Can a registered nurse live comfortably with their salary?

Nursing Students ADN/BSN Nursing Q/A

I live in California. I'm not talking mansion with nice cars and buying anything I want. Just some middle class apartment and a car like a mini cooper or something. I'm just wondering. I'm working to get my BSN right now, and I know I shouldn't be thinking too far into the future, but I just want to know that when/if I eventually get a job, will I be able to live comfortably? I'm single, no kids, just me and a friend being room mates. (she's also working towards her BSN). We wouldn't care for vacations or anything like that, just hanging out around the city is all I can think of as relaxing. Nothing big.

53 Answers

Specializes in Emergency.

The short answer Heck YES.

the longer answer:

One of the nicest things about being a Nurse is that you can- within reason- also work overtime. So if there is something you want- you can actually earn a bit more money and put it aside for that. (I like to run races- some entries are not cheap- I am training for one now in South Africa...so add that up, the entry fee is about 500.00 USD, plus all the travel). When I was a bedside RN, I simply tried to work one extra 4 hr shift or an 8 hr a week, and that money was for play.

I do recommend either taking some of the free seminars offerred at places like your local library right as you start your job- because youwill suddenly have ALOT more cash, and managing it is really important, right from the start!

Specializes in Peds/Neo CCT,Flight, ER, Hem/Onc.

Short answer...yes. Longer more boring answer...while you won't get rich you can live quite comfortably especially if you avoid the major pitfalls of money management. First you have to learn and accept the difference between wants and needs. You want a Mini Cooper but do you NEED an expensive car? I want a pool in my backyard. I can afford it but I don't need it so...no pool. It would be a stupid use of my money. Credit cards are for emergencies and rare special occasions when you don't want to carry cash. If you do use a credit card to purchase something it should only be used if you have the cash in the bank to cover the purchase. Pay them off EVERY month! Seriously, credit cards are not invisible money. If you don't have it...don't spend it. Your first splurge on your first paycheck (contrary to what has been posted on other threads) should be an appointment with a financial planner. He/she can help you plan for paying off student loans but most importantly will train you to start saving for retirement now not when you're 40 and you realize at the rate you're going you will be living in a box eating dog food when you get old. If you start when you're young you should have plenty of money to live comfortably when you're old. Also, although heavily taxed that money will be available to you if something catastrophic happens. Mini Coopers are cute, but expensive. Make owning one a goal for the future and start planning for it now. Buy a car you can afford to pay off in 2-3 years (not 5 or more!). Drive it for 10 (believe me it goes by very quickly) and for the 7-8 years you own it free and clear put what you had been paying for a car payment into a special account. At the end of the 10 years you will have a really nice down payment plus the trade-in value of your car to buy an MC and still keep the payment within reach. You should not go into financial ruin for a car...it's just transportation. Apartments are great but eventually you might want a house. Think about this carefully when you start looking. Do you really need 4,000 sq feet of McMansion that you can barely afford. When I bought mine I was pre-approved for $400,000 but that absolutely does not mean I could afford a $400,000 house (a lot of house here in Ohio). The bank wanted to make money off of me but why should they get my hard-earned cash? I bought a small 2 bedroom house in a great neighborhood for less than $120,00 and I can comfortably make the payments. I have a nice car (Subaru Forester), I take 2 vacations a year, have all the stuff I need and all the toys I want (bikes, small sailboat, kayak) while still maintaining a robust retirement account and 3 YEARS of living expenses in savings (used to be one year but in this economy you just never know). I can buy all the clothes I want, splurge a little on things for the house, hire a personal trainer because I make good decisions on where my money goes in general. So if you're smart about you absolutely can have a nice lifestyle and, lucky you, you're just starting the great adventure. You have a lot of fun ahead of you.

Specializes in Rehab, critical care.

Yep. You can live comfortably. I don't know what part of CA you are in, and if it's high cost of living, but in the state I am in, I live comfortably (though cost of living is lower than most places in the country). I bought a nice house within my budget, can pay my bills, and still have enough money to do fun things, movies, go away for the weekend, etc, and I have zero debt. Student loans were reasonable, so I paid them off right after I graduated, and I have a POS of a car that was a hand me down, so I'm driving that until it stops working. I also was able to support my husband while he was in school (but important to note he put me through nursing school, so were able to pay off my tuition quickly, and I paid his tuition, so zero loans).

You want a mini cooper, though. Those are expensive, so you won't have as much money to spend. And, important to note cost of living. You will have to ask someone who lives in your area of CA. In my particular state/area, a nurse can live very comfortably.

Specializes in Rehab, critical care.

Listen to FlyingScot. Exactly my point about the mini cooper. You need to do whatever you can to get to a point with zero debt, and pay off your student loans immediately (before you purchase anything) if you have any. This will make it much easier for you to get a great interest rate on your first home (even if you're not thinking of buying one in the near future).

Make a budget for yourself, and stay within that budget. Don't be like some of these people I see on hgtv trying to buy a home they can't afford and asking for seller's assists and all kinds of things. If you can't afford appliances for you new home, then you shouldn't be buying a home lol and wait until you have saved up more money. Also, if you are buying outside your budget, lenders know that, so your monthly payment will go up. I see some people who have the same purchase price as my home on hgtv, yet their monthly payment exceeds mine significantly. Why? They are buying something they can't afford or they have too much debt.

Also, only take a loan out for your house and car. That's my motto, but maybe you should talk to an actual financial planner lol (though I never have lol). Actually, I hope that I won't have to take a loan out on my next car, and just be able to pay cash for it, but I highly doubt I'll be able to do that lol.

Specializes in OR.

First, let me say that I respect everything all before me has said about watching credit card debt, staying on track with a budget, putting money away for the future, etc. But the poster wants a Mini. Some people like cars (like myself). There is nothing wrong with that, and on our salary they can probably have one if they are willing to sacrifice elsewhere. Some people like to take vacations, some people like to drive nicer cars, etc. It can be done. Just prioritize.

Specializes in OB-Gyn/Primary Care/Ambulatory Leadership.

My husband and I are both are RNs with three kids and we live comfortably. We take two vacations a year (one with kids, and one somewhere outside the country, just the two of us). We plan to retire before we're sixty. The key is to live within your means, and don't be stupid with your money (don't buy a new car every five years, or hell, don't buy a new car ever, buy one that's 2 years old instead and pay cash for it), don't rack up thousands of dollars in credit card debt, get a 15-year mortgage instead of 30 and pay it off early, and put as much money as you can into retirement, as early as you can.

Two books I recommend are "Total Money Makeover" and "The Automatic Millionaire"

Pretty much anyone who earns a regular paycheck can live comfortably. You just have to learn to live within your means.

Specializes in Pedi.

Yes, you can. You just need to be smart with your money. I am 28- I own a house, I travel, I have a decent car. I pay off my credit cards every month and have managed to make a profit off of most of them. I have paid off many of my student loans since I graduated 5 years ago. I have enough in my savings account to fall back on for a short period of time if I needed to. I also work 2 jobs.

Specializes in Peds Medical Floor.

Two books I recommend are "Total Money Makeover" and "The Automatic Millionaire"

My dad bought videos for Dave Ramsey's Financial Peace University. I will be taking the class shortly because I have realized that even though I am making more $ than I have ever made, I am also spending more than ever. I have student loan debt and a car loan.

The short answer Heck YES.

the longer answer:

One of the nicest things about being a Nurse is that you can- within reason- also work overtime. So if there is something you want- you can actually earn a bit more money and put it aside for that. (I like to run races- some entries are not cheap- I am training for one now in South Africa...so add that up, the entry fee is about 500.00 USD, plus all the travel). When I was a bedside RN, I simply tried to work one extra 4 hr shift or an 8 hr a week, and that money was for play.

I do recommend either taking some of the free seminars offerred at places like your local library right as you start your job- because youwill suddenly have ALOT more cash, and managing it is really important, right from the start!

What kind of race? I am doing a half in Disneyland Labor Day weekend. My friend got me into it and it is so much fun! I'd love to do one in another country.

Specializes in OB-Gyn/Primary Care/Ambulatory Leadership.
My dad bought videos for Dave Ramsey's Financial Peace University. I will be taking the class shortly because I have realized that even though I am making more $ than I have ever made, I am also spending more than ever. I have student loan debt and a car loan. .

Both of those are excellent! FPU is his Christian-based program that they teach in a lot of churches, and TMM is his secular-based program, and the book can be found at any bookstore.

Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.

Yes.......when if you find a job and live within your means.

Specializes in CTICU.

If there's a higher cost of living (like CA), then there are also higher salaries. Like everyone said, anyone can live on a reasonable wage but you have to choose what "living comfortably" means to you and allocate your funds accordingly. I am a single RN, I own 3 houses in 2 different countries, have an 11 yr old subaru that I bought with cash 5 years ago, and buy whatever I want, within reason. I have never had to live "paycheck to paycheck" and I don't understand people who do. As others said, nursing is actually great in that you can always get a second job, or work nites, or do overtime, so there is a lot of flexibility to increase your income when you need to save up for something.

klone said:
my husband and I are both are rns with three kids and we live comfortably. we take two vacations a year (one with kids, and one somewhere outside the country, just the two of us). we plan to retire before we're sixty. the key is to live within your means, and don't be stupid with your money (don't buy a new car every five years, or hell, don't buy a new car ever, buy one that's 2 years old instead and pay cash for it), don't rack up thousands of dollars in credit card debt, get a 15-year mortgage instead of 30 and pay it off early, and put as much money as you can into retirement, as early as you can.

two books I recommend are "total money makeover" and "the automatic millionaire"

amen. if you live in calif and find that the cost of housing and transportation is too expensive, consider a less expensive state. the bottomline is this: pay off your debts. practice good money management, and don't buy anything without asking yourself if you really need it.

after nursing school, start saving for retirement and put away a year's worth of money as an emergency fund. don't go into debt unless it is absolutely essential--instead, save for what you need to buy. you can live on an RN's salary, but it all depends on your expections. do you need to buy the most trendy car or buy a $600,000+ house in newport beach, laguna, or marina del rey? learn the basics of money management, saving and budgeting before you do anything. remember, once you graduate, you must find a job. here in cali, the job outlook is not good.

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