How to Save Money on a Nurse’s Salary

Nurses perform a valuable service in hospitals, doctor’s offices, schools and other places where on-site medical care is needed.

Being a nurse often means long hours in a high stress job. In return, registered nurses earn a median annual salary of $71,730, according to the Bureau of Labor Statistics. That sounds good, right? After all, it’s more than the median household income of $61,372.

But, there’s more to the story. Namely, 76% of nurses owe undergraduate student loans, while 69% owe graduate school loans. Among nurses who attended graduate school and used loans to finance their education, the majority owe between $40,000 and $54,999.

When you couple this student debt with other bills that go along with a nurse’s daily life, saving money can be a struggle.

So, in honor of National Nurses Day, we’ve put together a how-to guide to saving more money on a nurse’s salary. Take a look.

Set up direct deposit into a savings account

Your employer might offer direct deposit for your paycheck, which is great for convenience. But if you’re dumping all your money into your checking account, consider funneling some of that into a separate savings account each payday.

“Savings accounts are good for nurses because unexpected expenses can really obstruct financial plans,” says Sandy Griffin, a licensed practical nurse and quality assurance coordinator at Hospice of South Louisiana.

“Money set aside in a savings account can cover these expenses, plus provide for your future,” she says.

Griffin says saving money in a retirement account through your job is also a no-brainer. At the very least, you should be contributing enough to get the company match. Otherwise, you could miss out on free money. That’s a mistake 25% of workers make.

Pro tip: Setting up direct deposit into your savings account can keep you on track so you don’t spend the money right away. To determine how much to save, go over your monthly expenses to see if there’s anything you can trim down. Also, pick a set percentage or dollar amount you’d like to save regularly. It doesn’t have to be much to start. The key is to commit to saving consistently.

Be savvy about shopping for nursing supplies

As a nurse, there are certain things you need. Scrubs and quality footwear, for instance, can be big out of pocket costs if your employer doesn’t offer any reimbursement.

Griffin offers some tips for saving money on these items:

• Comparison shop to find the best prices
• Wait for sales to buy
• Buy in bulk as much as possible

You can also look for coupons and promo codes online through sites like RetailMeNot and Coupons.com. Using a cash rewards credit card to pay for uniforms can also save you money. The trick is to pay your balance in full to avoid interest charges.

Ben Huber, BSN, RN and co-founder of finance blog DollarSprout, says you should plan for these costs and save throughout the year.

“Employers generally won’t provide a subsidy or stipend for uniforms or other healthcare-related clothing,” Huber says.

Pro tip: If you’re going through a pair of scrubs and/or shoes every few months, “it may be wise to consider stashing away a few hundred dollars each year in a fund specifically for uniform replacement.”

Meal plan on the job (and off)

When you’re working crazy hours as a nurse, fitting in regular meal breaks isn’t always easy. Huber says it’s tempting to hit the vending machines when you get a craving, especially if you work in a high-stress environment. He has a simple solution for curbing impulse eating while you’re at work.

“Sit down for meals prior to coming on shift and pre-pack the meals you plan to eat,” Huber says.

Pro tip: You can save more money by planning out meals and snacks for the week or the month. Base your meals around what’s on sale each week at the grocery store. Shop with a list and stick to it. And consider using money-saving apps like Ibotta to earn cash back on your supermarket trips.

Consider whether grad school is worth the investment

Getting an advanced degree can mean landing a job with a higher salary, which can help you save more money. The downside is that it can mean more student loans, so you need to weigh the financial pros and cons first.

“If you’re a nurse considering an advanced degree, think about the specific ways higher education will actually pad your pockets,” Huber says.

“Aimlessly pursuing a BSN, MSN or other advanced nursing degree is the recipe for a lot of debt without the potential payday down the road to justify the expense.”

Before you make a decision on grad school, spend time researching median nursing salaries in your state. Then, consider how you’ll pay for a degree.

Pro tip: Ask if your employer offers tuition reimbursement or student loan forgiveness as this can really help.

Start a side hustle to save more money

A side hustle can boost your income, giving you more money to save. And it’s an alternative to piling up more student loan debt if you’re considering going back to school to earn an advanced nursing degree.

“Starting a business takes less discipline than nursing school,” says David Sanchez, a registered nurse who runs two side businesses. But, he says, running a side gig requires more passion, personal sacrifice and willingness to take risks.

If you’re thinking about launching a side hustle to supplement your nursing salary, first ask yourself how much time you can put into it. You may only be able to dedicate a few hours a week if you’re working long rotations.

Then, brainstorm ideas for things you can do in your spare time to make extra money. For example, if you’re a good writer you can try freelancing for medical blogs or websites. Or you might want to do something that’s not nursing-related, like dog-sitting or selling on Etsy.

Pro tip: Pick something you can make time for, something you’ll enjoy and something that will help you earn more money.

You can indeed save money on a nurse’s salary

If you’re a nurse, finding ways to save money can be challenging but it’s not impossible.

These tips can give you a good starting place to help you increase your savings. Are you ready to give saving more money a try?