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Making the Most of Your Salary: A Guide for PMs

The Practice Manager Salary Survey 2018 launched this week, and to mark the occasion we have decided to revisit this article all about making the most of your money.

In the current climate of financial uncertainty, it’s increasingly necessary to tighten belts and do more with less. Here are a few simple tips and tricks to help us make the most of our cash.


The 50/20/30 Rule

This budgeting technique is increasingly popular. The first step is to calculate your income after tax.

After working out your expenses and outgoings, aim to spend 50% on needs - food shopping, bills, insurance, essential travel etc. Bear in mind the difference between needs and wants; any payment that you can forego with only minor inconvenience like a Sky package is a want, not a need!

Next, allocate 20% to go towards financial goals such as savings, investments or repaying any credit card payments.

Finally 30% goes on your wants. This may sound like a lot but it’s important to treat yourself sometimes. Bear in mind that if you spend less than this on wants, that money can go back towards meeting your financial goals.

This is just one of many budgeting techniques out there and it may not necessarily work for you, so why not try looking up alternatives that may suit you better.


Further Tips

  • Bring your lunch to work instead of buying. By making your own lunch each day you could potentially save £1,000 a year!
  • Reassess your bills - you could save a lot by changing providers. Yes it is tedious, but it is one of the most common ways to save money.
  • Switch banks, save more and possibly even get a monetary thank-you for switching.
  • If possible, carpool for a fair contribution to petrol costs.
  • Sell sell sell! Declutter by putting no-longer wanted items up for sale online.
  • Recycle your old tech by selling your old mobile phone or any CDs or DVDs you no longer use.
  • Ditch your gym contract and try a pay-as-you-go gym.
  • Look for online discounts on days out, shopping and eating out.
  • Get cashback for shopping online. By setting up an account with companies like Quidco or Topcashback you can get money back on items you were going to purchase anyway.

 

Don’t forget to fill in First Practice Management’s 2018 PM Salary Survey to help us gather the most up-to-date intelligence on practice management salaries in primary healthcare. You could even win £300 of holiday vouchers! Click here to take part.


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