Do you overspend on luxury items as a nurse?

Nurses General Nursing

Published

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?

I have no intention of owning a house so I don't have to worry about property tax 50K a year is stupid to spend just to own a chunk of dirt. I plan to find the cheapest apartment I can get (probably about $250 a month) then I don't have to worry about wasting money on living beyond my means.

Up Vote Up Vote ×
I have no intention of owning a house so I don't have to worry about property tax 50K a year is stupid to spend just to own a chunk of dirt. I plan to find the cheapest apartment I can get (probably about $250 a month) then I don't have to worry about wasting money on living beyond my means.

When we sold our house a few years ago, we made a 585K profit. It wasn't a "chunk of dirt," it was a solid and very smart investment.

Up Vote Up Vote ×
Specializes in OR, Nursing Professional Development.
I have no intention of owning a house so I don't have to worry about property tax 50K a year is stupid to spend just to own a chunk of dirt. I plan to find the cheapest apartment I can get (probably about $250 a month) then I don't have to worry about wasting money on living beyond my means.

If you're paying property taxes of $50K per year, you need to investigate moving. I pay less than $5K. Even the McMansions are paying less than half of what you're paying.

And what PP said- it's an investment. The vast majority of properties will increase in value, not decrease.

Up Vote Up Vote ×
If you're paying property taxes of $50K per year, you need to investigate moving. I pay less than $5K. Even the McMansions are paying less than half of what you're paying.

And what PP said- it's an investment. The vast majority of properties will increase in value, not decrease.

The poster she is referring to claimed that he paid 50K per year in mortgage and property tax (though I don't find many of his posts to be very credible). In Dallas, your house would have to be worth over 3 million dollars in order to generate a 50K property tax bill. Not happening on a nursing salary; you'd have to have inherited money or married it in order to have that kind of home while working as a nurse.

Up Vote Up Vote ×

A lot of the younger students in nursing school with me would say that they couldn't wait to get new cars, clothes etc. but I figured they had a false sense of how far their pay would go because most still lived with their parents or their parents were paying for their living expenses. I, on the other hand, have two kids with a mortgage and plenty of bills so my goal is to pay off student loans plus all credit cards in one year then start saving. I think most of the twenty year olds that graduated with me will overspend and find out the hard way, unless their parents have taken the time to teach them about money.

Up Vote Up Vote ×
I have no intention of owning a house so I don't have to worry about property tax 50K a year is stupid to spend just to own a chunk of dirt. I plan to find the cheapest apartment I can get (probably about $250 a month) then I don't have to worry about wasting money on living beyond my means.

Where I live the cost of living is very low and the cheapest possible apartment I've been able to locate was $550 and that is smack dab in the ghetto. $250 is possible here if I live with 5 other strangers I guess. I'd rather own a house.

Up Vote Up Vote ×
Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.

I just checked on Zillow and my house is now worth $100,000 more than when I bought it in 2000. I should sell, but I like having house and a yard for my dogs and couldn't afford another house comparable, so I think of it as an investment.

It's possible to own a home and live within your means as a nurse. I carry no credit card debt, no car payment and travel. I'm doing o.k. The caveat to that is I live in Florida and hurricane insurance has risen steadily over the year and may soon outpace my ability to live frugally and in this house.

Up Vote Up Vote ×

I bought new running shoes and a new phone after I got my first paycheck because the shoes and phone I had were both falling apart. Otherwise, I'm extremely frugal. I drive a car that is almost 20 years old. I shop at thrift stores and even those are sometimes too pricey for me. I apply for every scholarship I can (and it's paid off, by next year...I'll have both my RN and BSN paid for entirely by scholarships). I'm saving up for a newer car, future tuition for my MSN/DNP, a nice vacation (which I haven't had in almost 10 years), and maybe even a house (I want to buy land and custom design my future home). I'm also putting a good amount of my paycheck into retirement and emergency savings. Every now and then, however, I like to go out to the movies or a treat my family to a nice dinner because it's not all about the money :)

Up Vote Up Vote ×
Specializes in OR 35 years; crosstrained ER/ICU/PACU.

Yes, let me know where I can get a luxury car. I will note, after 39 years in Nursing, I'm at top of most pay grades, but I still want to save for my retirement! Yes, I have a cute convertible, a nice house, & a big motorcycle, but I worked hard to afford it all & pay them off. Full-time OR nurse, & 10 years ago, retired from my 2nd full-time job as a Medic, (48 hr. weekend shifts, while working weekdays at the hospital) which I did for 10 years as well. That's how I afforded my "luxury" items. Extra work.....certainly not just on RN pay!

Up Vote Up Vote ×

I try to spend my money on experiences and travel rather than designer handbags. But hey, as long as you are not in debt. Unless it is student debt, because we're all chipping away at that!

Up Vote Up Vote ×
Specializes in Nursing Professional Development.
I try to spend my money on experiences and travel rather than designer handbags. But hey, as long as you are not in debt. Unless it is student debt, because we're all chipping away at that!

Student loan debt can be just as bad as other kinds of debt. In some ways, student loan debt is worse -- because you can't get rid of it by declaring bankruptcy. Most people can handle a little student loan debt, but please don't imply that a person shouldn't be concerned about it. There are a lot of young people (such as the OP of this thread) who have minimal experience with adult financial issues who might get the mistaken idea that there is no problem with student loan debt.

Up Vote Up Vote ×
Student loan debt can be just as bad as other kinds of debt. In some ways, student loan debt is worse -- because you can't get rid of it by declaring bankruptcy. Most people can handle a little student loan debt, but please don't imply that a person shouldn't be concerned about it. There are a lot of young people (such as the OP of this thread) who have minimal experience with adult financial issues who might get the mistaken idea that there is no problem with student loan debt.

Not to mention that not everyone who goes to college takes out student loans. So not "all" new grads are chipping away at student loans.

Up Vote Up Vote ×
+ Add a Comment