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Perhaps the following scenario sounds familiar: You’ve graduated from nursing school and landed your first job as a nurse. The salary isn’t quite what you were hoping for, but with some extra shifts or overtime—or maybe by furthering your education—your financial future looks pretty good.

Or…

Let’s say you’ve just gotten a promotion and with seniority you have that nice salary increase to boot. You’re feeling pretty comfortable and heck…what with the nursing shortage you’ve got some job security, right?

It’s tempting to spend your money as you get it—after all, you’ve worked hard to get to where you are, and if you’re like many nurses, you probably scrimped and did without a lot of things while in nursing school and while working your way up the ladder. Plus, you may have student loans to pay off and your salary may not leave you with that much of a monthly cushion.

So why are financial advisers telling you that you should start paying yourself (i.e., saving) right away?

Why you should save

• Good habits die hard. We all know that bad habits are difficult to break, whether it’s chewing your nails or snapping gum. So the best way to avoid a bad habit is not to begin it at all. In fact, why not start good habits? Unlike bad habits, you won’t want to break these! Amy Buttell, coauthor of Personal Finance: The Missing Manual, explains that saving money for yourself and for your future is a way of taking care of yourself—something nurses do well for other people, but not always for themselves. “Saving money can help you feel psychologically secure, even feel more empowered,” she says. Knowing that you have money to fall back on can take a lot of stress out of your life.

• Rainy days will come. When you start putting money aside into an emergency savings account, you’re preparing for anything that may pop up, such as a car accident, where you may have to pay a $500 deductible. Having some savings means you don’t need to use your credit card or take out yet another loan. “Saving money is a bulwark against catastrophe,” says Buttell. “Something always happens. Spending every dime means you’re always on the financial edge when something bad happens.”

Once the emergency fund reaches a certain point, you’ll see that saving works, and because you’re now in the habit, you can continue saving for something fun, such as a vacation, a wedding or even a new home.

Three tips for saving

1. Save even when you don’t have much to spare.

Buttell says that it doesn’t matter how much money you start putting aside—it’s the act of putting something aside that helps you get into the savings habit. Whether you call it an emergency fund or just a savings account, the whole idea is to help you get used to setting aside $10 or $20 a week, if you can. If even that is too much, $20 or $30 a month is better than nothing.

2. Have the money automatically rerouted into a separate account.

Instead of physically moving the money into a savings account, Buttell suggests that you “set up a payroll savings account, if that’s possible, to have the money deducted from your paycheck. If that’s not possible, have your bank or credit union do it.” Just as we arrange to have bills automatically paid from an account, we can arrange for automatic savings withdrawals. “Sitting in the checking account, [the money is] going to be spent,” Buttell says. Also, she points out, if the money is automatically rerouted, “it gets a little rewarding when you check your [savings] account online or you check your bank statement and you can see, gradually, over time, that account accumulate into something.”

3. Don’t try too much too fast.

When starting a new phase in life, it’s easy to get overly enthusiastic and maybe try a bit too hard. Just like joining a gym and burning out because you go too often and do too much, trying to do too much with your money too quickly may get discouraging. “When people are on very tight budgets and try to do too much, they’re going to end up giving up and it’s not going to work,” Buttell explains. So, set a realistic goal of how much you will save. You can always increase the amount of money you set aside, but it’s harder to decrease it without being left with the feeling that you’ve gone backwards.

What about paying off loans?

Paying off your student loans and other debts is important, but there isn’t a lot that is satisfying about paying off loans while you’re doing it. By setting up a small savings account on the side, you can see what you’re saving, and this can be very satisfying. If you save $100 a month for two years, that’s almost $2,500. Not too shabby for money you’re not touching.

Bite-size tips for saving money

• When you’ve saved enough to open a certificate of deposit (CD), get one. The money stays yours, but you can’t spend it on the spur of the moment. It also gains a bit of interest while it’s in the CD.

• Consider using an online bank, like ING, for your savings. When your money goes into an online bank, it takes a few days to get it back into your brick-and-mortar bank. Therefore, you may think twice before withdrawing the money.

• If you’re using your regular bank for the savings, don’t allow the staff to connect that account with your bank card or allow checking privileges. You need to make the money as inaccessible as possible.

• Set goals. If you’ve already built an emergency fund, set goals for your money. When your bank account gets to your first goal, treat yourself to something as a reward.

• Play mind games with yourself. I know of one nurse who would take an extra $20 from the ATM whenever she withdrew money. That extra cash would go into an envelope in her filing cabinet, and by December, she had plenty of money to do her Christmas shopping and pay for everything in cash.

Do you have any special saving tricks?

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We don’t have enough space here to cover every combination and permutation of where you work, who you work for and how many years of experience you have, but the following, which focuses on staff psychiatric nurses in hospitals, will give you an idea of where the money is, where the jobs are and where the living is good for psychiatric nurses.

Where the highest salaries are
PayScale, an online market research company that specializes in salary analysis, reports that the highest-earning psychiatric nurses are located in the states of Pennsylvania (Philadelphia and Pittsburgh) and Illinois (Chicago), but in terms of average salaries, here are the states that rank at the top, plus the average hourly pay range for psychiatric nurses in each one:

• New York – $22.03 to $54.25 per hour
• California – $24.36 to $45.62 per hour
• Ohio – $14.70 to $43.07 per hour
• Virginia – $20.13 to $40.11 per hour
• Pennsylvania – $19.73 to $39.56 per hour
• Florida – $22.82 to $39.50 per hour

Next: Where the lowest salaries are →

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Nursing shortages are nothing new–they’ve been a recurring problem since the mid-1900s.

There was a brief period of balance in the 1980s, but by 2000 the writing was on the wall:

We’re running out of qualified nurses to meet patient demand. 

What’s behind this alarming trend? Underlying causes include:

• Changes in the Medicare reimbursement system that increased nurses’ workloads
• New patient care technology that requires a higher skill level and more education to use
• A perception that nurses are undervalued and overworked, making it an unattractive career path
• Nursing schools that have not kept up with the needs and interests of today’s students
• Nurses choosing to pursue other lines of work or retiring as they age out of the workforce
• Overall population growth (and a big upswing in the percentage of the patient population over age 65)

In 2004, the projected shortage by 2012 was anticipated to be 800,000. Now, as seen in the infographic below, that expected gap has jumped to more than 1 million.

Next: What’s the Solution? →

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If you’re a CNA looking for work, you’re in luck!

CNAs can expect a 19 percent increase in demand between 2008 and 2018, according to the Bureau of Labor Statistics (BLS).

Why the upswing? Reasons include an aging population, a growth in the health industry to meet the needs of a growing overall population, and the need to replace CNAs who either retire or leave the profession.

The bulk of CNA jobs are in nursing homes, followed by hospitals. The remainder of the jobs are found in settings such as residential facilities, government agencies, outpatient centers and private care.

So, which states should you set your sights on if you’re a CNA looking for a job?

Next: Where the highest nursing salaries are →

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Good news for RNs! You’re going enjoy an excellent job outlook right through to 2018.

At least, that’s according to the authors of the Occupational Outlook Handbook 2010-11 Edition of the Bureau of Labor Statistics (BLS),

Expect the biggest job rate growth in physician offices. That’s due to an increasing focus on preventive medicine and to advances in medical technologies, which allow for the treatment of more and more medical conditions on an outpatient basis.

Look to home healthcare as the second largest setting for RN job growth. That’s followed by nursing facility care, employment services and, lastly, hospitals. The BLS projects the creation of more than half a million new jobs for RNs from the period 2008 to 2018.

As an RN in the United States, where will you fare the best in terms of salary, job prospects and quality of living during this era of high job growth? Where will you enjoy that winning combination of a high salary and a fulfilling lifestyle?

Here’s the lowdown.

Next: Where the highest nursing salaries are →

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Frustrated by unemployment, nurses?

Job hunting is tricky business. Getting hired as a nurse is a subtle mix of the right qualifications, enough experience, interview chemistry, and a dash of luck. Assuming you’re making all the right moves and avoiding the really obvious job seeker mistakes, there are a few points to consider that could be your ticket out of unemployment.

Get out of your job search rut and back in the hospital by fixing these mistakes you might be making:

1. Job Description

Read it. Do you meet every qualification listed? If you think you can get away by not having that extra few years of experience or make do without the requested higher degree, think again. Job descriptions are a baseline for hiring managers. With so many job applicants, recruiters are naturally going to pick the best of the best, and that means you’ve got to meet every single one of the job requirements, at the very least. But that doesn’t mean you should give up, either. If you find yourself not meeting a certain job requirement time after time, do something about it! Take a certificate course, or brush up on your bedside manner. Nothing shows dedication like taking action.

2. Word Play

It’s not enough to have a clean resume free of grammar and spelling errors; you’ve got to go that extra mile. No matter how amazing your resume looks, everything lies in the words. If the hiring manager has to decipher your resume jargon, don’t expect a call back. Phrase your nursing resume with the right keywords. Use powerful words that imply action and sell your experiences by highlighting specific achievements and accomplishments. The right health care keywords are your best bet to getting your resume on top of the pile.

3. Job Search Tactics

Browsing through the classifieds? Going through Human Resources? Looking at hospital websites for job leads? One reason your search for a nursing job may have hit a dead end is because your methods are outdated. Get with the 21st century and go online! The right social network can connect you directly with the job you want. Use Monster to find jobs in your field, post a resume and find your calling with their new Career Mapping tool, and LinkedIn and NursingLink to maintain your connections. Spread yourself out and try something new — you never know which method will work!

Next: Not the Right Fit >>

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Whether we believe “money makes the world go around” or “money is the root of all evil,” we all have to be realistic that money is what we need to live.

As important as money is to our survival, many of us are reluctant to talk about how much we earn. But don’t be left in the dark!

Here you’ll find a rundown of nurse salaries for LVNs/LPNs and Registered Nurses. You might be surprised which cities compensate the best.

As with most professions, a nurse’s salary can depend on a number of variables, including:

• Education level
• Experience
• Facility
• Specialization
• Geographical location

Nurses in some parts of the United States make substantially more—or less—than in other parts. When nurses in the lower-income states see the high salaries, it’s not unusual for them to be shocked or envious that their peers may command such high salaries. There is one thing that’s very important to keep in mind, though. Before packing up to move to a higher-paying state, you must take into account the cost of living of your destination.

A high salary may not give a nurse more disposable income than a nurse who gets a lower income elsewhere if the higher-salary nurse lives in an area where rent and home prices, and the necessities of life, are three times that of the lower-salary nurse. So, if you’re looking to move, don’t let the lower salaries discourage you from some places or higher salaries blind you!

LPNs/LVNs

LPNs and LVNs are at the starting point of nursing salaries. According to the United States Bureau of Statistics (BLS), the median annual salary for LPNs/LVNs in 2008 was $39,030. However, some made less than $28,260 per year. On the flip side, some also made more than $53,580.

Payscale.com has broken this down according to some of the bigger U.S. cities:

·      Birmingham, Alabama: $30,536 to $39,333

·      Richmond, Virginia: $33,776 to $41,705

·      New York, New York: $36,289 to $45,805

·      Chicago, Illinois: $36,107 to $50,272

Of course, salaries tend to go down as you move away from the big cities to smaller towns and rural areas.

Registered Nurses

Nurses who graduate with a diploma won’t be in the upper echelons of salaries; those are reserved for nurses with more advanced degrees. That being said, RNs can be paid quite well, depending on the area. The BLS reports that as of May 2008, the median salary of RNs overall was $62,450, with some making less than $43,410 and some more than $92,240.

Payscale.com provides hourly rates for RNs in some of the larger U.S. cities:

·      St. Louis, Missouri: $20.44 to $27.57

·      Chicago, Illinois: $24.81 to 32.44

·      Phoenix, Arizona: $25.42 to $33.91

·      Los Angeles, California: $27.57 to $37.47

Advanced Registered Nurse Practitioners enjoy a higher salary throughout the country. Payscale.com reports these cities:

·      Orlando, Florida: $65,783 to $78,823

·      Louisville, Kentucky: $68,654 to $82,849

·      Kansas City, Missouri: $73,711 to $83,173

·      New York, New York: $85,989 to $107,566

Cost of Living

The cost of living in a particular area is calculated by a combination of cost of accommodation and cost of everyday expenses, such as groceries and fuel. In a survey done in 2009 of cities across the world, New York City was ranked as the eighth most expensive city in the world, well above other American cities:

Los Angeles, California: ranked #23

White Plains, New York: ranked #31

San Francisco, California: ranked #34

Honolulu, Hawaii: ranked #41

Miami, Florida: ranked #45

Chicago, Illinois: ranked #50

So, how does your salary compare? Do you feel you make enough for your area’s cost of living?

Sources for this article:

www.allied-physicians.com/salary-surveys/nursing
www.citymayors.com/features/cost_survey.html
www.payscale.com

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Don’t even think about scrolling down to find out the answer to this question. Be patient and read your way down because you’re going to want to hear this.

“Nursing is absolutely one of the best professions to go into,” says Annessa Fort, the Healthcare Branch Manager for the Pacific Northwest for Yoh, a staffing agency that has been serving North America for more than 70 years by providing professional talent to the aerospace and defense, engineering, government, healthcare, life sciences, information technology and telecommunications industries. Yoh keeps its eye on labor, employment and salary trends, and every quarter it publishes the Yoh Index of Wages.

Fort has a solid understanding of wage trends in the area of healthcare. Her role is placing nurses—mainly occupational and employee health nurses, nurse case managers and nurse practitioners, but also physician assistants. Her work covers the states of California, Washington, Montana and Colorado.

Next: Recent trends →

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I’m 24 and new on the job… so why am I getting lectures about my retirement funds NOW?!?

That’s what I was thinking all during orientation until they told us that by just putting in the minimum amount every month into your 401K, but 65 you can be a millionaire.

Wait, hold the phone, WHAT?  A millionaire? SWEEEET!  I can spare a few bucks a month, right? Now, I am really not good when it comes to math, so I really don’t know if this estimation is true, but it sounds really cool, right? I mean, who wouldn’t want to be rolling in the big bucks.

But now, is this a millionaire because you have millions? Or because you saved about a million dollars. Because, while that is still really neat and a TON of money, if you think about the cost of living nowadays, that’s not going to be all that much. Like maybe a new house and all its furnishings? That kind of puts a damper on the situation…so, for the sake of imagination and the thought that maybe in a few years I can afford to contribute more than the minimum amount per year – what would I do with that retirement?

After I frame my golden stethoscope given to me by my grateful employer to thank me for my years of service, I would go somewhere tropical and sit out on the beach (for the sake of imagination here, we’re going to pretend that I still look good in a bathing suit).  A mai tai in one hand and a book in the other, I want to lounge out on those chairs that are part way in the water already, or out on a cabana. And that’s just during the summer time – a new place every year.

I want to see the colors change in the fall.  I want to spend my autumns in a small colonial village in New England, and enjoy a REAL fall season. Crispy air and hot coco with leaves crunching under my feet.

I want to spend the winter in the SNOW! For at least the first winter I want to see snow, feel snow, freeze a little and then warm up by a fire place and snuggle up to hear the wood crackle.

And in the spring… somewhere – anywhere with LOTS of flowers. I’ll load up on Claritin and run through fields of flowers (because, duh, I’ll be a better runner at 65 than I am now…).  I want to watch flowers bloom and listen to birds chirp, see the world through rose colored glasses… and find someplace that actually has a may-pole to dance around.

And then repeat. Different places every time, see the world, take my family along with me.  Why not?

Well, chances are I’ll still be a nurse somehow, even  just part time, staying close to family and still being very content with life, but hey, a girl can dream, right?

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It could be that you’re planning a special vacation, your child needs braces or you have to do some home renovations. Maybe you simply want to save a little more for your retirement.

The good news is there are a number of things nurses can do to make extra cash. Here are eight for you to consider.

1. Extra Shifts
Let your supervisor or unit clerk know that you’re willing to take on extra shifts. Some hospitals have web-based systems that you can log onto and sign up for extra shifts. Some organizations that administer several hospitals have web-based systems that allow nurses to sign up for extra shifts at any hospital within that organization.

Next: Per Diem Shifts →