Maximizing Financial Efficiency for Sessional GPs: A Guide to Smarter Money Management

Being a sessional GP is incredibly rewarding—you have the flexibility to design your career and focus on patient care. But let’s be honest: managing your finances? Not so much fun. Between juggling irregular income, handling tax returns, and planning for the future, it’s easy to feel like you’re drowning in admin.

But don’t worry! With a few clever strategies, you can transform financial stress into financial confidence. Let’s dive into how you can make your money work harder for you—without the headaches.

1. Embrace the Power of Income Awareness

First things first: do you know where all your income is coming from? Between locum work, part-time roles, and that consultancy gig you picked up, it’s easy to lose track.

 Top Tip: Start by organizing your income streams in a simple spreadsheet. Not a spreadsheet fan? A good old-fashioned notebook works too. The goal is to keep everything in one place so you can see the full picture of your earnings.

2. Make Tax Work for You, Not Against You

Ah, taxes—the ultimate party pooper. But they don’t have to be your financial nemesis. With the right approach, you can minimize your tax bill and maximize your savings.

 What to Do:

• Claim everything you’re entitled to. Mileage? Yes. Your fancy stethoscope? Absolutely. Training courses? You bet.

• Keep receipts like your career depends on it (because it kind of does). Snap photos of them and store them digitally to avoid the dreaded "shoe box of doom."

• Set aside 20-30% of your income for taxes. This will save you from a nail-biting scramble come payment time.

3. Pensions Aren’t Just for Later—They’re for Now Too

We know, pensions sound about as exciting as filing paperwork on a Friday night. But trust us, future-you will thank you for paying attention now.

 Your Action Plan:

• If you’re eligible for the NHS pension scheme, make sure you’re getting the most out of it. It’s one of the best benefits of being in the system.

• For those working outside the NHS, explore private pensions that align with your goals. Even small contributions now can grow into something substantial later.

4. Bookkeeping: Yes, You Need to Do It

Think of bookkeeping as the boring-but-important foundation of financial success. Getting it right means less stress, more control, and (hopefully) no scary letters from HMRC.

 How to Keep It Simple:

• Dedicate one hour a week to updating your financial records. Pair it with your favourite playlist to make it slightly less painful.

• Keep personal and professional expenses separate—it’ll save you so much time (and confusion) later.

5. Protect Your Income Like It’s Your Most Valuable Asset

Your ability to earn money is the backbone of your financial life, so it makes sense to safeguard it.

 Smart Moves:

• Invest in income protection insurance. It’s not glamorous, but it’s a lifesaver if you ever need it.

• Build an emergency fund. Aim for three to six months’ worth of expenses to give yourself a cushion during slower months.

6. Plan for Career Growth—and Financial Growth

Whether you’re considering taking on more locum work, expanding into private practice, or just figuring out how to make the most of what you’ve got, planning is key.

 Start Here:

• Set clear financial goals, like paying off debt or saving for a big purchase.

• Partner with a financial advisor who understands the unique challenges of being a GP. They’ll help you plan for growth while avoiding costly mistakes.

7. Keep It Light and Stay Informed

Finances might not be your favorite topic, but staying informed doesn’t have to be a chore. Think of it as learning a new skill—like suturing, but for your wallet.

 Quick Tips:

• Sign up for newsletters or blogs (like this one!) to get bite-sized financial advice.

• Chat with colleagues about their strategies—you might pick up a trick or two.

The Bottom Line

Being a sessional GP gives you the freedom to shape your career, but with great flexibility comes great financial responsibility. The good news? A little planning and a few smart moves can go a long way toward making your finances as efficient as your patient rounds.

So, why wait? Start implementing these tips today, and watch your financial confidence grow. After all, you didn’t work this hard to let money worries hold you back.