As long as money has been around, finances have been a source of anxiety in human lives. If not managed properly, your finances may be a source of frustration. The purpose of Financial Wellness Month is to act as a reminder to check up on our financial health. Commemorated annually in January, its purpose is to encourage people to prepare financially for future living expenses and unanticipated costs. Nursing is a fulfilling profession that offers a stable salary. Even though nurses won't make seven figures, they can make the most of their income, make smart investments, and save their money.
Not only does your salary have to do with finances, but so do the growth and management of money and investments. How you earn, spend, and save money are all of equal importance. Your understanding of money and your degree of financial security constitute your financial well-being.
The areas where nurses need the most help with money are saving for retirement, paying off student loans, paying for their own health care, and careful spending. Educating yourself on budgeting, debt repayment, and emergency savings can help you amass wealth as you navigate your nursing career.
Increasing Your Earnings as a Nurse
The median salary of a new registered nurse (RN) in the US is around $28,000 – $50,000 per year, with licensed practical nurses (LPNs) and certified nursing assistants (CNAs) making significantly less. Travel or per diem nursing is frequently used by clinicians looking for better-paying nursing positions. The pay rates for a travel nurse or PRN nurse will depend on where they work, whether they work for an agency or find jobs through a per diem nursing app, and what kind of nursing degree they have. However, you can expect to make a competitive wage in both jobs. The average salary of a travel nurse can be very different depending on bonuses, hours worked, and what benefits (such as food, housing, and transportation) are deducted from their pay.
PRN Nursing Wages
Several things affect PRN salaries. These include the day and time of the shifts; for example, night shifts pay more than day shifts. Additionally, holidays and less popular places earn nurses more per hour. The shift location and the nurse’s nursing specialty and experience will also affect per diem compensation. Furthermore, due to the lack of benefits, PRN nurses can make more per shift than travel nurses. In fact, PRN registered nurses can earn up to $650 per shift!
Travel Nursing Wages
Travel nurses are paid a fixed sum, or per mile, depending on their commute. Staffing organizations will often provide travel nurses with 401(k) plans, health insurance, and other benefits—something PRN nurses must take personal responsibility for. Sometimes, agencies grant apartments or housing allowances. Furthermore, some agencies charge bonus hours on top of your agreed-upon hourly rate.
The bottom line is that travel and PRN nurses make more money. There is flexibility, and last-minute opportunities abound. Whether it's an unexpected life expense or saving up for a big purchase, there are always moments when we feel financial pressure and would appreciate a temporary income boost. If you're looking to boost your income, consider picking up a per diem nursing shift through Nursa.
Develop Strong Financial Habits
Create a Financial Plan
Make a solid start to the year by creating a financial strategy for the upcoming year. Compile a list of your fixed and variable expenses, anticipated income, savings goals, and potential investments. This information would show you your financial position for the entire year.
Set Up a Budget
Many people get into debt because they don't plan for the future and live beyond their means. The best thing you can do to avoid this is to create a spending plan and stick to it. Living in a more financially sustainable way helps you pay down debt and save more. Spend less on frivolous things. It's okay to treat yourself once in a while, but if you want financial stability as a nurse, you should avoid going into debt or splurging too much. Part of your budget should include paying down debts such as student loans.
Check Your Credit Reports
The majority of your potential and available funds are contingent on your credit score. It demonstrates your fiscal dependability, and the greater it is, the better loans you can qualify for. When you examine your credit report, you can determine how you can pay your debts and reduce your expenses.
The Best Way to Find PRN Nursing Jobs
Has PRN nursing caught your attention? If you are interested in pursuing a lucrative career and taking more control of your budget, Nursa is a free app that can be downloaded from the app store on any smartphone. Once the app is installed, it will walk you through creating a profile, including credentials, documents, education, and certifications that must be uploaded and verified. Once your profile is complete, you can start searching for your next high-paying assignment anywhere in the US.
The Nursa App’s Financial Features
- Clinicians receive shift reports from Nursa that include hours worked.
- You don't need to send invoices to the hospitals where you work because Nursa takes care of that for you.
- Direct deposit is used to pay nurses on time.
- Nursa pays clinicians twice per week via direct deposit. All payment information is available in the Wallet section of the app.
- Payment and tax information is easily accessible and streamlined.
- Finally, the Nursa app allows clinicians to examine all of their pay stubs, making it easier to keep track of monthly income.
If you haven't yet, download Nursa’s healthcare staffing app and take back control of your paychecks!