Close your eyes and imagine this scenario: You have plenty of money to pay the bills each month, an 8 month savings cushion to get you through a rough patch and money set being set aside each month to contribute to your retirement. Are you dreaming or is this your reality? Sadly for many this is far from reality.
Life during the current economic recession can be troublesome. Being a nurse does not mean you’re immune to the ill effects of the present economic condition. Certain nursing divisions and jobs may be downsized or cut out completely as hospitals and other healthcare facilities feel the crunch. Also, there’s the ever present risk of getting injured resulting in the inability to work. But even in this troubled economy, nursing continues to have a silver lining, because there will still be a need for many years to come.
The current state of the economy has proven to be quite the wake up call for many financially. Many families are scrambling due to a loss of income and are finding it very difficult to live the way they were use to. Those in nursing are trying to find overtime hours and picking up extra shifts to compensate for the difference lost. This is only a temporary fix and those working longer will begin to feel what we’ve been talking about around here for the past couple weeks, burnout. So what can you do to prepare you and your family from avoiding situations like this?
There are many measures you can take to help you and your family through a financial crisis. The Center for American Nurses has many financial literacy resources where you can learn how to save for everything from your children’s college fund to your retirement nest egg.
Here are a list of other nursing financial resources.