Quick Finance Tips for Nurses

Whether you just graduated, or are enjoying a successful nursing career, it’s never too late to get a handle on your personal finances. To get started, focus on three things—your budget, your debt, and your savings.

First, set up a way to track your income and expenses using the 50/30/20 rule–50% of your income for needs; 30% for wants; 20% for savings. Whether you use a budgeting app or a simple spreadsheet, it’ll help you live within your means, avoid overspending, and save for the future.

Next, pay down your debt, starting with the highest cost accounts, such as high-interest credit cards. For student loans, refinancing might be a smart move, especially if you qualify for a lower rate or shorter term.

Finally, build your savings. Set aside 3 to 6 months’ worth of essential expenses in an emergency fund and dedicate 10% to 15% of your income for retirement. If your employer matches contributions to a retirement account such as a 401K, get in on this benefit right away. Take care of your finances the way you take care of your patients and you’ll maximize your earning potential before you know it!