Staying afloat on a nurse's salary?

  1. How do you budget based on income?
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  2. 47 Comments

  3. by   RNsRWe
    Is this your very first job? Have you never created a household budget before...?

    If not, you might want to meet with a counselor, get some sound financial advice for YOUR situation. On a message board, not knowing all the variables in your life (salary/wages per hour, taxes, fixed expenses:rent/mortgage, auto costs, insurance costs, children/childcare costs, etc etc ad nauseum) we can't really do this one for you fairly.
  4. by   KelRN215
    This is a very broad question but, basically, don't spend more than you make.
  5. by   Rose_Queen
    A Google search of "how to create a budget" comes back with a lot of results, some obviously more reliable than others. The best place to start is by educating yourself. Check out resources that perhaps your bank provides and from reputable websites. Maybe look for an adult education course on personal finance or seek out free advice from financial planners if one in your area offers free consultations. But KelRN hit the nail on the head: the best, easiest, and most affordable way to stay afloat is to make sure income is greater than expenditures.
  6. by   melizerd
    We are a family of three (my husband, son and myself) and we are definitely okay on just my salary. Cost of living of course has something to do with it. We have a nice home, not extravagant, we budget fun stuff, we pay the bills and we drive two cars (both are paid off now!!) We shop sales for groceries etc. I don't consider us SUPER thrifty but we try to keep a balance.

    Definitely sit down and set up a budget, include fun stuff and savings as well! We survived on half what I make now while I was in school so it's been an easy transition, school was not a fun time for us.
  7. by   TheCommuter
    How do you budget based on income?
    I have not needed a budget in a decade. I should mention that, a decade ago, I was a factory worker with limited job prospects.

    It's easy for me. I'm a single female with no spouse or children and an annual household income that exceeds the national average by $20,000. I have no student loans or car payments. I am not a shop-a-holic. I have a modest 10-year-old house with a payment of about $400 per month.

    In other words, I do not live from paycheck and can save a great deal of my earnings.
  8. by   klone
    Read Dave Ramsey's "Total Money Makeover"
  9. by   prnqday
    Make a list of your monthly expenses and go from there. That is not hard to do, the hardest part is sticking to your budget.
  10. by   mhy12784
    As many said, cant really give someone I know nothing about advice how to make an entire budget

    But something I personally like to do is whenever I am making a big luxury purchase (ie an expensive new tv, vacation, laptop etc)

    I try to pay for the entire thing with money from overtime,so that im not wasting "my money" on a luxury item

    Then just live within your means.

    You should have at LEAST 6 months living expenses saved up (ie if you lost your job today, you could get by for 6 months)

    And at the end of every month you should have more money to your name than you started with.

    Then of course start thinking about retirement, and look into your retirement options from work which HR should be more than willing to help you with.
  11. by   Caffeine_IV
    Live below your means.
  12. by   gta1628
    If you can't make it on a nurse's salary you're doing something wrong. Try getting by with $9/hr while in school.
  13. by   That Guy
    I dont spend more than I make.
  14. by   jadelpn
    Sometimes you have to make due.

    In the very broadest sense, when you get your first 40 hour paycheck (and this is assuming that you are sure that you will get 40 hours per week) one usually has all day shift hours. This is your lowest kind of a paycheck. Times either 2 or 4 weeks, depending on your pay schedule. Take that amount, and subtract from it all of your constant, fixed bills (ie: rent). What is left is what you have for your non-constants. If you have very little left over, then you need to get creative.

    Some creative budgeting means that you can buy groceries in bulk monthly. It means that you look at circulars and buy to specials. It means bringing your own coffee, your own meals.

    It means one credit card FOR EMERGENCIES only.

    Finally, even if it is only $10.00 a week, put money into a savings account that you just don't touch.

    You need to get creative with what you have. Best wishes

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