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Our Budget and Salary as an NHS Couple in London

Hi everyone! Welcome back to our channel. I’m Joyce, and this is my husband, Warner. Today, we’re excited to share a detailed look at our budget and salaries as a couple working in the NHS in the UK. We’ll break down our roles, earnings, and how we allocate our income to manage life in London while planning for our future. Let’s dive in!

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Our Roles and Salaries

Joyce’s Role and Salary

I work as a clinical nurse specialist in the outer London region. For those unfamiliar, London in this context refers to the broader region, not just the city, and it comes with specific allowances to offset the high cost of living. As someone in the outer London region, I receive a 15% supplement on top of my annual salary. I’ve been a Band 7 nurse for nearly five years, placing me in the middle of the pay scale. After deductions for income tax, National Insurance, and an NHS pension contribution (just over 10%), my net monthly salary is approximately £3,100.

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Warner’s Role and Salary

I’m Warner, and I’m a newly appointed Band 6 interventional radiology nurse. I’ve recently started taking on-call shifts, which boosts my earnings slightly. My net monthly salary ranges from £2,600 to £2,700 after similar deductions for tax, National Insurance, and pension contributions.

Together, our combined net monthly income is roughly £5,700 to £5,800, depending on my on-call shifts.

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Our Budget Allocation

Here’s how we manage our finances to cover living expenses, savings, investments, and a bit of fun. We’ve broken it down into key categories to give you a clear picture.

Living Expenses (Approximately 50% of Income)

Living in London is notoriously expensive, and our expenses reflect that. Here’s where the bulk of our income goes:

• Rent: We pay £1,300 per month for our rental home. Housing costs vary widely depending on the area, but this is a significant portion of our budget.

• Council Tax: In our area, council tax is around £250 per month, paid over 10 months of the year (the final two months are effectively “free,” as the annual amount is spread over 10 payments).

• Utilities:

  • Gas and Electricity: We allocate £150 per month, though we typically use less. Usage depends on factors like heating and electricity consumption.

  • Water: Initially, we budgeted £50 per month, but recent increases have pushed this to just over £50.

• Internet and Phone: We allocate around £100 per month, which comfortably covers both services.

• Transport: We’re fortunate to live close to work—just a 20- to 30-minute cycle. This means we have no transport expenses, which is a huge saving in London!

• Groceries and Household Items: We initially budgeted £500 per month for food, supplements, cleaning products, and other essentials. However, as we prioritize health and longevity, we buy a lot of vegetables and high-quality ingredients, so we’ve increased this to £600 per month.

Professional and Personal Subscriptions (Approximately 3% of Income)

We both maintain professional registrations and memberships to protect our careers and well-being.

• Nursing Registration: We each pay £120 annually to the Nursing and Midwifery Council (NMC), roughly £20 per month combined.

• Union Memberships: Joyce is part of Unison, and I’m with the Royal College of Nursing. Together, these cost about £40 per month.

• Life Insurance: We’ve secured life insurance to ensure financial security for the other in case of an untimely event. This costs around £50 per month.

• Gym Memberships: Health is a priority for us, so we spend £50 per month on gym memberships.

Stability and Savings (39% of Income)

A significant portion of our budget goes toward building financial security and preparing for our future, including a planned move to the US:

• Emergency Fund: We’ve already established a six-month emergency fund to cover unexpected expenses.

• US Move Savings: We’re saving for our relocation to the US, where we’ll essentially start over. This includes costs like transferring our nursing licenses from the Northern Mariana Islands to Pennsylvania, CGFNS fees, courier services, and other related expenses.

• Total Allocation: This category accounts for 39% of our income, ensuring we’re prepared for both emergencies and our upcoming transition.

Investments (11% of Income)

We’re committed to building long-term wealth and currently invest £615 per month, or 11% of our income. This primarily goes into Vanguard, along with other smaller investments we manage.

Fun Fund (4% of Income)

Life isn’t all about work and saving—we make room for enjoyment too! We allocate £100 per month for shared activities like dining out or entertainment. Some months we spend less, others a bit more, but it balances out over the year. Additionally, we each get £100 per month as a personal “fun fund” to spend however we choose, no questions asked. This totals 4% of our budget.

Supporting Family (1% of Income)

We send £72 per month, or 1% of our income, to family in the Philippines. It’s a small but meaningful way to stay connected and support our loved ones.

Final Thoughts

That’s a complete breakdown of our 100% budget allocation! Managing finances in London as NHS workers requires careful planning, but by prioritizing essentials, savings, and a bit of fun, we’ve found a balance that works for us. We hope sharing this glimpse into our financial life helps you with your own budgeting journey.