Invest Before Spending: Guilt-Free Spending for NHS Staff with Minimal Budgeting
- Simon Wong
- Jun 29
- 7 min read
Most people budget their money by tracking every expense, they then invest what is left. I don’t. Instead, I invest before I spend on anything else. This one habit means I never feel guilty about my spending. Here’s how it works and why it might help you too.
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Pay Yourself First
Every time I get paid, I move a set amount (by percentage salary) straight into my investment and savings accounts. This happens before I pay rent/mortgage, buy groceries, tv subscriptions or spend on lifestyle related purchases. I treat my future self as the most important bill.
It is non-negotiable.
Why does this work?
- You lock in your savings & investments before temptation hits.
- You avoid the stress of tracking every penny. You are limited to spending what is left.
- You consistently build wealth automatically.
Stat:
According to the ONS, only 39% of UK adults regularly save each month. NHS staff, with irregular shifts and overtime, can easily find it even harder.
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Guilt-Free Spending
Once my investments are sorted, I use what’s left for everything else. No spreadsheets. No guilt. If I want a coffee or a takeaway after a long shift, I don’t stress. I know my future is already sorted.
My 'Save, Pay, Spend' Cheat Sheet:
Salary comes into my bank account. Direct debit a certain percentage into my investment savings accounts. I then budget or plan what other living costs will come out in the first week from various other direct debits: mortgage, car payments, clearing last months credit card bills, phone bills, utility bills, TV subscriptions etc. By the end of second week, I have a good idea how much money/cash is left. So I know that's the estimated amount I can spend on my credit card till the end of this month so I can clear my credit card debt each month.
'What if I had more social/special events?'
If one week I had a few more social spending, dining out & gatherings etc, I live more frugally for rest of month. I just need to keep an eye on the balance between credit card spending and what's left in account to cover it.
'What if I want more cash for leisure?'
I cut down my living expenses. Get a cheaper phone deal. Remove some un-used subscriptions. Sell off some items on Vinted, eBay or car-boot sale. I never reduce my investment amount at the start of the month. I only get more leisure spending from my living cost bucket. If I want more leisure spending, I either find some way to make more money, or I reduce my standard living costs.
'What if I underspent?'
What if I underspend and have some surplus - I again invest the rest!
As an example, last month, after investing and living costs, I had £550 left. I spent £500 on food, fuel, and a treat for myself. The £50 left at month’s end? I invested that too, boosting my monthly contribution.
Whatever that is left, it's my present to my future self. A pat on my own back for living frugally to pay for my future financial freedom.
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Why Not Budget?
Traditional budgeting can feel like a chore, especially with NHS shift work. By investing first, you:
✅️ Remove decision fatigue - Focus on other stressful decisions
✅️ Spend only what you truly have - I feel this way it's much less likely to get myself into debt. If something unexpected comes up, I spend elsewhere less or I use a bit of emergency fund, then top up the emergency fund as my top priority next month's salary.
✅️ Avoid the trap of “accidentally” overspending - We tend to be strict with ourselves when we are short in money, and make more excuses to spend just a little bit more when we see cash in the accounts.
✅️ Don't allow excuses for yourself - You physically cannot dip into your investment savings to excuse for some tempted spending. As the investment amount has already come out into your ISA, you can only spend what is left. If you doing it the other way round and only invest what is left from your spending, you will excuse yourself and spend more, eventually investing less for that month.
Stat:
Research from Money Advice Service shows that 63% of people who “pay themselves first” save more than those who budget traditionally. https://moneyadvicetrust.org/research-policy/
Not budgeting, but investing first, if done right, may be a better more consistent way of managing monthly pay and spending.
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Action Steps for You
👉Set up a standing order: Automate your investment on payday. Set up direct debit that comes off your account into your investment ISAs the day after your salary comes in.
👉Decide your amount: Even £50 a month adds up. NHS pensions are great, but extra savings give more freedom.
👉Spend the rest: I call it 'Guilt-free' spending. Enjoy your money, knowing your future is secure.
👉Invest leftovers: Any unspent cash at month’s end goes straight to your investments. Further boosting your savings rate.
I am my worst enemy
I don't trust myself to the point that I purposefully take my own thinking out of the equation. In my experience, budgeting does work; but I tend to go through phases of it. Sometimes, I'm really on the mark, planning and dedicating every pound and penny. But sometimes, especially first few days after pay or have some surprise pay-out with surplus cash, I seem to get a little laxed with myself.
By moving my investment portion out before any form of spending, I am a lot more consistent! Every month, once I get paid, 'ding!' Transfer a percentage of savings into my investment accounts.
As to how much you put every month? I'll be writing separately in another blog. There's a whole lot of science about how much and why. It doesn't have to be massive! Remember, baby steps. Most important thing is you start, can be as small as £25 or something! Get comfortable doing it. Once you feel more comfortable about it, start 'upping' that number. My savings/investment rate is about 28% of my monthly salary for now.
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Challenge Social Norms
Most people think budgeting is the only way to manage money. But does it work for you? Or does it add stress?
What if you tried investing first for three months? Would you feel more in control? Would you enjoy your spending more?
You work hard for the NHS. Make your money work hard for you. Invest first. Spend the rest, guilt-free.
At Medical Finance Academy, you will receive 1-to-1 in-person tailored coaching service to educate you on everyday financial literacy, introducing you to the world of asset allocation and generational wealth. You will be guided through a structured programme to identify any inefficiencies and vulnerabilities within your financial setup working for the NHS.
You will not just be taught the answers to all your money problems, more importantly, we will unlock your insight and wealth potential by inspiring you to ask the right money questions whilst working in the NHS.
I am Simon Wong, a Urology registrar & money enthusiast working in the NHS.
As an investor and money enthusiast for over 15 years, and a proud father of 2 teenage boys, I have made all the money mistakes one needs to experience in a lifetime. The subsequent corrections to my financial life after intense studying and reading has completely altered me and my family's path to financial independence.
I wish someone could have sat me down and taught me all this 20 years ago! Now I have compacted all my knowledge & experience into a Simple Framework that could be easily adapted by anyone working in the NHS.
We have all had times in our careers when we struggled with money. Struggling to keep up with monthly outgoings like professional and travel costs, mortgages and bills, or any unexpected home repair, new tyres or child care bills, life getting more expensive as we progress in our career and lives. We have all experienced them.
Working in the healthcare profession, we also often find our take-home pay to be comparable to other jobs that require far less commitment from our time and lives. Furthermore, people don't talk enough about the COST of being a healthcare professional in the NHS. Medical registration, nursing registration, exam fees, indemnity fees, compulsory courses/conference fees, uniform costs, higher tax bills, the list goes on and on...
I aim to cut through noise of conflicting and confusing financial jargon, make it simple for non-financial people in plain English. Take small steps, every day, to compound your hard earned money into lasting wealth. To transform your life and career into a life of wealth in whatever shape or form you see this 'rich' life to be.
You will be shown what I've learnt through my years of money illiteracy and invite guests to discuss all money topics. We are ultimately aiming to build generational true wealth together, whilst you continue to provide your service & skills in the NHS.
I believe, with good financial knowledge, we can jump off this bandwagon of living pay-check to pay-check.
This is the Path of Least Resistance to fast-track you through your financial journey!
Regain your own control of your financial freedom, and ultimately TIME!
Topics covered in the Medical Finance Academy coaching:
Educating you on the financial system in the UK
Understanding the financial requirement to reach financial independence/retirement/financial freedom
The importance of, and how to get to your 'F*** You Money'
Debunk any common misconceptions of money management and investing
Highlight many Unspoken Issues with Our NHS Pay and money challenges that everyone will face with a career in the NHS
Teaching the Variety of investment assets available for everyday tax-paying working people in UK, and why some assets may be more suitable for wealth building over others.
Learn the difference in Good vs Bad debt
Strategies in debt management
How To Use Credit Cards to your advantage
Optimising credit management to Improve your Credit Score
Setting up the All-important Emergency Fund - Your 'Sleep-Well Money'
Setting up Zero-based budgeting, putting every penny you earn to work
True informed decisions on Home Rentals, Mortgages and Home Ownership. Run the real numbers, see which is more suitable for you
Understanding and getting comfortable with the stock market
Education in Fundamentals of Stock Market Investing
How to choose between different savings, high interest, tax efficient self investment accounts (e.g. ISAs, SIPPs)
Improving Tax Efficiency whilst optimising returns in the UK banking system
Understanding and Maximising Your NHS Pension
Decipher your Psychology of Money with establishing good money discipline and habits.
Importance of Avoiding Lifestyle Inflation and the mathematics behind it, not letting your new money journey justify your high spending
Curate an Automated Self-managed All-weather asset portfolio with the lowest-possible risk, lowest-possible cost/fees and lowest possible emotional stress to build your generational wealth through time to achieve Ultimate Financial Independence
Disclaimer
All content provided on this platform is intended for informational, educational and entertainment purposes only, and should not be construed as strict financial advice. The information presented does not constitute a recommendation to buy or sell any specific security, investment product, or service. Investing involves risk, including the potential loss of principal (money). It is important to conduct thorough research or consult with a qualified financial advisor before making any investment decisions.
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