The 3 biggest financial challenges nurse have to deal with
How do I deal with my student loans while trying to save at the same time?
Many of you have student loans and have to deal with paying monthly payments towards the debt. First thing you have to consider when looking at your student loan payoff options is whether or not you have a balanced financial balance sheet. That means that you have emergency savings in place that could last you at least 6 months without a paycheck. It also means that the things that could take away your wealth today should be protected before looking at paying too much towards the student loan. It means makings sure that you have adequate protection around your life; auto insurance should be set up correctly along with home and umbrella insurance. Make sure to check what coverage you have at work for life and disability and cover any potential gaps that may exist. At the same time as we you are building wealth and protecting you and your family from unexpected life events the student loans are still being paid off but maybe not on an accelerated basis. We want you to get out of debt soon but we just have to follow certain guidelines and make sure that our overall financial picture has been addressed. Look at your online student loan account and check to see what payoff schedules are available so that you can pay off your loan and save at the same time.
I don’t have enough savings; how can I boost my savings rate?
This question is very often related to a situation where debt payments take away a good portion of an individual’s monthly cash flow. The two main things that should be done in a situation where you feel you are not saving enough is to start by writing down all your fixed and variable monthly expenses so that you get a clear idea of where your money is going. Once you see that you can now figure out if there are room for savings. You also want to run a full analysis of your debt and your taxes to see if there are ways to lower your overall tax bill and to see if you can do a smart debt consolidation plan to free up money.
I don’t have enough saved up for retirement; help!
This is a common question and if you haven’t been a good saver and you are getting closer to retirement it may be too late to get to the amount of overall savings that you feel you need to enter retirement. There are though a few ways to help you increase the income that can be generated in retirement.
1: Analyze your social security options to figure out when you should take social security income. By waiting you can potentially get more income from social security. This can be a strategy to help you generate more income but it requires thorough analysis and it requires you to set up an income generating plan before social security begins.
2: Make sure that you look towards strategies and products that can give you the most income for the least amount of principle. Since you may be in a situation where you have less saved than desired you make need to look into out of the box strategies that can help boost income for your retirement years. Depending on your situations this could include spend down and replacing strategies, to help increase retirement cash flow.
Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. This material contains the current opinions of the author but not necessarily those of Guardian or its subsidiaries and such opinions are subject to change without notice.
Written By CreativeNurse Team