Comfortable living?

MinneNurse, BSN, RN · Jun 28, 2015

Answers from those whom have gone down a similar path as I plan to pursue.

What is that path you are looking to pursue? I know you said RN's salary, so I'm assuming you are planning on becoming an RN and your schooling will play a big factor into your path.

What I found when looking into nursing school is there is a variety of different programs and paths. In my area we have LPN programs, RN (with LPN), RN no LPN, "traditional 4 year" BSN, BSN (with previous non-nursing BA/BS degree), and MSN (with previous non-nursing BA/BS degree.) So lots of options, some more appealing than others, some A LOT more expensive than others. I would suggest you find the best option for yourself that is also on the inexpensive side of the spectrum. Take your pre-reqs at a community college. I started school at my state university but took some courses at my community college over the summer one semester and I actually feel I learned more at the CC then my university (smaller class sizes! and better FREE parking, which didn't contribute to my learning but my wallet appreciated that!) I say go the cheaper route because as a nursing student I've learned you have to make a lot of sacrifices in your personal life. I work less in nursing school then I did when I was taking my pre-req courses, partly because nursing courses are more difficult but also because the courses require more of my time. I do 2 clinicals a week (2 days) at 8 hours a day for a total of 16 hours a week in clinical (not to mention clinical prep for one of those which can take me hours the evening before) but my clinical courses only total 5 credits. Most people taking 5 credits spend less than 5 hours in class. I have a lecture course that is worth 3 credits but meets for 4.5 hours a week (not to mention out of class studying time) so I do spend more time at school and in clinical for the amount of credits I take vs. a non-nursing student. Therefore I have less time to work so this is something to factor, especially if you are already paying some of the bills you mentioned above. I'm not going to haggle you about your car payment, but I will say if you can save some extra money before you start your nursing courses and try to pay off (or pay down) your car loan it really helps take a load off your back. I paid my car off after my first semester of nursing school and its really helped to relieve some stress (like making that payment every month.) I will say though (since I used to work in banking and finance) that is a high payment and if paying it off is really out of the question right now/close future, you should look into refinancing. As others have mentioned, it also depends where you end up working (where meaning both state and type of facility.) I have friends who were ahead of me in the nursing program and have now gone on to graduate and find jobs and some of them make drastically different wages. I have a friend who is living on the west coast and is making around $75,000 as a new grad, but is also paying about $1,600 in rent. I have other friends who stayed in state and making around $55,000 but pay closer to $600 in rent living alone.

Hope this helps, good luck on your journey :)

I wanted to add that if you are paying these bills right now and need to continue working full-time, look into your options for getting your LPN or ASN-RN first. Those programs are usually shorter than the tradition 4 year BSN route (where I am now) and it allows you to work (and possibly make better money vs. if you didn't have a degree yet) as an LPN while you're studying for your RN, and then work as an RN if you wanna go back for your BSN.

Ruby Vee, BSN · Jun 28, 2015

Why do you disagree klone?
OP made it clear she pays $500 for the car because it's what she can afford at this time, and that her required payment is less.
OP, what is it that you do for a living right now what you can afford such expenses?

I agree with Klone. If the OP is planning to go back to school, that payment for a brand new car is going to get in the way.

Ruby Vee, BSN · Jun 28, 2015

People just have to be smart about what they will pay for with monthly payments. I bought a brand new SUV 2 years ago. Took out a 5 year loan at 2% interest. I'm making larger than the required minimum payments (only took the 5 year because it had the lowest interest rate and no penalty for early payoff). Sure, I could have saved up that money, but my previous car wouldn't have lasted that long, I would have paid more in repair costs than the interest, I know the car's history, and I researched my choice of vehicle ahead of time.
Now, people who use their credit cards for everyday purchases have a problem. But there are two extremes, and then there's the middle ground. I prefer the middle ground for myself, and I still have a stellar credit rating despite taking out a car loan, having student loans, and carrying a small balance on my one credit card (had no choice but to use it for a major home repair required to be able to continue living in my home). Financial smarts, levelheadedness, and understanding the ramifications of financial decisions is something that every person should educate themselves about.
OP, I have what I consider a comfortable life- I save 6% of my paycheck in a 403(b) (plus employer match of 5%, so total of 11% of my salary), I make a minimum $200 deposit in my emergency fund, I make extra payments above the minimum required on my loans, I own a townhouse that is probably a bit more house than I need (it's just me, so I probably would have been okay with a 2 bedroom instead of a 3 bedroom, but the 3 bedroom will be easier to resell), and I can afford to take a reasonably extravagant vacation every year. I don't have to worry about living paycheck to paycheck, and if something were to happen to prevent me from being able to work, I still have resources to continue my current state of living for several months.

I use my credit cards for everyday purchases -- easier than cash plus I have a record of my expenditures. I pay off the credit card in full every two weeks on payday. Now if I were doing that AND running a balance, THAT would be a problem.

OrganizedChaos, LVN · Jun 28, 2015

I use my credit cards for everyday purchases -- easier than cash plus I have a record of my expenditures. I pay off the credit card in full every two weeks on payday. Now if I were doing that AND running a balance, THAT would be a problem.

I do the same thing. I have never had a balance I couldn't pay in full.

joanna73, BSN, RN · Jun 28, 2015

Same. I do not like to carry cash. I use credit cards for groceries and miscellaneous items, then pay the balance within the month.

Editorial Team / Admin · Jun 28, 2015

I use my credit cards for everyday purchases -- easier than cash plus I have a record of my expenditures. I pay off the credit card in full every two weeks on payday. Now if I were doing that AND running a balance, THAT would be a problem.

Fair point. I was thinking primarily of those who routinely carry over a balance. I too rarely carry cash, but do have a debit card for both of my checking accounts that I use for most purchases.

klone, MSN, RN · Jun 28, 2015

Same. I do not like to carry cash. I use credit cards for groceries and miscellaneous items, then pay the balance within the month.

It's also awesome if you have a card that accrues airline miles. We pay all of our monthly expenses on that type of card (and pay it off every month), and it gives us two round trips for me and my husband every year.

CopperEmerald · Jul 2, 2015

I own a business. Passed down from sister to sister. But it's not where I see myself in the future. That's why i figured asking the questions I did on Allnurses would help me understand. A lot of you are nice in giving me your time to respond. A lot of you kind of just only saw the car part of the thread (which is upsetting bc that wasn't my main point). I appreciate it guys, really.[/QUOT]
I am thinking the reason that everyone has jumped on the car issue, is because it's such a huge chunk of income each month. It's great if you're able to pay more than the specified payment. Personally, I will NEVER own another new car (and I bought one at age 19) nor will I ever finance another car. Just like I will never own or pay for another post paid cellular phone. I use prepaid and it works just fine for me. It's not that I don't have the money for the expensive things it's just that I refuse to spend such a large portion of my income on them.
For the record, I drive a top of the line model convertible and my payment is less than $300 a month. I live well, without the newest and fanciest things.

Libby1987 · Jul 2, 2015

Call me weird but this just remind me of the movie The Gambler and the big lesson, being able to say F.....

Painting yourself into a corner where you can't quit or move for a better situation is a hard lesson to undo.