Do you overspend on luxury items as a nurse?

Brwnidbeauty, BSN · Jul 17, 2016

I don't think that being a nurse made the bling more affordable... it just means I can pay the mortgage and keep food on the table.
The only nurses that I know that are able to afford things because they are a nurse are those that have another spouse's income that's paying all the bills. So it wouldn't matter what their job was, it's all extra.
I'm not in that position, and it's a good thing I didn't get into nursing for the money or else I'd be terrible disappointed.

Well said! I think those who get into the job for the $ will see that there are other things one can do for the "money" Nursing is changing, and it is very demanding, emotionally and physically.

Brwnidbeauty, BSN · Jul 17, 2016

They are depreciating assets and over time do not provide you with stability or investment income so no. At 19 however I was not thinking about that, I wish I had been better about savings. Basically lived paycheck to paycheck. Create a budget (also if you are living with your parents, contribute $$$ to either their rent or utilities each month) and if you are working full time, you can have a "fun" money budget each month. Maybe $30 or something a month for whatever you want - save it a few months and get the purse you are wanting.

Good solid advise! Other wise you find yourself working 2 jobs, tired and still chasing your tail. Key is budgeting no matter what you make. :)

Brwnidbeauty, BSN · Jul 17, 2016

Nurses can go bankrupt just like everybody else if they don't watch their finance closely. If I want a Ferrari I wouldn't become a nurse. It takes too long to get something like that in my profession. :)

Help me understand why most everyone think Nurses make so much money? Yes, its a good wage, long hours, and good overtime, and you can work a 2nd job... but we pay taxes some of us 28% or more.... They must be referring to Nurses who have a 2nd income earner who is making good money too.... But for a single mom or dad.... I don't see it as an over-the-top paying career choice. (good but not where you can just go spend money like water).

Here.I.Stand, BSN, RN · Jul 17, 2016

Well when I was a new nurse, I was supporting my husband through his accelerated MBA program, and had a baby. Finances were very tight! Now he makes significantly more than I do from his C-suite office, but we still have to be wise. We give a lot away (to church etc), and now have 5 kids.

I drive a 10 yr old Mommy mobile.

I just got to buy a new camera, and I chose a factory refurbished one -- why pay double when the Canon people say the refurbished one looks and works like new?

Actually all of my high-end kitchen appliances are factory refurbished.

So there's a word of advice for these electronics you speak of: consider factory refurbished! :up:

joanna73, BSN, RN · Jul 17, 2016

As someone mentioned, "luxury" has different meanings to different people. Depends what you value.

I still remember struggling to buy groceries and supporting a parent who never saved anything. Although I make very good money now, I'd rather save and invest than spend. You never know when you might actually need money.

Travel and education are my luxuries. I'm also saving to buy another property for rental income.

I live simply: I do not use credit except for emergencies and travel. No cash? I won't buy the item.

kmsussman · Jul 17, 2016

Thank you for being so open & honest about this. The importance of your very hard lesson learned & how YOU changed yourself is so refreshing. I feel her ? can be put in any profession.

Again, I applaud for your honest,cautionary tale & how You live your life now

wolf9653 · Jul 17, 2016

Student loan payments quelsh that thought pretty good.

When you went into the nursing profession and received your first salaried job, did it make you want to spend more and buy luxury cars, electronics ,etc?
I ask this because I'm pretty frugal, 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". Did any of you nurses felt like that with your salary where you just have to buy, buy, and buy because you can afford it but you don't need it?

abundantjoy07, RN · Jul 17, 2016

I pay the mortgage, pay the car note, pay all the bills of living, pay for my daughter's care as a baby...and I occasionally buy things that are overpriced that I really don't need....like an idiot.

poopylala, BSN, RN · Jul 17, 2016

I get your train of thought. Going from less than 10k a year through seasonal/PRN work to having full time income with benefits is incredible. Yes, I do dream of all the things I could realistically buy- a nice car, a new house, etc- but those are things that would take time and no existing debt to really afford. Your debt to income ratio should never be more than 35% so if you make 50k after taxes, your debt should not be over 17k. You can see how that doesn't leave a lot of room for spending on big things! Now that I've started as a nurse, I look at things with a "once I pay off my debts, what is my priority?" view. I have things I want and things I need. I need to save for emergencies, replace the tires on our cars, make good on taking my mom and BF to dinner with my first paycheck, and buy a new purse.

PACUpleeze · Jul 18, 2016

Help me understand why most everyone think Nurses make so much money? Yes, its a good wage, long hours, and good overtime, and you can work a 2nd job... but we pay taxes some of us 28% or more.... They must be referring to Nurses who have a 2nd income earner who is making good money too.... But for a single mom or dad.... I don't see it as an over-the-top paying career choice. (good but not where you can just go spend money like water).

Depending on your life situations, part of the country and hours worked..it really is. I mean, in Vegas, I was a new grad, no kids, student loan payments of $260 and making $60k a year with no OT. minimal OT put me at 70k a year. Pretty good. As I have learned on these forums, I dont think the nurses in the South or the Midwest had the same $$$$ story. I am in the Midwest now, and know the pay is sad.

Horseshoe, BSN, RN · Jul 18, 2016

Depending on your life situations, part of the country and hours worked..it really is. I mean, in Vegas, I was a new grad, no kids, student loan payments of $260 and making $60k a year with no OT. minimal OT put me at 70k a year. Pretty good. As I have learned on these forums, I dont think the nurses in the South or the Midwest had the same $$$$ story. I am in the Midwest now, and know the pay is sad.

That's good, a nice, decent salary. But it's not big money,certainly not "over the top" as the poster you responded to pointed out, and doesn't pay for a lifestyle with lots of luxury items. And if kids enter the picture, it shrinks exponentially.

brandy1017, ASN, RN · Jul 18, 2016

When you went into the nursing profession and received your first salaried job, did it make you want to spend more and buy luxury cars, electronics ,etc?
I ask this because I'm pretty frugal, 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". Did any of you nurses felt like that with your salary where you just have to buy, buy, and buy because you can afford it but you don't need it?

It's ok to look forward to having nice things. Just do it in moderation and use balance so you don't get over your head in debt. We work hard for our money and should be able to enjoy it!

Personally I don't regret the things I bought, even though some that were important when first got them, I no longer enjoy such as music and books so I gave them away.

I've given away some home decor items to family or friends, other things I've bought I love years later. Regardless I don't regret spending on things.

But I also am glad I took many vacations over the years and have many wonderful memories.

I think it's all a balance between spending today vs saving for tomorrow.