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2 Ways for Nurses to Take Control of Their Finances

2 Ways for Nurses to Take Control of Their Finances

March 15, 2021
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Being a nurse comes with a lot of responsibility alongside a sense of pride in knowing that you are helping others. But while the road to becoming a nurse already involves a fair bit of course work, there unfortunately isn’t much on helping nurses take control of their finances.

Staying on top of finances will help put you in the ideal position to pursue your financial goals, whether they include early retirement, travel, or just feeling more comfortable. For any nurse looking to take back their financial reigns, here are a couple of powerful tips.

Consider the Entire Employment Package

When looking for a position, nurses—like many job seekers—may focus on the hourly wage offered by a potential employer. But starting wages are only a portion of what has normally been included in the salary structure and benefits packages for nurses.

One way nurses can help boost their salary is by taking advantage of available pay or shift differentials.[1] Many facilities will offer premiums, bonuses, and additional overtime for nurses willing to work off-shifts such as nights and weekends.

Another consideration to make is the benefits package. If you are a nurse looking to continue your education, you should ask your potential employer whether they offer tuition reimbursement.[2] This could make it less costly to continue schooling, while also setting you up for higher pay once you get your next degree.

Determine Your Financial Priorities

Have you sat down and made a list of your specific financial priorities? Since most financial goals will require savings, knowing what your goal is before you get started will provide you with the motivation you need while also allowing you to determine how much you will really need to put away.

If you are saving for a house or other large purchase, determine what price range you want to consider, how much you will need to put away each month for the item or down payment, and when would be a good time to make the purchase.








Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

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Sources:

https://minoritynurse.com/how-nurses-can-make-better-financial-decisions/

Content Provider: WriterAccess

LPL Tracking 01-05095409

[1] https://www.dol.gov/agencies/whd/fact-sheets/54-healthcare-overtime

[2] https://www.nurse.com/blog/2018/01/29/tuition-reimbursement-is-a-coveted-job-perk-for-nurses/