When it comes to understanding where our money goes, we let ourselves off the hook by telling ourselves “I don’t know enough about finances” or “My spouse, significant other, friend (fill in the blank) handles our finances”. Perhaps you even tell yourself “I’ll do it when I get time”. Maybe it’s “I don’t know how”.
Whatever we tell ourselves, we MUST and I repeat, MUST know the state of our finances AT ALL TIMES. Even if you let someone else “handle” them, you still need to know how much money you have and where it’s located.
Here are three essential steps every nurse and/or Professional Legal Nurse Consultant (PLNC) must know today:
1. Know exactly how much money you have. No exceptions. For example, i you’re going to start a diet, you’d need to know how much weighed so you could figure out if you lost or gained weight. Ask yourself:1) What is my total monthly income from my nursing or Professional Legal Nurse Consultant job? Not just from my paycheck, but any other sources. 2) What are my total monthly expenses? Think of EVERYTHING you spend money on, whether it’s fixed or variable, each month. Then, subtract your monthly expenses from your monthly income and if you don’t have money left over, you’ve overspent. If you do have money leftover…
2. Put your money into a savings account. No exceptions. Automatically take money out of your paycheck each month and have it deposited into a savings or money market account. Don’t touch this money. Before you know it, you’ll have money saved! You could use it to accumulate more wealth, save it for your emergency fund in case you need it, or put it toward something you want to buy.
3. Use a personal financial app or website. No more passbook savings or pieces of paper floating around with your nursing or professional legal nurse consulting income on it. You need a simple, yet consolidated, method to keep all your accounts within reach. Consider using one of these apps: Claritymoney, Mint, or Wally.
No more money excuses. You can keep track of your money. It’s as easy as 1, 2, 3 (above).
P.S. Want to know the quickest way to advance your nursing career? Find out here.
