Paying rent as an RN

neygray · Jul 12, 2006

Congratulations on your upcoming BSN! :balloons: You will have to figure out your choice of employment and their rate of pay before you can figure if it is doable for you or not. Irregardless of your level of degree, unfortunately, you will not be starting out but at maybe .25 more than your ADN grads. The Medical Center in which I worked only started new grads with BSN's at .15 more on the hour than ADN's because they were just that, new grads, which as far as they are concerned, inexperienced. They were started out as CNII. However with more experience, they graduate to CNIII when they apply, and make .25 more per hr. Where your BSN is going to help you as far as salary is after you get some time under your belt and you apply for management positions. Staff-nursing, the pay is almost the same across the board not taking into account years of service.

NurseKittyAtlanta · Jul 12, 2006

I agree with the previous poster. There are a lot of variables that need to be considered before deciding if you can afford it or not, such as ...

- rate of pay

- number of hours you are guaranteed each week

- cost of utilities

- gas money/parking to get to and from work

- car and renter's insurance

- food

- other bills (i.e., credit cards, car payment, etc.)

- entertainment

- emergency expenses

NurseLatteDNP, MSN, DNP, RN · Jul 12, 2006

Here in North Texas, you would be able to do that. I know a nurse whose mortgage runs that much. But like everyone said before, it all depends on your payscale. Do you know how much a new grad earns there?

NPvampire, MSN, RN, APRN · Jul 22, 2006

Well, with the salaries around here, it wouldn't be a big problem. If you have a new/expensive car or a LOT of credit card or student loan debt it might become tight though.

llg, PhD, RN · Jul 22, 2006

As you probably know, salaries and cost of living tend to vary greatly from one location to another -- and you will have to sit down and list ALL of your expenses and compare them to your expected pay before you can make that decision. However ... I have moved from state to state several times in my career and have found the following to be generally true and good advice.

In most locations, new grads do not make a "generous" income -- though they do make enough to afford a "middle class" lifestyle. They can usually afford the rents in the middle of the price range for the community or slightly below, but may be stretching it too thin if they committ themselves to paying "above average" rent in the first year or two after school. So, I recommend looking at the range of apartments available and focus in on those in the middle of the price range. If might be a little small and might not have all the luxuries and/or amenities of the more expensive apartments, but you don't want to get yourself in financial trouble because you tried to live a lifestyle beyond what you can afford.

If you can't find anything suitable (e.g. safe and clean and reasonably pleasant) at the mid-price range, you might have to go a little higher on the price list. Depending on how high you go, you might need to work some overtime hours to pay for it. Another option is to get a roommate to help pay the expenses -- though I wouldn't recommend sharing with total stranger.

When you are figuring your budget (and then living with it), be careful not to make the mistake that many new grads make. Because they have lived so frugally while in school, that they go a bit "hog wild" with spending those paychecks. They tell themselves they "deserve" a lot of new clothes ... or an expensive car ... or a luxury apartment ... or vacations ... etc. and they spend themselves into debt that takes years to pay off.

In the first few years of any career, the pay is not as high as it will be later. So start spending slowly. Be cautious. Don't spend more money than you make. Pay off any credit card bills in full each month. As you earn money and begin to save some of it, you will get a feel for what you can afford and what you can not -- and you will avoid the financial mess that many people find themselves in 5-10 years graduation when they realize the problems they have caused themselves by living beyond their means.

Good luck to you in your nursing career.

llg

ellieRN06 · Jul 24, 2006

Thank you all for your replies. I am always hesitant to make big decisions. LLG, I am so glad you said

When you are figuring your budget (and then living with it), be careful not to make the mistake that many new grads make. Because they have lived so frugally while in school, that they go a bit "hog wild" with spending those paychecks.

I am really going to sit down before I graduate and make a list of my expenses and try not to go over my allotted amount. My biggest priority is to put $200/month into my ROTH. I am looking at all my options right now and I certainly won't be moving in with a stranger. That is a mistake I will only make once. Thanks again for all the input.

llg, PhD, RN · Jul 25, 2006

You seem to have a good head on your shoulders, Ellie, and I'm guessing you will do just fine. Welcome to the nursing profession! I forgot to say that before.

As a single woman who has moved around a lot ... I would recommend you sacrifice "size" if necessary to get an apartment in a good, safe building. Even if it means getting a studio apartment or a very small 1-bedroom, your safety and security is more important. You can usually make a small space workable with choosing multi-purpose furniture, etc., but there is not much you can do to make a place safer.

Take care,

llg