HealthCare Management & Consulting Advocate

Nurse, how financially savvy are you?

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In nursing school, you are taught the skills and knowledge you need in order to survive clinically not taught what it means to be financially independent. Like it or not, nursing is a well-paying profession and how you choose to manage your income can determine the lifestyle you make for your self.

In order for you to determine the way towards becoming financially savvy, you have to determine what is important to you. You have to determine what you will or will not accept, only then can you figure out how to move forward.

The Financially Savvy Nurse

To help you on the right track, here are some questions for you to answer

  1. What do I place value on the most?
  2. What do I see myself doing in 10-15 years?
  3. How much debt do I owe?
  4. How much do I enjoy my current job?
  5. What am I most passionate about?

These questions while not all conclusive serve as a means of forcing you to deeply self-reflect and determine what you want out of this life. If your life is to exist to pay bills, go for it. But if you are tired of the never ending stress of working and paying bills and not doing something you enjoy, then the time to start is now. The time WILL pass anyway. so why not start now on your way to becoming financially savvy?

Here are seven steps to follow

  1. Educate yourself. You can start by reading Dave Ramsey’s book on Financial Peace University. It has helpful tips on how you can manage money.
  2. Consolidate your debt- If you are stuck with so many credit card debt, find a personal loan as a way to consolidate those debts and pay it off easier.
  3. Set up automatic payments and have the money withdrawn out of your account
  4. Have an emergency fund at home or at least handy
  5. Don’t buy everything you see.
  6. Buy in bulk when you can for items you use the most- it saves money in the long run.
  7. Find a PRN job for when you need extra money, so you can work a shift or two and not dip into your savings

Being financially savvy is freeing and gives you peace of mind. Remember that the time will pass anyway, so start now towards becoming financially savvy.

My Nurse Consultant

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