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As a new grad, I knew nothing about nursing or money. We get our first new grad position and hope that our lives will be so much different with our new pay. Unfortunately, for many of us, we never learned how to manage our money so we continue with the same habits. But what if you could start out your first nursing job ahead of your peers financially?
As a nurse of almost 8 years, here are three things I wish I knew about money before I started my first nursing job!
1. Start saving now! Even if it’s 1% of your income. This habit is more important than the actual amount that you decide on. Try automating it by creating a transfer every pay day from your checking to savings!
2. Live within your means! This means that you know how much money is coming in and know about how much you can spend. Many of us will get the new apartment and new car when we start out in our first job and don’t realize how much it will actually cost us. This also means that as you get raises, you increase your savings!
3. Start investing! This can be any retirement account. Make sure you talk to your hospitals benefits coordinator to discuss your options! You can also open accounts on your own, talk to a financial advisor and read future blogs here on the basics of investing!
Why creating good financial habits early is will save you SO much energy, time and of course money
Creating financial habits like these can prevent burnout and create longevity in your nursing career. When we are tied to overtime to pay our bills, we are more likely to burnout quicker and have less work life balance. Your time as a new grad should be exciting and fun, it shouldn’t be spent worrying about how you are going to afford to live!
Closing points:
1. Creating good financial habits can prevent burnout
2. Start saving and investing even as a new grad nurse!
3. Avoid lifestyle creep by learning how to budget and prevent overspending.
If you are a new grad, I’d love to hear what is most difficult financially while transitioning from school to working? Comment below!