Staying afloat on a nurse's salary?

Mulan · Jul 19, 2014

probably in high school

TheCommuter, BSN, RN · Jul 19, 2014

All this talk of brand new cars. Am I the only nurse whose vehicles are 15 yrs old?

Well, my pickup truck is 9 years old and my car is 8 years old. I bought them used. I have a dislike of car payments, which is why I favor used cars.

I previously mentioned a wise saying: "The road to middle class poverty is lined with car payments."

vintagemother, BSN, CNA, LVN, RN · Jul 19, 2014

Well, my pickup truck is 9 years old and my car is 8 years old. I bought them used. I have a dislike of car payments, which is why I favor used cars.
I previously mentioned a wise saying: "The road to middle class poverty is lined with car payments."

you are so right!! My honda is 11. Not planning to get a new car anytime soon.

Delicate Flower · Jul 20, 2014

There are "things" that are important to some people that other people don't care much about. Everyone's priorities are different.I don't think it's automatically a bad thing to buy a car new, if that is what you want to do, and you can afford it. Depending on the car, not every used car is a great bargain, especially when you factor in gas mileage, upkeep, warranty, and so forth. I had a 2003 Chevy Cavalier with very very low miles that I got from a family member for free. One day I decided to check the safety specs on it: POOR in every category. I have 2 kids in car seats, and they never rode in that car again. I traded it in for a new "Top Safety Pick" as soon as I could afford to.

I have 2 car payments. It's not a huge deal to me. Both payments are met completely with 1 1/2 shifts of work.

I also have a mortgage payment of about $1000 a month for a 4 bedroom/2 bath home in a rural area. I remember reading in another thread that The Commuter made a nice profit when she sold a home previously, so I imagine that's why her payments are so low now. She was probably able put a lot of cash in when she purchased the home. Right, Commuter?

I very rarely buy clothes, and when I do it is super cheap. I research all purchases and shop for bargain for needed and wanted items alike. We don't drink or smoke or go to clubs or bars. We do enjoy eating out 1-2 times a week but even then we are frugal where we go and what we order. We do not go on vacation, because it's not important to us.

Everyone (not in this thread) talks about what a waste cable TV is. But if you have cable and enjoy it, how much less are you going to be going out and spending as much money in a single evening as you would on a month of cable?

I work 2 jobs and my husband stays home with the kids. I make the equivalent of 2 salaries, and no daycare expense. We budget to determine how many extra shifts I need to work and when we can afford to buy something we have been wanting/needing.

We are pretty liberal when it comes to spending our money. It is our money. We work for it and don't ask for any handouts. We make sure our kids our taken care of but understand that they can't have everything they want.

A very wise person once told me, Life is short and you can't take it ($) with you.

TheCommuter, BSN, RN · Jul 20, 2014

I remember reading in another thread that The Commuter made a nice profit when she sold a home previously, so I imagine that's why her payments are so low now. She was probably able put a lot of cash in when she purchased the home. Right, Commuter?

Yes, that's correct. Then again, the house only cost $104k back in 2005. Today, due to the real estate meltdown of a few years ago, the place is probably worth about $95k at the most.

Delicate Flower · Jul 20, 2014

Ah, but you were smart, lucky, or both. I, being not-smart, not-lucky, or both, bought in 2007. In Florida. In April. Like literally a month before property lost 35%+ of its value.

mhy12784 · Jul 20, 2014

A very wise person once told me, Life is short and you can't take it ($) with you.

Don't forget your can give it to your kids though,

And with the way colleges are these days (basically required for everyone, and more and more expensive)

That's worth something

melizerd, ASN, RN · Jul 20, 2014

Don't forget your can give it to your kids though,
And with the way colleges are these days (basically required for everyone, and more and more expensive)
That's worth something

Thats why I have life insurance. It will more than cover expenses and give my only child money. My house will be paid off and I will have little for other bills. We save for his college already too it's part of our budget. So if I don't get hit by a bus before he graduated college that's not worth it. It's my money. And for the record I will have almost nothing for inheritance from my parents either.

vintagemother, BSN, CNA, LVN, RN · Jul 20, 2014

Delicate Flower, I appreciate your sentiments. I an speaking as a person who worked in real estate prior to entering nursing. I was the lady who knocked on folks doors to tell them they have to leave their homes. I've seen many losses. Most people never expected a rainy day...especially not a rainy day that would last so long. I've also personally experienced hardships r/t job and income loss and the consequences. For awhile life was pretty hard for me. I won't go into details now, but I'm scarred like those people who survived the great depression and became super frugal as a result. I wish the best for you, for everyone on the world, and hope you never experience a financial "rainy day" that lasts and lasts.

The thing is, if people had no/very low debt they could better survive the "low times", often it's not our basic minimums (food and shelter) that cause so much hardship when money is low, but our debts and other credit obligations.

TheCommuter, BSN, RN · Jul 20, 2014

For awhile life was pretty hard for me. I won't go into details now, but I'm scarred like those people who survived the great depression and became super frugal as a result. I wish the best for you, for everyone on the world, and hope you never experience a financial "rainy day" that lasts and lasts.

During my childhood years I experienced the extended "rainy days," as you succinctly worded it. Empty refrigerator, bare cupboards, electricity and landline phone disconnected, and my parents' vehicle was repossessed.

I will not go into further detail, but my childhood experiences have profoundly affected the manner in which I view money, the job market, and human nature in general. Let's just say I prefer to have a cushion to get me through any periods of long term unemployment. It can happen to anyone.

joanna73, BSN, RN · Jul 20, 2014

During my childhood years I experienced the extended "rainy days," as you succinctly worded it. Empty refrigerator, bare cupboards, electricity and landline phone disconnected, and my parents' vehicle was repossessed.
I will not go into further detail, but my childhood experiences have profoundly affected the manner in which I view money, the job market, and human nature in general. Let's just say I prefer to have a cushion to get me through any periods of long term unemployment. It can happen to anyone.

Agreed. I've been on my own since I was 16. Those early years shaped how I view money and debt. Many nights, I lived on frozen vegetables and counted pennies. That was a blessing in disguise in a way because I don't need much to be comfortable.

Unlike so many others, I'm not caught up in all my wants. I'd rather pay my bills and have some money left over. It doesn't matter how successful you are because it can be gone overnight. Learn to plan ahead, and plan for living on a lower income. Can you afford those payments on a reduced salary? What about retirement? Illness? You never know.

Personally, I'd rather live minimally and avoid debt hell. Those interest payments are the same as if you flushed money down the toilet.

allnurses Guide · Jul 20, 2014

Dave Ramsey = financial freedom and an excellent quality of life. The only debt we carry is the mortgage, which has 17 years to payoff. We bought the house 5 years ago.

Pay yourself first. No debt living rocks.