How Do You Do it FINANCIALLY?? Nervous about entering Nursing School!

Nurses General Nursing

Published

Right now my hubby is in the Airforce and only brings in about $2600 a month. I work at home doing daycare and bring in around $2400 a month. So we do ok monthly right now. BUT, once I start nursing school, I won't have that much time to work... I'm just worried that we won't have enough money to pay the bills, food, and gas! Our Mortgage is $1200, car note $400, and other bills average out to $500-$600. Plus we have to pay for gas and food. There's no way we could make it off of hubby's income alone. Did you have a job when you first started nursing school? How much were you bringing home, or do you not work? Any advice would be great, thanks :)

Up Vote Up Vote ×
Specializes in Nursing Professional Development.

I did my undergraduate schooling right our of high school ... so I wasn't supporting myself at that time.

However, I put myself through graduate school twice -- once when I was in my 20's and once when I was in my 30's. I "did it" by making a lot sacrifices of material things -- "living like a college student" even though I was an adult.

I couldn't afford a mortgage -- so I rented a small apartment for half the cost of a typical mortgage. I couldn't afford to buy my first home until I was 43 years old.

I couldn't afford a new car -- so I bought an inexpensive used one that did not require me to take out a loan.

I couldn't afford new clothes -- so I lived in blue jeans and inexpensive casual shirts.

I couldn't afford nice furniture -- so my apartments had very little of that, and what I had was mostly second-hand stuff ... or cheap things bought on sale that didn't match.

I couldn't afford vacations -- so I didn't take any.

I couldn't afford to go out to eat, go to movies, etc. -- so I did very little of those things.

In short, I economized and lowered my living expenses significantly. I took out some student loans and worked a part-time job. I got good grades and got some scholarship money.

And I survived with less. You can too, if you really want to. Now I have a nice job and nice income and can afford a few luxuries. I wish the same for your future.

Good luck!

Up Vote Up Vote ×

I am in the same situation as you are. My husbands income as a firefighter does not pay all of the bills, his bring home pay is about $1900/month and we also pay a mortgage of about $1k a month along with car payment and all of the other bills. I'm not sure what I'm going to do once I start nursing school. Either try to get onto the hospital working part time (2 weekend nights), even then, we would be struggeling, but can make it work. Or we've even talked about possible renting out or selling our house and finding somewhere cheaper to live until I'm done with school. I figure the sacrifices made now will be worth it in the end. I'm feeling like if it's meant to be we will find a way. Either way, I'm pursuing my goal and just hanging on the hopes that it will all work out and we don't end up in forclosure or bankruptcy along the way! :uhoh21:

:hngon:

Up Vote Up Vote ×

I might look into student loans on top of financial aid, as well as working very part-time. Hubby might have to get a part-time job, and our parents might be able to help out with a few hundred a month. I know we'll struggle a bit, but it'll be worth it in the end. I've never done a student loan before, so I'm a bit nervous about that.

Up Vote Up Vote ×
Specializes in Critical Care; Cardiac; Professional Development.

We've been saving for this for some time now and have money in the bank to fall back on. INitially I plan to drop my work hours to 30 per week. I work medical transcription and have flex time, so that will help. If working that much is too much, we will use savings or loans or scholarships to help supplement things. But yes, you will have to plan on life being pretty lean while in school.

Up Vote Up Vote ×
Specializes in SRNA.

However, I put myself through graduate school twice -- once when I was in my 20's and once when I was in my 30's. I "did it" by making a lot sacrifices of material things -- "living like a college student" even though I was an adult.

I'm 28 and about to do just this when my program starts in 4 weeks, it'll be a bit of an adjustment after working full-time for years, but if you really want it anyone can make it work!

Also, after listening to many perspectives from other posters regarding financial choices during school, I've decided to work as much as possible (while remaining academically successful) through my program to allow for less reliance on loans.

Good luck! ;)

Up Vote Up Vote ×
Specializes in SRNA.

Where I live, there was enough financial aid (scholarships and grants...yay free money!) available to totally cover my tuition and books. I continued to work FT while I took prerequisite classes and saved every penny I could and eventually between my partner and I, we had saved enough to cover about 8 months of regular bills. I entered a 16 month nursing curriculum, so I took student loans in addition to the financial aid to help with living expenses.

I also cut back on some bills like telephone, television, internet, etc., and only got what was necessary to reduce monthy monies going out.

Up Vote Up Vote ×
Specializes in Family Nurse Practitioner.

I worked full time during pre-reqs and then cut back to about 30 hours a week during nursing school because I didn't want to use my savings up. Could you possibly advertise as an overnight child care provider for nurses working graveyard shift? I bet there is a need and most times you probably could get a decent nights sleep. Good luck!

Up Vote Up Vote ×
Specializes in ICU/ER.

If you want it badly enough it can be done---I also had a ton of expenses, 4 kids with expensive hobbies will do that to you...

I took every scholarship/grant I could find and then took out loans. It is possible.

Trust me the school wants your tuition money as badly as you want to give it to them, set up a meeting with the school. They will help you find the money.

Up Vote Up Vote ×
Specializes in med-surg, teaching, cardiac, priv. duty.
I did my undergraduate schooling right our of high school ... so I wasn't supporting myself at that time.

However, I put myself through graduate school twice -- once when I was in my 20's and once when I was in my 30's. I "did it" by making a lot sacrifices of material things -- "living like a college student" even though I was an adult.

I couldn't afford a mortgage -- so I rented a small apartment for half the cost of a typical mortgage. I couldn't afford to buy my first home until I was 43 years old.

I couldn't afford a new car -- so I bought an inexpensive used one that did not requireme to take out a loan.

I couldn't afford new clothes -- so I lived in blue jeans and inexpensive casual shirts.

I couldn't afford nice furniture -- so my apartments had very little of that, and what I had was mostly second-hand stuff ... or cheap things bought on sale that didn't match.

I couldn't afford vacations -- so I didn't take any.

I couldn't afford to go out to eat, go to movies, etc. -- so I did very little of those things.

In short, I economized and lowered my living expenses significantly. I took out some student loans and worked a part-time job. I got good grades and got some scholarship money.

And I survived with less. You can too, if you really want to. Now I have a nice job and nice income and can afford a few luxuries. I wish the same for your future.

Good luck!

I 100% agree with the above response. I am a real advocate of frugal living. Everyone's situation is different, but it is amazing how little you can live on if you really put your mind to it. Back in the early 1990's me and my husband both made it through nursing school together with no loans. We were DETERMINED to do whatever it took to pay for school as we went, and have no loans AND no other debt either (no credit card debt, no car loan, etc). And we did it!! It was a sacrifice, but worth it in the end. We both worked part-time jobs.

We did get a little financial aid. New York state (where we used to live) had a "TAP" program (a stipend, not a loan) which we qualified for - it was not much but every little bit helps! Explore all financial aid options - you never know what you might qualify for!

But the main way we did it was through FRUGAL LIVING. We were tight!!! We lived in a tiny, low rent apartment. Most of our furnishings were used or scavenged. We never, and I mean never, ate restaurant food. We always "brown bagged" it - took a simple lunch with us to school and work. Never bought snacks or drinks from vending machines. We cut everything from the budget that we could - we got rid of cable TV, canceled magazine/newspaper subscriptions, did not go to the movie theater, etc. We literally did not spend a dime unless it was absolutely necessary!

Yes, it was tough. But our philosophy has always been "live where you are at". This comment is NOT in reference to the OP, but a general remark: I see too many young college students today who want to live like they have already graduated and are making big bucks. They are students, but drive a nice car, get monthly manicures, buy trendy new clothes, and have all the latest technological gadgets... Uh, that is how you live AFTER you graduate! And then they complain about their crushing loans!

One comment for the OP - your mortgage payment seems steep for your income. I live in an area of the USA where housing is cheap. Not everyone is so fortunate. I don't know where you are... Where you live, $1200 may be a bargain! But having a lower house payment would be a big help. Any options there? Sell your house? Rent instead? Etc?

Check out Dave Ramsey (Total Money Makeover), Crown Financial Ministries, and other frugal living advocates.

Up Vote Up Vote ×
Specializes in Nursing Professional Development.

Yes, it was tough. But our philosophy has always been "live where you are at". This comment is NOT in reference to the OP, but a general remark: I see too many young college students today who want to live like they have already graduated and are making big bucks. They are students, but drive a nice car, get monthly manicures, buy trendy new clothes, and have all the latest technological gadgets... Uh, that is how you live AFTER you graduate! And then they complain about their crushing loans!

QUOTE]

I'm right with you on the above sentiment. I work with some college students and new grads who are always saying how poor they are, how they are worried about their huge student loans, etc. -- and yet -- they just HAD to have a kitchen make-over in their new condo. ... They just HAD to buy the latest I-Phone or some other technology. ... They just bought a NEW car. etc. etc. etc.

The OP does not seem to fall in this category. So please don't be offended by this, S1101. It's just that I see a lot of people who want to have savings, want to go to school, want a nice retirement, etc. but who are not willing to make any sacrifices NOW to have a better life LATER. They seem incapable of what psychologists call "delayed gratification." They want it ALL and they want in NOW.

That's how they get themselves in deep financial trouble. You can usually avoid that kind of trouble if you are willing to live within your means.

As for student loans ... I wouldn't worry about taking out some small ones. But if they start growing to be more than 25% of what you expect to earn after you graduate, the payments will be really difficult to make.

Up Vote Up Vote ×

I totally agree with you ArwenEvenstar. I'm doing my second Bs. in nursing and I'm living frugal. That's not easy when your a 28 single male LOL.

In the end I think it'll be worth it because I'm pursuing my dream.

Up Vote Up Vote ×
+ Add a Comment