Advice on making the most of my nursing career (financially)

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Hi guys...

I'm graduating this fall and I'm really anxious about my student loans. I didn't have much family support, so I ended up taking out the max for every semester just so I could survive. I'm going to graduate with ~60k in student loans. To add to that, I am married and I have a small child. I live in the South, so the cost of living is lower; however, the pay is too.

What tips can you all give to a young, debt laden baby nurse?

I've heard travel nursing brings in good money...after I get my feet wet of course. But I don't think I can uproot my family like that. Especially with my little one starting school in a few years.

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Specializes in Nurse Leader specializing in Labor & Delivery.

Read the book "Total Money Makeover" - REALLY read it and adopt the principles therein. Also, as soon as you are hired to a job with benefits, start investing in your company's retirement plan, up to the max that they match.

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Specializes in Psych ICU, addictions.

While I know that you are financially strapped, keep in mind that the first job is more about gaining that golden year of experience than anything else. In addition, new grad jobs are low on the pay scale. So keep both of those things in mind if/when you get new grad job offers: because if you turn down something you feel is too low in order to hold out for high-paying offer, you may find yourself without a job.

And listen to klone's advice.

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Specializes in ICU.

Don't move to a small town to find your first job, and if you already live in one, I'd advise you to move. I know that sounds nuts, but I moved to a small-ish (50,000 people) town in the middle of nowhere to find my first job, and I'm going to have to commute an hour and ten minutes to work at the PRN job I just landed because the hospital system I work for is the ONLY game in town where I live. If you know you are going to need money, and you think you may want to get a part time job but you don't want to break the bank in gas commuting, you really need to live somewhere that has more than one hospital system so you have options. Just saying.

This is also beneficial if your first job does not work out for you. You've already said you can't uproot your family, so, make sure you can get a different job not in that system within driving distance of where you live if you have to.

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Specializes in Outpatient Psychiatry.

I'd take the job that offers you the most pay regardless of experience, and if you're so inclined start working towards an APRN role. You'll make more, at least in my neck of the woods, and you'd theoretically be able to payoff you're cumulative debt in 18-24 months.

Beyond that, live reasonably. Avoid buying anything with credit, make a budget, and stick to it. You don't have to have a lot to be happy.

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Specializes in NICU, ICU, PICU, Academia.
Read the book "Total Money Makeover" - REALLY read it and adopt the principles therein. Also, as soon as you are hired to a job with benefits, start investing in your company's retirement plan, up to the max that they match.

This^^^^^ Highly recommended. We've been managing our $$ by the principles in the book since WAY before the book was written, and it's life-changing.

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get a casual/part time side gig that pays cash. i got a job bartending in an upscale restaurant and it pays MORE per hour than my nursing day job. read and study- you can learn everything you need to get started online - memorize the most common drink recipes, pouring techniques, serving etiquette, which types of drinks go in which types of glasses, etc. (YouTube is marvelous ;) ). as far as experience, fake it till you make it. ;)

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Specializes in Critical Care,Recovery, ED.

With regard to a staff nurse position in a hospital setting the OR is one avenue to consider. While the base pay is the same the availability for call and OT is high and lucrative after you get that golden year of experience. Agree also with the above advice re part time extra work and the money makeover.

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Specializes in Critical Care, Education.

PPs are offering excellent advice! I would also encourage you to focus on 'disposable net income' rather than salary. Chances are that the cost of living in those areas that have dazzling pay rates would result in a much bleaker overall financial picture.

The fastest route to a higher nursing salary is specialization and expertise. Get into a high-demand nursing specialty & obtain ANCC certification as soon as you can. In the last 6 months, I am seeing the re-emergence of recruitment bonuses for specialty certified nurses in my area.

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Specializes in Psych ICU, addictions.
In the last 6 months, I am seeing the re-emergence of recruitment bonuses for specialty certified nurses in my area.

A friend just picked up a rather sweet 4-figure bonus for being specialty certified.

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Specializes in L&D, infusion, urology.

Most travel nursing positions require experience, at least from what I've seen. But if your little one is small enough to travel for a couple of years, you like to keep moving, and your SO is on board (and not working), it might be a good option. Some hospitals will also employ your spouse. When I worked in the lab, one of the traveling lab scientist's husband worked in supply.

If you don't do that, and you can do this, move to an inexpensive apartment, do the TMM (FABULOUS book and advice- it's helped us a lot, too!), downsize as much as you can, sell stuff you don't need, work a second job as suggested, have your spouse do the same, and send as large of payments as you can. You'll learn about the snowball in TMM. We're planning to make $1000+ payments toward my $30k in loans to have it paid off in 3 years or less. Thankfully that's the only debt we have at this point.

Best of luck!

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