The best 5 financial tips, which help you make informed financial decision

As a nurse you spend most of your time taking care of patients making sure that they are having the best possible experience and making sure that everything they need is readily available.

But what about taking care of yourself?

One area that often gets neglected by nurses is looking at their financial plan and our 2016 nursing survey shows that a high percentage of nurses feel they would be perform better at work and feel better if they had a clearer understanding of their financial picture.

Below are 5 easy to implement steps that can help the working nurse move towards financial balance.

1)    Get financially organized by using technology and human interaction at the same time. Make sure that when you work with a financial advisor you not only use they help of that advisor but also have a technology platform that allows you to track your spending, create a budget and link all of your different accounts in one place.

2)    Create savings that are liquid and accessible without any tax penalty. We recommend having 6 months to 1 year or living expenses saved up in an account that is not correlated to the stock market.

make sure that all of your financial decisions are decisions that you understand

3)      Follow your own specific financial plan and try not listen to what your work colleagues, your family members, and the media throws at you. Very often the media presents stories fear based stories and the and very often your colleagues and your family members will have ideas that they heard from other friends and chances are that what they suggest does not fit into what you are trying to accomplish.

4)    Makes sure that all of your investment accounts are not invested the same way. You probably have different portfolios in place that are either designated for retirement, children’s college or some other future event that require a cash disbursement.  Each account should be invested to fit the time frame of when the money is needed and therefore should be invested with a different risk profile and different mindset.

5)    Focus on saving enough. Make sure you have a plan to save and make sure that you save systematically every month. Saving early and saving a high percentage of your income is much more important than trying to chase high rates of return.

And finally make sure that all of your financial decisions are decisions that you understand.  Ask yourself if you know why you are doing what you are doing.

Written by CreativeNurse Team

2016-26812  Exp. 10/17