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Do you overspend on luxury items as a nurse?

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by Neywel120 Neywel120 (Member) Member

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Emergent has 25 years experience.

7 Followers; 2 Articles; 2,803 Posts; 65,258 Profile Views

Two words: Dave Ramsey.

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HeySis has 25 years experience as a BSN, RN and specializes in PACU.

435 Posts; 5,771 Profile Views

Two words: Dave Ramsey.

Rice and Beans - Beans and Rice

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Emergent has 25 years experience.

7 Followers; 2 Articles; 2,803 Posts; 65,258 Profile Views

Rice and Beans - Beans and Rice

I'm better than I deserve, for sure!

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NightNerd has 5 years experience as a BSN, RN.

847 Posts; 16,041 Profile Views

When I was in nursing school, my first big splurge was going to be detailing my car. It's been two years and the car hasn't been touched. I found that "extra" money looking too pretty in my bank account to spend it all right away, and now frugality is just a habit. I try to save first every month, pay all my bills ahead of time, and keep my eyes on the long term, such as a house and certain vacations and such. Spendimg, surprisingly, hasn't been a struggle.

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VivaLasViejas has 20 years experience as a ASN, RN and specializes in LTC, assisted living, med-surg, psych.

8 Followers; 142 Articles; 9,684 Posts; 248,786 Profile Views

I wish I hadn't been such an idiot about money. When I started out in nursing, I'd been so poor that anything over $30K/year felt like a fortune, and I spent accordingly. No more delayed gratification for me---I saw it, I wanted it, I bought it. Granted, some of the overspending was fueled by mania, but nobody spends themselves and their family into bankruptcy (twice!) without making some really terrible decisions.

I share this with you as a cautionary tale about what NOT to do. I let bills go to collections. I maxed out the credit cards and then got some more. I even defaulted on my student loans. Now, on my limited Social Security income, I'll be repaying them for the rest of my days as they can't be discharged in bankruptcy. Funnily enough, now that I have almost no money, I manage it just fine---I pay my rent and bills, save a little, and generally live below my means. Why couldn't I have figured this out when I still had a good income?

Be smart. Don't buy every new and shiny object that appeals to you. Get a financial planner to help you invest wisely for retirement. And for the love of God, repay your student loans as agreed upon when you signed the papers. It's too important!

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Wrench Party has 3 years experience and specializes in Cardiology, Cardiothoracic Surgical.

823 Posts; 13,073 Profile Views

Personally, the majority of bikes I own were salvaged from a dumpster and I've repaired them myself, I'm pleased the majority of my street clothes come from the thrift store, and the vehicle I drive is an old maintenance van we paid $1100 cash for. We're not into conventional designer 'labels', I grow and raise some of my own food.

But because we don't spend on certain conventional items (car payment, designer clothes, huge house, etc.). I'm easily paying down the rest of my student loans and mortgage, my husband and I can take several nice vacations a year without sacrificing much for them, I'm putting >15% of my paycheck into retirement, and I can afford to have and take care of two horses.

Priorities!

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dannibeeRN has 6 years experience.

58 Posts; 2,233 Profile Views

Yes, I get paid well for what I do but no I don't go out and party like it's 1999. Wait...we've passed that year already. Anyhoo, I work too hard taking care of patients to see it all go to waste on extravagant things. My husband and I started following Dave Ramsey's money management philosophy a few years back and it changed the way we look at our finances. If we want something, we make sure it's in our budget. The only debt we have is my student loans (which I'm working OT to get rid of) and the mortgage on our new home. We also research the crap out of things before we actually buy it to make sure we get the best price. I am a super low maintenance person (hubby thanks me for this all the time) so I would rather put my money in my Roth IRA before I go out and buy an expensive purse or shoes. Moral of the story: live as far below your means as you can possibly stand without eating top ramen for dinner every night. Unless you're just into top ramen, then have at it!

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Glycerine82 has 3 years experience as a ASN, LPN and specializes in SNF/Rehab/Geri.

1 Article; 2,025 Posts; 25,890 Profile Views

It's nursing, not the lottery. :laugh:

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gonzo1 has 15 years experience as a ASN, RN and specializes in CEN, ED, ICU, PSYCH, PP.

1,699 Posts; 23,405 Profile Views

It seems the more I make, the less I want to part with it. We work so hard for our money.

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PocketSize is a BSN, RN and specializes in Emergency, LTC.

94 Posts; 4,296 Profile Views

After taxes, seems the more I make, the less I take home!

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brandy1017 is a ASN, RN and specializes in Critical Care.

2,284 Posts; 37,587 Profile Views

I made twice as much as a new nurse than a secretary yet my rent, student loans, car payment and credit card debt were over 50% of my income so I didn't feel rich. Plus I was living on my own, no more roommates so rent cost more. I got some hand me down furniture from family and one of my first new things I got I paid for on layaway.

Take a personal finance course before signing up for student loans and a new car. Splurge on something small to begin with. Keep your student loans as low as possible. Pay them no matter what! As another mentioned you can't get rid of them in bankruptcy and if you defer them the interest is only accruing and that will mean bigger loan payments for more years down the road. I put mine in deferment a couple times and it took me almost 25 years to pay them off. That is one of my biggest regrets! So glad to have the student loan monkey off my back!

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486 Posts; 9,731 Profile Views

No. I save and enjoy hitting savings goals. Once I hit those, I set new ones.

As other folks have mentioned, debt is not a kind monkey to have on one's back.

I think it's better to have a solid amount of savings, and then save for other things you want or want to do.

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