It’s payday! Managing my paycheck as a nurse is something that I’ve set as a routine. Many years ago when I was a new grad nurse, I never look at my paystub and just spend my hard-earned money.
Now, learning more about financial awareness & responsibilities, there are steps I do manage my salary every time the direct deposit hits my bank account.
Steps To Manage Your Nursing Salary
1. Check your Paystub
YOU NEED TO CONFIRM THE HOURS YOU’VE WORKED including overtimes, bonuses and differentials. I have a few instances when the hours I worked does not match the hours that’s in my pay.
When I got back from my maternity leave, the payroll manager though I came back a week later and did not account the one day I was in the clinic. (For the record, I work salary ~ paid hourly in my paystub)
I emailed my payroll manager and CC’d my supervisor and HR department to confirm that I was in fact, at work that day. They ended up paying me with a separate check which was around $700!
Imagine had I not check my paystub! So lesson learned: ALWAYS CHECK YOUR PAYSTUB when it’s pay day!
2. Pay Yourself First
This is a strategy by finance gurus that just means setting money aside for yourself (saving/ investing) before you spend it. It prioritizes your financial well being.
When I get my direct deposit in my checking account, I already have AUTOMATED TRANSFERS to my different investment accounts (ROTH IRA, INDIVIDUAL BROKERAGE, 529 savings & Emergency/Sinking Funds)
DOWNLOAD: INVESTMENT ACCOUNTS 101
3. Pay off High-Interest Debt
Whenever I decide to pay off debt, I prioritize high interest debt AKA credit card debt which is usually over 10% interest. Debt is very crippling & with the current interest rate hikes, you’ll be stuck paying off these debt FOR MANY YEARS if you don’t prioritize paying them off right away.
READ: 7 TIPS TO USE YOUR CREDIT CARD WISELY AND RESPONSIBLY
4. Create a Budget
If you’re a budgeting type of person, budgeting can help you keep track of your finances. It also assigns every dollar to specific expenses and funds. I wish I am more into spreadsheets and templates because it does help you become more organized.
5. Enjoy your hard-earned money!
@mizzvaine I don’t typically budget number per number but I follow a routine whenever I get my paycheck. Note that it took me months to save up my emergency fund. By the end of everything, I’m left with less than $100 😂 #nursepractitioner #paydayroutine #payyourselffirst #npsalary #nursewhoinvests ♬ Cute – Prod by Rose & Artsounds Chill
