Doctors and other health workers do indeed earn a decent salary and live reasonably well. However, the cost of living rises faster than wages can meet up with, and health workers can quickly find that their previously great salaries are now inadequate. The price of groceries and utility bills has almost doubled in the last couple of years, but salaries have largely stayed the same. In places where employers have increased wages, the increase is not commensurate with fast-rising costs. In fact, the UK government has been in constant discussions about increasing the cost of our utility bills.
The conflict between Ukraine and Russia means that gas prices are going haywire. Add rising gas prices to the looming winter, and you can see that you will almost definitely spend more on heating. The aforementioned conflict between Ukraine and Russia also means that food prices have increased drastically because of the disruptions in the supply of grains.
With the situation not looking likely to abate soon, health workers must take drastic measures to stay afloat. Some of these measures do not even require massive shifts from what you may already be familiar with in your career. In this article, I will explore some steps you can take to deal with the constant rise in the cost of living.
5 Things That Can Help Deal With The Rising Cost Of Living
ASK FOR A PAY RISE
Getting a bump in your pay may not be as complex as it appears, as sometimes all you have to do is ask. Discuss with your HR how to apply for a raise in your pay and what you might need to improve your chances. You may need to take courses or other exams; however, this is not such a bad thing. Courses and exams can also improve your chances of improving the quality of your chosen career path. A pay raise may also mean switching jobs, as another organisation may offer a better pay package than your current job. Stay up to date with the current rates, if you do locums for example, be sure that you are asking for the best rates and not just any rate.
Take Extra Shifts/Work Overtime
On the surface, extra shifts may seem like too much extra work. However, adding one more workday a week can significantly affect your wages. If a whole day is too much for you, you could pick up short 2 to 4-hour shifts where possible. This may even mean picking up these extra shifts in a different organisation than your primary job. In addition, you could also work overtime to earn extra money. Most organisations will pay significantly more than the standard pay-per-hour if you work overtime. Furthermore, you could work during Bank Holidays and weekends and earn more working on such days. Only do this if you can, your health and well-being is very important.
Get A Side Hustle
If you already like to write (Like I do), you could write articles for media organisations or magazines. It is possible to earn as much as $100/article and write as much as you want. Also, you could write books or short stories and self-publish on sites such as Amazon to earn residual income. There are several other side hustles that you could do, such as care or support work, remote customer care jobs, etc. The amount you can make varies wildly from a few hundred pounds to thousands of pounds a month. This extra income earned from doing things you may already be good at can help you deal with difficult circumstances caused by the rising cost of living. Don't forget to invest or save as much if you can.
Look For Deals When Shopping
Many shops and big supermarkets offer great deals and discounts you can take advantage of. Therefore, when shopping, look out for such deals that can significantly bring down your spending. In addition, many outlets also offer membership or loyalty cards that give discounts on many products. Deals are also available if you have to eat out. Meal deals tend to offer more value than simply picking up a burger and a drink, for example. The savings may seem small, but in my experience from my humble beginnings as a fresh international medical graduate, they add up. So if you are feeling the crunch of the rising cost of living, look out for and take advantage of deals and discount offerings where you shop regularly. Ask your colleagues about deals and discounts where they shop and compare before making a decision.
Reduce unnecessary expenses:
If you have a spreadsheet, check to see if there are areas where you might be spending more than you should. If there is a cheaper and more valuable option, go for it. Banks now offer interest-free credit cards, so instead of paying huge interest on loans or credit cards, take advantage of them. Get a financial adviser if you aren't good at negotiating interest rates when buying a house or car. Now is the time to reduce expenses as much as possible. You can save a lot of money by planning and preparing your meals rather than getting take-out every day. In addition, do not get caught up in many of the buy now pay later schemes available. Avoid them as much as possible. They are just going to accumulate debt that is too much to repay in the future. Learn to live a minimalist lifestyle and don't buy anything you don't need.
Finally, inflation and the rising cost of living will be around for a long time and affect everyone differently. To ensure that the effect on you is minimal and not severe, you may need to take some or all of the measures I highlighted above. It is not an exhaustive list, but I hope it can help those feeling the pinch. Remember that you can always reach out to me to discuss possible options.
Good Luck
Dr Mute