We are staring at the face of a massive recession. Everyone is about to feel the monetary consequences and nurses are no exception.
While you still have a stable salary, you want to secure your future as soon as possible. Before things get out of hand, consider making these 7 forward-thinking money moves.
Plan for an emergency fund
Surprise expenses can be gutting. If your car breaks down, you suddenly come down with an illness or your home needs immediate renovation, that could completely derail your plans for the future.
If you have space, you want to allot some of your salary money for an emergency fund. This ensures that you will have a cushion for a rainy day.
If you have an account for your emergency funds, you can set it up so that your bonuses, tax refunds and other windfalls are directly deposited into it. Be sure to place it in a high-yield savings account and make sure that you are only accessing it in case of emergency.
Pay off your student debts
Nursing students commonly face sizable tuition debt. It is estimated that the average student has to deal with $40,000-59,000 in debt, fresh out of college. If you slack on paying your student loans, the interest can snowball uncontrollably.
Consider aggressively repaying as much as possible, once you get a job and settle in. It will hurt in the immediate future, but this approach can save you a lot of cash in the long run.
Refinancing your student loans is also an option. Contact your loan provider, and discuss alternative repayment plans that best suit your timeline.
Do not forget your credit card debts
There is also the matter of credit card debt. High-interest credit card debt can be crippling if you are not careful.
or credit card fees, moving to a lower-interest account or availing of a new credit card offers help with saving on interest, which pays dividends in the long run.
Create a smart budget plan
Between work-related expenses, necessities and luxury spending, it is easy to lose track of where your money is going. For smarter spending and better financial habits, you want to create a budget plan that is smart and forward-thinking.
Prioritize monthly fees that are non-negotiable. This is housing costs, food, electricity and other expenses along those lines. From there, you can cut down on luxury spending, whenever you see fit.
If you are still not meeting your financial goals, consider cutting down on your fixed expenses. Changing providers can be a dramatic lifestyle change, so resort to this at your discretion.
Have emergency plans for your career
Unfortunately, anything can happen during a recession. Companies commonly cut costs and staff to save money, and you might get caught up in these layoffs
While you are employed and salaried, you want to be prepared for the worst. Have a resume and portfolio on hand that you update regularly, whenever you have to go job hunting.
Build and maintain a strong professional network, while you are at it. These connections are invaluable when you are looking for new jobs.
Work on a side hustle
On the subject of emergency plans, side hustles are a fantastic option if you have the bandwidth. With a personal business, you get to secure additional revenue on top of your regular income.
A side business is not the only way to earn extra money on the side. You can pick up additional per-diem shifts with other hospitals, in addition to your regular salaried hours. VItaWerks will help you secure the best temporary rates in your area, in the best healthcare facilities.
Try to better your credit score
There may come a time when you have to borrow money, amidst this recession. To deal with the short-term financial strain, you may have to avail of a loan, a refinanced mortgage or huge credit card spending.
A good credit score is essential if you want to qualify for bigger and better loans. With this in mind, you wanna do your best to make sure that you are paying your bills on time, correcting any errors on your credit report and learning more about how your credit score is determined.
