08/04/2023
👩⚕️🤔 Are you a nurse? Do you stress about your finances? You aren’t alone, roughly 7 out of 10 healthcare workers self-report that they experience stress due to finances!
💪 The world knows your job has been difficult to put it simply. With staffing shortages across the country for talented, competent nurses causing stress on nurses everywhere, few understand how stressful being a nurse is. After working long workweeks, sometimes over 60 hours, the last thing you want to do is think about what bills to pay, if you are on track for retirement or if there is enough money to carry out your life goals.
😴 Healthcare is stressful and you aren’t the only one that feels the stress! 64% of healthcare workers report that finances hurt their sleep! 6 out of ten report that finances contribute to deteriorating mental health and half say that it negatively impacts family life!
💡 Here are some tips to feel less stressed about your financial picture that can take less than 1 hour to implement!
💰 See if you are contributing to your 401k or 403b plan! Over two thirds of private workers have access to an employee sponsored retirement account, yet only half of Americans utilize this wealth creation tool. Some employers will even match your contribution up to a specified percentage (0%-5% average). It may not seem like a lot, but with time and consistent contributions, you are utilizing a well-known tactic called forced savings.
💳 Do not overcomplicate your finances. We are fortunate to live in the digital era where automating transfers is easier than ever. Just like you receive money into your bank account through your employer’s direct deposit, did you know that you can do the same into your other wealth building accounts? This can stop you from forgetting, and the money you have left can be used to pay your bills or enjoy some much-deserved leisure time.
🛡️🩺 Check to see if your group benefits for your life insurance coverage and disability income coverage are adequate. Some employers offer these group policies as part of your benefits package, and it is a good idea to opt into. In most group disability income coverage, plans will cover up to 60% of your annual salary. After taxes, this could equate to a pay cut of 60-70%! Could you afford a 60% pay cut?
📝🎯 Just like walking into a patient room without a health record, failing to document your financial goals can be catastrophic. Create a plan listing out your financial goals and life milestones! Having a clear plan can prevent you from going astray from your main objectives. To initiate this process, begin by writing down your financial goals, which may include purchasing a house, building a retirement fund, or financing your children's education. Working with a licensed fiduciary to review your financial plan can help you reach your short-term and long-term life goals. Do you have one?
