Yes, You Can! How to Navigate a Nursing Career Path Without a Financial Safety Net

So, you have set your sights on a nursing career and are prepared for the mental and physical challenges… but the financial challenges worry you. In the space where some people have a savings fund earmarked for education, all you can see is an empty pothole. However, even if you have no savings or financial safety net to help pay for nursing school on top of your other expenses, that doesn’t mean that you have to sacrifice your dreams. There are ways to tackle those financial challenges so you can reach your career goals. With strategic goal setting and planning, you’ll be able to enjoy and progress your tenure as a nurse.

Determine Your Career Goals

The first step in achieving your goals as a nurse is determining what your ambitions are. Setting both short-term and long-term goals can help you advance your career development, while also increasing your job satisfaction. Setting career goals is important for both your financial and professional progression and having something to work toward can prevent you from experiencing burnout as well.

While money can be a significant factor in reaching your goals, ignore that aspect when determining what you want to achieve. For now, just think about what you’d like to accomplish in the future and where you envision your career if money wasn’t a roadblock. If you’re not sure, think about your strengths and weaknesses as a nurse and what areas of practice you enjoy the most. This can also be as simple as furthering your education. Common career paths for CNAs or LPNs is getting their Bachelor of Science in Nursing (BSN) to become an RN, and those already at that level might want to obtain a Master of Science in Nursing (MSN) or Doctorate of Nursing Practice (DNP).

Alternatively, you can think about your aspirations from a lifestyle perspective and consider what kind of life you want to have in the future. For instance, your goal might be to secure a nursing position that pays a certain amount of money so you can comfortably provide for your family. Or, if you want to spend more time with your children, you might want to pursue a nursing position outside of a hospital setting and become a nurse-entrepreneur. No matter what goals you set, make sure they align with your desires for the future.

Create a Plan

Once you have your general career goals in mind, now’s the time to create an organized plan to achieve them. A popular strategy to successfully reach your goals is using the SMART goal framework:

Specific: Make your goals as clear and detailed as possible for more effective planning.
Measurable: Determine how you’ll measure your progress and success.
Attainable: Make sure you have the tools and resources necessary to achieve your goals.
Relevant: Make sure your goals align with your values and long-term vision.
Timely: Create a realistic timeline to reach your goals and give yourself deadlines to keep you accountable.

Keeping these factors in mind when narrowing down your goals will help you determine if they’re realistic and can help you in the planning process. From here, you can establish what specific steps you need to take to reach your goals and can map out how you’ll get there given your current personal and financial circumstances.

Research Your Options

One of the biggest challenges in advancing your education as a nurse is the cost. According to NurseJournal, the average cost for a BSN program can range from $40,000 – $100,000 while the cost for an MSN program can range from $35,000 – $70,000. Especially if you have no savings or financial safety net available, affording the price of additional education can be even more difficult. While tuition can be expensive, there are ways to manage the cost to get closer to your goals.

First, you should look into scholarships, grants, financial aid, and work-study programs to reduce the cost of schooling. There are several scholarship opportunities you may be eligible for based on your demographics, circumstances, organizations you’re part of, and more. If you’re currently working as a nurse, you can also ask your employer about tuition reimbursement and can research nursing loan forgiveness programs offered by the government. Additionally, consider enrolling in accelerated nursing programs to expedite the process and reduce the amount of time you’ll be in school. The faster you complete your degree, the less you’ll have to pay for tuition and other educational expenses. While these funding options are helpful resources, it’s likely that they won’t cover the entire cost of schooling. That’s where effective money management comes into play.

Organize Your Finances

If you have little to no savings, it’s crucial to organize your finances and create a budgeting plan that’ll help you reach your goals. After you’ve calculated the cost of your desired program and how much money you’ll receive in financial aid and awards, you can create a financial plan and timeline to save the money you need.

If you’re not sure where to start, begin by finding ways to cut down on costs of common living expenses and bills. Switching to cheaper cell phone plans, insurance plans, and getting rid of any unnecessary expenses like unused subscriptions can all make a big difference. Additionally, if you’re a homeowner or plan on purchasing a home, choosing more flexible payment options like a 30-year fixed mortgage can also help you save extra money which you can dedicate toward your education. This type of mortgage option lowers your monthly payments and secures a fixed interest rate for the life of the loan, meaning you’ll have more money each month to save up for schooling and can plan ahead for consistent payments.

Along with these money-saving options, you can also get a second job or start a side hustle for some extra financial support. While it may be difficult to manage another job if you’re already working as a nurse, finding ways to make money in your free time can help you reach your financial goals faster. This could be as simple as selling homemade food or crafts, or even advertising on your car, renting out an extra room in your home or selling unused clothes and items. Alternatively, you can always take out student loans to pay for nursing school, but keep in mind these will become forms of debt you’ll need to pay off in the future.