Do you overspend on luxury items as a nurse?

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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?

Specializes in Pediatrics.

I was amazed by my salary when I became a nurse, because I knew how hard my parents pinched pennies with a family of 8 on a salary similar to mine, and I had only one person to support! But old habits die hard and I still spent like I had very little money. Like others have said, making that much money made me want to save it so I would have even more money in the future.

But, my weaknesses were buying wayyy too many presents for family at Christmas, just because I "could" now and I enjoyed seeing people really enjoy something I spent a lot of time picking out, but I do admit I went overboard. I also have a weakness for books, sometimes on Kindle, sometimes from a used bookstore. Also bought a decent car and a camera in that first year of being a nurse, and some new clothes instead of thrift store clothes, which on its own felt very extravagant. But that is about it. I really enjoyed seeing that large (to me) number in my bank account, and having the feeling of financial security and independence, and feeling good about myself for having earned it through my own hard work. I was very lucky also to go to a college that gives full tuition scholarships to all of its students, so no student loans for me.

I did have a very decent amount of savings in the bank, but health problems over the past several years with the associated bills didn't help, and now that I'm unable to work, not having an income, paying COBRA insurance, it's like my money has just evaporated and it hurts. I really miss having that financial security and independence that nursing gave me- that I KNEW I was going to be able to pay my bills every month and get a few nice things here and there. I hope I can go back to work eventually. I am glad though, that I did save a good portion of my money during the years I was working, because although I have had to use a large portion of that savings, I was very glad that I had that money and didn't have to borrow (at least not yet) to cover things.

I don't know if my rambling answered your question or not. I guess to sum it up, in most parts of the USA (assuming that is where you live), nursing will afford you a job that will help you be financially secure, and that feeling is worth so much more (in my mind) than luxuries. I'm not saying that you have to live like you have no money, but save as much as you can because you never know when life will hit and you'll need every penny of that savings to get through it. Congratulations on getting through nursing school also :)

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Specializes in NICU, PICU, educator.

31 years ago, I did spend more than I had as a nursing student for sure! After working for 3 months I bought a brand new car, new clothes and moved out. Fast forward to a year and a half into my career, I fell and had a severe break of my tib/fib, I was supposed to be moving to NC with my roommate, well guess what, I ended up back at home with my parents (thank goodness for

them), and still had those bills to pay. I had 6 weeks paid sick time, and about half a year's salary in the bank. After 6 weeks it went unpaid. My long term disability kicked in, but it wasn't my full pay. And in the time between being unpaid and my disability, I had to shell out money to keep my benefits. My ankle took 2 surgeries to repair, months in first a long leg cast then a short leg, non weight bearing for 9 weeks and I had to go back at 6 months due to my job being on the line. I went back 2 days a week....talk about being poor again! I also had to postpone my wedding due to lack of funds.

Moral of of the story....don't spend spend spend right away, put away money for at least a year. I don't know what I would have done without my parents help. Buy yourself small things that you want, but be careful with credit and large purchases!

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Specializes in Float Pool - A Little Bit of Everything.

I am too frugal to be a big spender. Every now and then I will buy a nice thing, but it is always something we need. Like I bought a Honda lawnmower for my husband that was WAY more than I would have wanted to spend or spend money on pricey dinners, we are foodies. My coworker however, she works a lot and seems to have a lot of disposable funds. She walked onto a BMW lot a few weeks ago, saw something she liked, and bought a brand new BMW dream car with a personal check. I don't have those types of funds :laugh:

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Specializes in Pediatric Hematology/Oncology.

....said the person without a mortgage or real, hardcore-adulting bills.

Honestly, yeah, it would be cool to go and buy Louboutins and Gucci like I was able to back in the day (I worked in high-end retail and these things were part and parcel of the profession and could be had for far cheaper than the retail price). However, since I did work in high-end retail, I learned what little value those things truly have (they are often made more cheaply than a brand name would suggest) so all that glitters just went, "Blah" for me - very disillusioned with what constitutes "luxury" (when what really constitutes as luxury is far and away completely unobtainable on an average -- or even way above average -- nurse salary, FYI). :wacky:

Anyway, as I've been working in the hospital, I see the true value of being able to retire ASAP. It's not that I don't love what I do. I really, truly do. But, I also have gained a huge amount of perspective in terms of how valuable it is to really experience all that life has to offer and working your butt off for some nice-ish, completely disposable "luxury" stuff is a big, shameful waste of time.

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Specializes in CCRN.

2 words........student........loans :cry:

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Deleted.

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I was amazed by my salary when I became a nurse, because I knew how hard my parents pinched pennies with a family of 8 on a salary similar to mine, and I had only one person to support! But old habits die hard and I still spent like I had very little money. Like others have said, making that much money made me want to save it so I would have even more money in the future.

But, my weaknesses were buying wayyy too many presents for family at Christmas, just because I "could" now and I enjoyed seeing people really enjoy something I spent a lot of time picking out, but I do admit I went overboard. I also have a weakness for books, sometimes on Kindle, sometimes from a used bookstore. Also bought a decent car and a camera in that first year of being a nurse, and some new clothes instead of thrift store clothes, which on its own felt very extravagant. But that is about it. I really enjoyed seeing that large (to me) number in my bank account, and having the feeling of financial security and independence, and feeling good about myself for having earned it through my own hard work. I was very lucky also to go to a college that gives full tuition scholarships to all of its students, so no student loans for me.

I did have a very decent amount of savings in the bank, but health problems over the past several years with the associated bills didn't help, and now that I'm unable to work, not having an income, paying COBRA insurance, it's like my money has just evaporated and it hurts. I really miss having that financial security and independence that nursing gave me- that I KNEW I was going to be able to pay my bills every month and get a few nice things here and there. I hope I can go back to work eventually. I am glad though, that I did save a good portion of my money during the years I was working, because although I have had to use a large portion of that savings, I was very glad that I had that money and didn't have to borrow (at least not yet) to cover things.

I don't know if my rambling answered your question or not. I guess to sum it up, in most parts of the USA (assuming that is where you live), nursing will afford you a job that will help you be financially secure, and that feeling is worth so much more (in my mind) than luxuries. I'm not saying that you have to live like you have no money, but save as much as you can because you never know when life will hit and you'll need every penny of that savings to get through it. Congratulations on getting through nursing school also :)

This has open my eyes that a savings account will be dire because you will never know what life throws at you. Thank you for the post.

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2 words........student........loans :cry:

Tell me about it.

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Specializes in Pedi.

Not at all. I don't think I've ever purchased anything one would consider a "luxury" item. I spend most of my money on travel.

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Not the popular opinion but I have already set aside my first real nursing pay check for a stand up paddle board. Is it necessary.... No, is it stupid.... Probably. But after four years of studying during my degree and working full time and taking care of my kids, I would like to celebrate a little with something just for me!!!! After that I will return to the real world of mortgages, bills and student loans. But the first one is all mine!

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Specializes in Emergency.

I recently bought an electric can opener...

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for the next few years, my luxury is paying off my school loans

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