Do you overspend on luxury items as a nurse?

Neywel120 · Jul 12, 2016

Don't do it... When i first became an RN, I bought a BMW worst mistake ever. After 8 yrs as nurse i try to leave below my means and try to save every dollar.

What happened after you bought it?

PACUpleeze · Jul 12, 2016

I didn't go crazy, I still had bills to pay. But if there was something "extra" or expensive I wanted (eg. expensive purse or new phone or something) I would only allow myself to get it if I worked an OT shift to cover the cost of it, I never took it out of my regular pay. I guess that's the equivalent of saving up for something? Haha. And picking up an extra shift here and there is never a problem. Note that I did this maybe 2-3 x a year, so it wasn't a common thing.
When I was in nursing school I DID think I would spend a lot once I was working -- but the funny thing is, when you have no money you see TONS of stuff you want, but the minute you do have money, nothing is appealing anymore.
The most I've seen other nurses spend on is travel and housing (like working like bananas to save up for a down payment or to buy property in cash or to remodel/update part of their home). Nothing crazy, just normal life stuff I guess.

That's exactly what I did. I like purses. I am not going to eat rice and beans to pay for it, I work an agency shift. I think of everything as "how many agency shifts will it take to get it?" Something isn't $420.00...it's "1" agency shift.

I am pretty frugal for some things, which my husband thinks is hilarious ("You just bought a $400 purse, but you won't buy Tide Pods from the drug store because they are too expensive?") Yes! I pay for what I think things are worth...not a penny more. I bought my "luxury" vehicle my 2nd year as a travel nurse, my "I've always wanted it" car...but I used to be a claims representative and I know way too much about market value to pay for a brand new car...so it's 7 years old-and i paid cash. My house is everything I wanted and I barely paid $130k, even though I qualified for over $200k. We are moving back to the west coast in a year and my budget for that house is going to be MAX $220k. My travel contracts will continue, my loans will be paid off and I never did have any credit card debt I am sitting pretty. I COULD put more towards retirement, but my ultimate goal is to get to the area in nursing that I have been set on for years that I don't even want to retire from. It's all in my 5 year plan.

I should also mention, I am child free by choice, and will remain so, so that changes my money situation a lot. I have step kids, but I am not responsible for their living or college expenses by any means.

PACUpleeze · Jul 12, 2016

I am married to someone who has a very big income, and he is very generous. I could buy anything I want, and he would be fine with it. But I still work (granted, PRN) and plan to die with an active license. Why? Because I like to contribute to the world in some small measure, make a little of my own money, and model a decent work ethic for my Ds.
No, I really don't do that. We have a beautiful home, and when we travel, we do travel well. We drive luxury cars (my DH bought me, but I really am not all that into it) and have all of the necessities. But I don't buy "stuff." My wardrobe is a disgrace, I wouldn't know a designer purse if I saw it (other than the "brown one" everyone seems to want), my shoe collection is rather sparce, and I don't like my DH to buy me jewelry because I always seem to lose it. Things can really junk up your life, and maintaining them/caring for them can really eat away at your time and peace of mind.
We have a second home that we are trying to sell. Not so much because of the monetary expense, but because it has really become a major drain on DH's time and energy.
No, I don't think about the next thing or gadget on the market. It's just STUFF, and I'm too lazy to have to deal with garage sales, etc. when it's time to chunk it. Worse than that is when you let things pile up on you. I don't want to be the next featured guest on the Hoarder show.

It's always the people with the luxuries that say they don't need them. Man, what I wouldn't have done in my life to have a 2nd home! I've been student broke and I've done well. I'll take the latter. Life is too stressful for the broke, I remember the times (too) well.

Horseshoe, BSN, RN · Jul 13, 2016

It's always the people with the luxuries that say they don't need them. Man, what I wouldn't have done in my life to have a 2nd home! I've been student broke and I've done well. I'll take the latter. Life is too stressful for the broke, I remember the times (too) well.

I was poor for a good portion of my life; I've been rich as well. And yes, I prefer having money to being broke.

Our second home is great: lake home on tall cliff with incredible view of beautiful lake. We have used the heck out of that house. I'd go there by myself sometimes with the dog and my cat and sit on the balcony with a glass of wine and just enjoy the clean air and lack of stress. I've watched many a beautiful sunset at that house.

But our kids are off to college and not using it that much anymore. Something always seems to interfere with DH's and my plans to go out there on the weekend. Yet we continue to pay taxes, upkeep, etc. DH has to schedule all of this, and with second homes, you find that every time you go there, something else is broken. It's a drain on finances, but more importantly, time and energy. So after 11 years, we are ready to sell to a young family who will cherish it and be there every weekend.

And then we will just go to different places and rent!

ChangingPaths · Jul 13, 2016

I totally get feeling that way. I think that sometimes too. Especially with traveling to see my family more. I really want a 3/12 shift so that I can have more time to travel to my family and spend time doing things I enjoy outside of work.

I am not a nurse yet, but I am excited about the career change. I currently make just over $30k a year before taxes and I have two degrees in a social science field. My sister-in-law has a BSN and worked in the NICU in the same city as me and made over double what I make. I am very much looking forward to making more than I currently do.

I understand that I won't start making what she's making now and I'll have quite a bit of debt to pay off, but it will be worth it to occasionally be able to afford to treat myself and get paid for something I enjoy.

Ruby Vee, BSN · Jul 13, 2016

That's exactly what I did. I like purses. I am not going to eat rice and beans to pay for it, I work an agency shift. I think of everything as "how many agency shifts will it take to get it?" Something isn't $420.00...it's "1" agency shift.
I am pretty frugal for some things, which my husband thinks is hilarious ("You just bought a $400 purse, but you won't buy Tide Pods from the drug store because they are too expensive?") Yes! I pay for what I think things are worth...not a penny more. I bought my "luxury" vehicle my 2nd year as a travel nurse, my "I've always wanted it" car...but I used to be a claims representative and I know way too much about market value to pay for a brand new car...so it's 7 years old-and i paid cash. My house is everything I wanted and I barely paid $130k, even though I qualified for over $200k. We are moving back to the west coast in a year and my budget for that house is going to be MAX $220k. My travel contracts will continue, my loans will be paid off and I never did have any credit card debt I am sitting pretty. I COULD put more towards retirement, but my ultimate goal is to get to the area in nursing that I have been set on for years that I don't even want to retire from. It's all in my 5 year plan.
I should also mention, I am child free by choice, and will remain so, so that changes my money situation a lot. I have step kids, but I am not responsible for their living or college expenses by any means.

You will find that your income is considered when it comes time to apply for financial aid for the step kids. You may find yourself paying for their education one way or another.

Xlorgguss · Jul 13, 2016

For me getting my RN will be a huge boost to my earnings. I currently make 13$ an hour as a tech. New nurses start at $26. I know when takes and everything else is figures it isn't exactly double my pay but it is pretty close. Add on top incentive bonuses for short shifts, OT, shift differentials, and it is good money! Of course I will have student loans (not crazy since an ADN program) but the thought of taking a vacation after 10 plus years without one sounds amazing. Something literally as simple as going to Myrtle Beach or anything like that would be "luxurious" to me. Of course when you factor in houses, kids, life, etc things get expensive. But for right now that RN salary is looking great!

GourmandG · Jul 13, 2016

I think the "I'm going to get that when I become a nurse" mentality is normal because everyone obviously wanted to do better and earn a living that makes it possible to have a comfortable lifestyle and you should! The key is balance. Get quality things where it counts and on what matters to you. For example, if you never bought brand name clothes before, don't start now. But buying a new car and keeping it maintained is worth it due to having a safe and dependable transportation. But just get the one. You can't drive two cars at the same time! Regarding the new gadget, ask yourself if you will get your money's worth out of usage or if it will be forgotten and replaced by the latest shiny toy? Try waiting a month before buying it. You may discover the urge to buy this item has passed. If you upgraded said item, can you sell the older model in order to recuperate some of the cost?

I notice and appreciate that you are reading everyone's comments and you are open to taking our advice to heart and learning from our experiences. So thank you!

It appears that you have a great relationship with your mom and I know you plan on living with her in order to pay off your student loans. I would even go as far as to recommend that you stay with her for as long as you can. After your student loans are paid off, save for at least 6 months worth of emergency fund and then save for a down payment on a new home. Buying a home out right with cash is even better. A frugal couple I know paid cash for a $40k condo in foreclosure. They are saving so much money right now and only need to pay the HOA dues! Even if you moved out to a cheap apartment (it is cheap for a reason, perhaps it is not the safest neighborhood) you'll still end up not owning it. If you buy a home, at least you can write off the taxes (if you can't buy it outright) and you'd own something (once you pay off your mortgage). Even if you move to a different state, this is something you can rent out or sell later on. Renting is putting money into someone else's pockets.

In regards to wanting to buy something nice for your mom for raising you... she did good and yes, you should! She seems like a practical person so if she is driving an old beat up car, I would suggest buying her a new one that is safe and reliable. If she owns her own home, you can see about paying off the mortgage and then you both can live mortgage free. Is there an appliance that needs replacing? Or you can buy a house with an in law suite and she can come and live with you (if you don't mind) and she can rent out her old house? How is her retirement coming along? Make sure to get a financial advisor and set up a retirement account for you both. Establish a ROTH IRA for both of you and you can contribute money into her account to help her with retirement. Start saving while you are young. Seeing your money grow for you will bring a smile to your face and give you peace of mind in case something happens and you or your mom aren't able to work. Better yet, you take a personal finance class yourself and learn to manage your own money. No one is going to watch over your money as well as yourself.

Honestly, the fact that you are only 18 and wise enough to ask this valid question, your claim to frugality, and wisdom and responsibility to live with your mother in order to pay off student loans gives me no reason to be concerned with you overspending. I wish I was this wise and responsible when I was your age! :)

target98765 · Jul 13, 2016

"but when I see a car or new gadget that I really really like the first thing that comes to my mind is "I'm going to get that when I become a nurse"."

THIS Bothers me. You make it sound like nurses are rolling in all kinds of disposable money. I am most certainly not. A nursing salary places you firmly in middle class, therefore making all the "luxury items" almost unattainable. I am stretched with morgage, household bills, taxes and daily living expenses. So, I am not sure why you think you would be rolling in money, but remember that living below your means is the way to go and maybe, just maybe, you could retire at 65....

Wuzzie · Jul 13, 2016

"but when I see a car or new gadget that I really really like the first thing that comes to my mind is "I'm going to get that when I become a nurse"."
THIS Bothers me. You make it sound like nurses are rolling in all kinds of disposable money.

To be fair though, everybody's idea of luxury is different. For me just having leather seats (although they are more than likely pleather, hee hee) in my decidedly non-luxury vehicle (small Japanese SUV) seems like an incredible indulgence. So the OP might see something as simple as a Honda Civic as the height of luxury in her world.

nursejade4 · Jul 13, 2016

I have found myself "splurging" more on items than I have in the past, but then I feel this guilt - buyer's remorse I suppose. Anyone else find themselves feeling that way?

Kristiernbsn · Jul 13, 2016

I spent 35 years living on my (now) ex-husband's money, staying home, raising kids. We had one car, he drove it. I had to ask him for money if I needed anything. Since the divorce, I have put myself through a LPN program and now I'm on the last year of a BSN program with plans to get my doctorate. When I graduate, I plan to buy a car that's MINE-- it won't be a "luxury car", but it will be new. I will give myself permission to travel a little, buy foods that I like from the grocery store, and maybe buy a few clothes for the times I'm not wearing scrubs. I'm going to make sure the bills are paid first, which was something the ex- wasn't very good at. Nursing won't make me wealthy, but it will give me the means to have something I haven't had yet-- the security of knowing that I can take care of myself. The means to support myself. The freedom to explore everything I can be and can become. I've worked really hard for this, and yes, I am going to reward myself a little. Responsibly.