If you’ve ever wondered how to take control of your money and build wealth, let me share a bit of my journey as a nurse who achieved financial freedom. It’s not as complicated as it seems – the right mindset, habits, and tools make all the difference. Here’s a peek into the tools I use to manage my finances and how they’ve helped me grow my wealth while still working in the nursing field!
1. Budgeting: Monarch Money for couples or YNAB (You Need a Budget)
One of the first steps I took toward financial freedom was gaining control of my budget and become financially aware. You can NOT be a wealthy nurse without being aware of your finances.
I have tried different budgeting apps and sometimes, I still go back to old-school physical budgeting planners. But in this day and age, there are so many apps and software you can use to budget your money.
I use YNAB because it forces me to give every dollar a job, this is good for those who like zero-based budgeting. This tool isn’t about restricting your spending but empowering you to decide where your money should go. Each paycheck gets allocated to a specific category, like savings, investing, or fun (yes, it’s important to enjoy life too!). This way, I’m not living paycheck to paycheck but managing my money with intention.
If you are married and managing your money as a couple, I highly recommend Monarch Money. It is a great app to use and share access w/ your spouse.
2. Investing: Fidelity & M1 Finance
Investing was a game changer for me. Nurses often don’t realize the power of compound interest, and I didn’t either—until I started! I use Fidelity for long-term retirement accounts like my 401(k) and IRA because of its low fees and range of index funds. For more flexible investing, I turn to M1 Finance . This platform allows me to automate my investments and set up diverse “pies” of stocks and ETFs that work passively for me. This is where i opened my individual brokerage account.
If you want to learn more about investing, I have a FREE class coming up in couple of days: Financial Freedom through Stock Market Investing. Reserve your seat HERE
3. Debt Management: Debt Payoff Planner
At the start of my financial journey, I had student loans and some credit card debt. Enter the Debt Payoff Planner, a simple app that let me visualize and track my debt snowball. I prioritized paying off the smallest debt first (to get that motivational boost) and used the avalanche method (paying off high interest first).
Now, I’m proud to say I’m consumer debt-free (except for my mortgage) !
4. Emergency Fund & Savings: Ally Bank
Having a solid emergency fund is crucial, especially for nurses dealing with unpredictable schedules and potential burnout. I keep my emergency fund and other savings in Ally Bank, where I benefit from a high-yield savings account. That extra interest adds up over time, and since the account is separate from my daily spending, I’m less tempted to dip into it.
Just last month alone, I received $152 of FREE MONEY from intrest and just from keeping my savings in the account.
5. Tracking Net Worth: Personal Capital
Tracking my financial progress is motivating, and Personal Capital (EMPOWER) is my go-to for this. It’s a free tool that aggregates all my accounts (bank accounts, investments, and debt) and gives me a real-time snapshot of my net worth. This helps me stay focused on the bigger picture – growing my wealth while managing my career as a nurse.
6. Side Hustle Management: Kajabi & Quickbooks
Financial independence is easier when you have multiple streams of income. I manage my side hustles and host all my digital products in Kajabi. I also hired tax advisors and a bookeeper to help me with tracking my business income and expenses, especially come tax time. Whether you’re teaching, consulting, or offering wellness services, this tool simplifies the business side of things so you can focus on serving others and growing your wealth.
7. Books + Podcasts for Mindset
If you want to learn more of the resources I use to help me become better with money and in my business, check out my RESOURCES page. It also has a list of my favorite books!
How I Became a Wealthy Nurse
Now, how did I become a “wealthy” nurse?
It wasn’t overnight, and it wasn’t just about earning a huge paycheck. The key for me was shifting my mindset about money, learning how to make it work for me, and being intentional about every dollar. I used my nursing income as a foundation and took steps to create passive income streams through investing, side hustles, and financial education.
I also learned the importance of balance. As nurses, we can burn out quickly if we’re not careful. Managing my money gave me more freedom to take control of my time, avoid burnout, and prioritize what truly matters—like spending time with my family and pursuing my passions.
Financial freedom is possible for any nurse, and these tools have helped me get there. It’s not just about being rich; it’s about being in control and creating the life you deserve. If I can do it, so can you!
Stay inspired and keep growing!
