Nursing and Finance: Make it make cents
Okay, so boom: You’ve just graduated school, passed NCLEX, and now you’ve been working your new nursing career for a few weeks. That wonderful Friday rolls around your bank account has been blessed with more money than you’ve ever made at one job. Now that you’ve come into this small fortune (that will only increase with time), what is a nurse to do?
Almost every new nurse has experienced “burning pocket“ syndrome. All this liquid income magically gives us the urge to spend like never before. Saw a designer bag you like? It’s yours! Extravagant dinner for you and your friends? No worries, you’ll get the tab! The list of frivolous spending goes on until you find yourself having to pick up extra shifts to support your habits.
Slowly becoming a slave to your finances can make your career especially hellish. In addition to mounting anxiety, your relationships and health can be affected! So to save yourself from gut issues and stress grays, here are a few tips to help you avoid money pitfalls and get back to enjoying your life!
Get to Know Your Money: How does your money come to you? How much is taxed? Are you a 1099’r? Knowing the ins and outs of your dollar will serve as a great base in your financial journey!
Get to Know *Yourself* through your money: Are you an emotional spender? Do you like to show your wealth? Are you generous even when you don’t have it? Learning how our spending habits are influenced by our environment and actions can help place boundaries on our money!
Pay Yourself: Don’t you do all the work around here? Cut yourself at least 10% of your check and tuck it into savings, researched investments, or any other buckets you may have. You’ve earned it!
What is Your “Why“? Keeping your end goal in mind (i.e. saving for a car, launching a new business, vacation) will be your compass on the path to happy finances. What will keep you on the right track?
Educate Yourself: The age-old adage, “Knowledge is power“ always rings true! How are you to build and control your wealth without knowing the first thing about it? Youtube is an amazing tool to help get your started! Try searching “finance tips“.
Take a Look at Your Circle: To some degree, birds of a feather do indeed flock together. How do your friends and family treat and think about money? Have you picked up any spending habits or limiting beliefs from them? You don’t have to dump your crew altogether, but consider connecting with those that share your goals. Who knows, maybe you’ll positively impact your friends and family with what you learned!
Get an advisor: Behind every great player is an even greater coach! As you embark on this journey to better finances, you need a person to help you understand the surrounding financial environment (i.e. markets, recessions, etc) and help make the best moves for your money goals.
Plan for the Future: Allow your money to make more of itself! Build a strong nest egg through researching retirement options (IRAs, 401Ks, etc) and other investment opportunities that best align with your life goals. Your advisor can certainly help with this!
With these useful tips, you are sure to get back on track and breathe a little easier when the first rolls around! Remember, you work hard and deserve to live comfortably without breaking the bank!
Happy financing!
