth asking colleagues for recommendations. Used consistently, these perks can add up quickly, saving you hundreds of pounds over the course of a year.
4. Approach Debt With a Plan
With the current cost-of-living crisis, it’s sometimes inevitable that you end up borrowing, especially when you’re starting on a lower pay band, dealing with unexpected expenses, or managing the costs of your growing family.
If you’re juggling multiple debts, one effective strategy is to prioritise paying off the largest debt first, potentially through a debt consolidation loan. This approach can simplify repayment by combining everything into a single monthly instalment instead of managing multiple payments.
It’s also important to avoid taking out a new payday loan to cover an old one, as this can quickly spiral. Instead, explore consolidation options or loans designed specifically for NHS staff, which often come with fairer terms and more flexible repayment plans.
5. Automate Your Savings
It’s easy to believe that saving is only possible if you have money left at the end of the month. In reality, that approach rarely works. A better strategy is to treat savings like a bill you owe to yourself. Set up an automatic transfer on payday to move a set amount, even just £20 or £30, into a separate savings account.
By moving the money before you start spending, you’ll hardly notice it’s gone. Keeping this account separate from your main one also reduces the temptation to dip into it, helping your savings grow steadily over time.
6. Get Financial Advice for the Big Purchases
There is no single catalogue that contains information on the various schemes and tax breaks you’re eligible for while working for the NHS. That’s why it helps to get in touch with a professional financial adviser, especially if you’re looking to buy a home or a car.
You need an advisor who understands the different levels of NHS bands’ pay structure, pension rules, and common challenges that you might face. A couple of sessions with a financial adviser should give you some clarity about your finances and save you from making any costly mistakes.
7. Stay Scam-Aware
Scammers today are becoming smarter, and they tend to target public-facing workers like those in the NHS. You need to be careful about phishing emails, fake investment opportunities, and fraudulent loan offers.
Double-check who you’re speaking with before sharing any financial information. If you find something too good to be true, it probably is. If you come across any suspicious activities, report them to Action Fraud. This allows you to take immediate action and protect your colleagues from becoming one of their victims.
8. Keep an Eye on the Long Term
While you’re dealing with your monthly expenses, it’s also important to think about your long-term financial goals. Whether you’re saving for retirement or paying your mortgage early or providing for your child’s higher education, list them so that you have clarity.
In order to fulfil your financial goals, you need to make sure you’re reviewing your goals once a year and adjusting your budget accordingly. Sometimes you might not meet your yearly targets, and that’s okay. Just need to keep going in the right direction.
Final Thoughts
Managing your money shouldn’t be as complicated as your full-time job, but it has to be done intentionally. By following the advice in this guide, you’ll have more control over your finances without dedicating more time to micromanaging them.
These seemingly simple steps offer you peace of mind and larger savings over time.
