New Nurse With Large Disposable Income

NOADLS · Nov 7, 2015

I have accepted a position at a hospital that will have me earning at least $30 an hour. That is ALOT of money for me. Considering the fact that I will be 24, splitting living expenses 50-50 with mom, and I have a vehicle that is completely paid for, I will have lots of $$$ left over every month ($2800+) after my expenses are paid. What can I/should I do with the excess money? Hurry and pay off student loans (23k)? Save up and buy a new car cash? I don't have kids and I am single if that means much.
What did you do with your disposable income when you began your Nursing career?

Get rid of your loans and save your money.

I know the concept of saving money might be foreign to some people, but if you save enough of it, you can buy something called a "house." Generally, people live in houses.

Girlafraid13 · Nov 7, 2015

I'm in the same situation as you. I blew 30k my first year working. My brother works as a financial guy and I asked him for advice. He advised me to pay more than the monthly requirement for my student loan but also save money for a house.

Maybe try paying off your loan within 1-2 years while saving for a home.

And being single helps save a lot of money. This past summer I went on vacation every week and paid for everything for my partner and I. So believe me it saves you a couple $$$$.

Hoosier_RN, MSN · Nov 7, 2015

Get rid of your loans and save your money.
I know the concept of saving money might be foreign to some people, but if you save enough of it, you can buy something called a "house." Generally, people live in houses.

And save some back for retirement. Not many younger people think about that

caliotter3 · Nov 7, 2015

Don't forget the basics: emergency fund, starting your retirement fund.

joanna73, BSN, RN · Nov 7, 2015

Agreed. Speak with a financial planner at your bank. Save 10 percent, invest some and start an emergency fund. Three separate accounts. Pay your loans off quickly and consider picking up some OT for a few months.

I paid off 38,000 in loans and saved 90,000 within 4 years. I was not living with Mom, but I am frugal, especially when I have a goal. I bought a house last year with 25 percent down.

babilidose · Nov 7, 2015

I recommend you max out your 401k or equivalent each year, pay off your loans, and save up. A car isn't an investment. If

You want a new one, go for it. Otherwise, a savvier business move would be to keep your car until the wheels fall off and put your money elsewhere.

Farawyn · Nov 7, 2015

Loans. Get rid of them.

Congrats OP! Did you take your boards yet?

vanilla bean · Nov 7, 2015

Travel! Probably not the most financially responsible response, but imma stick with it anyway, lol. Congrats on your new position.

SentinelTruth · Nov 7, 2015

I highly recommend you read what this guy says: Mr. Money Mustache — Early Retirement through Badassity

He's in his forties I believe and retired... if you can get around 500,000 saved up in 20 years, and invest wisely, you'll be able to live on your dividends.... and retire early, or make a lot more money while still working.

LDAthleteNurse, BSN, RN · Nov 7, 2015

Get rid of your loans and save your money.
I know the concept of saving money might be foreign to some people, but if you save enough of it, you can buy something called a "house." Generally, people live in houses.

ETA: too many typos and too lazy to repair. Lol.

LDAthleteNurse, BSN, RN · Nov 7, 2015

I'm in the same situation as you. I blew 30k my first year working. My brother works as a financial guy and I asked him for advice. He advised me to pay more than the monthly requirement for my student loan but also save money for a house.
Maybe try paying off your loan within 1-2 years while saving for a home.
And being single helps save a lot of money. This past summer I went on vacation every week and paid for everything for my partner and I. So believe me it saves you a couple $$$$.

Thank you! This is great advice. Yes, having a spouse can be pretty expensive sometimea.