But…I’m Still Broke!!!

But…I’m Still Broke!!!

Let’s be honest: even though we are underpaid for what we’re doing (#fact), we must admit that we make a decent amount of money. In Canada, a registered nurse makes on average: 50,000$ per year. That excludes the OT and premiums. Even if these numbers differ across the board and the globe itself, we must say that our salary is “OK,” meaning it’s enough to put food on the table, clothes on our back and have a place to live.

need money broke helpSome nurses are living the big life: big vacations twice a year, buying brand name bags, nice car, nice clothes etc. Others are more frugal: they wont spend a dime unnecessarily. I consider myself to be in the middle: I enjoy my vacations, and my MK bags or Guess watches from time to time, but I also make sure I save a decent amount of money on every paycheck.

In the past, after I paid my bills, and a part of my loans, I’d put the rest in a savings account. But I would always have to take some of it back, usually by the end of the 2nd week living off that paycheck. I was broke, while pretending I was a money saver!

compulsive shopping learn how to handle money
Shopping, shopping and shopping… In other words, accumulating stuff

Speaking to a lot of colleagues in the hospital, I realized I was not the only one struggling and living from paycheck to paycheck. Heck, even some MDs were having a hard time paying their school loans! And that’s when I realized our education did not prepare us for the financial world…

No matter how much you make, if you don’t learn how to manage your money properly, you will always feel broke.

RN Didi

Want to know more about finances?

https://healthfornurses.com/financeliteracy

RN Didi

4 thoughts on “But…I’m Still Broke!!!

  1. I can relate to your situation Didi as I graduate from a health science background too. The biggest problem with the college system is that they don’t teach you about managing your own finance and how to plan for your future.

    It’s only after working 8 excruciating years in the clinic that I realized it’s not getting me anywhere financially. I’ve just finished paying off my loan and I am apprehensive of taking another to buy a home. All these money issue is such a burden when you are paid so little.

    1. Hi Cathy,

      I want to congratulate you on paying that loan! It must feel like a weight off your shoulders!

      But I also know the mixed feelings too. Because, although you graduated with a degree, you also graduated with a chunkload of debt on your back. I know how you feel: I’ve been there too.

      So although school debt is considered good debt, the system does not help us get rid of it. That’s why we need to empower ourselves, looking for the best financial strategies to help us in our individual situations. It first starts by acknowledging we need help. We need to get back in the world of education, this time to get a diploma in the ABCs of finances.

      I’m not actually talking about enrolling into a school and choosing a degree. We don’t have time to do that, and we certainly don’t have the money for it! I’m talking about learning through the internet, through books, through workshops. The information is out there, we just need to grab it and implement it.

      I think this article might help you on your journey to financial freedom http://healthfornurses.siterubix.com/becoming-financially-literate

      Let me know what you think

      Thanks for stopping by!

      RN Didi

  2. Great article. I totally know what you mean. I work in a similar position where OT is common and I make a decent salary. The funny thing though is that i was comfortable with less, got very comfortable with more and somehow it has gotten to paycheck to paycheck. Absolutely crazy in my opinion. It all happened so fast and i still can’t figure out what exactly changed lol.

    1. Hi Kerron,

      the process of indebtedness is very often insidious. When you reach paycheck to paycheck mode, it would be best to stop and have a serious look at your expenses.

      Do you live somewhere that’s taking more than 30-32% of your paycheck (house expenditures total)?

      Do you like to spend money on things you may not necessarily need? (for example, cable, home phone and “stuff.”

      Do you live a life beyond your means? It could as simple as changing a few habits, like making your own coffee, reducing your amount of eating out, or reduce your amount of booze intake) and you could potentially see a few more dollars at the end of your months.

      Re-evaluate your priorities, set up some saving goals (start by that emergency fund!) and keep them in mind. It’ll give you some motivation to make the changes.

      For more tips on how to manage your money, check this out

      I know you can do it!
      And thanks for stopping by!

      RN Didi

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