iQuanti: Anyone who's ever been on a budget knows that it can be a real challenge to stick to, especially when unexpected expenses come up. This is especially true for nurses, who often have to juggle their income, student loans, and work-related expenditures while having demanding jobs. However, nurses can use a few tricks to help hack their budgets and make the most of their money.

Build a (simple) budget if you don't already have one

If you don't have a budget, now is a great time to build one. A budget can help you track your spending, save money, and reach your financial goals. 

The first step is to gather your financial information, including your income, debts, expenses, and savings. You can find this information by reviewing your bank statements, pay stubs, and tax returns. Once you have all your information, you'll need to categorize expenses and build a monthly spending plan. You can do this in Excel, a budgeting app, or with a pen and paper. Be sure to include all your income and expenses in your budget. Make sure to account for not just monthly expenses, but recurring annual expenses such as vehicle registration fees as well. Once you have completed your budget, review it regularly and make changes as needed.

Refinance your student loans for a lower interest rate

As a nurse, particularly if you have a graduate degree, you may sometimes feel overwhelmed by the amount of debt you have from student loans. You're not alone. Fortunately, there are options available to help you lower your monthly payments and save money on interest, including ways to refinance student loans for nurses. Refinancing for a lower rate could reduce your monthly payments and potentially save you thousands of dollars in interest over the life of your loan. Several companies offer student loan refinancing, so be sure to compare rates and terms before you decide on a lender. 

Make room in your budget for nurse-specific expenses

Nurses must often buy equipment and scrubs, which can be costly. Factoring in any work-related expenses when creating your budget can help ensure you're not overspending. Additionally, many hospitals offer discounts to nurses for their purchases. Be sure to ask about any discounts available to you before making a purchase.

If you're thinking about pursuing the next degree — whether that's a bachelor's, master's, or doctorate — saving for tuition can be challenging. Budgeting can help you understand how long it will take to save up what you need. Additionally, building savings into your budget and knowing you have a financial goal in mind can be very motivating. So, if you're trying to save up to pursue the next degree and take your career to the next level, having education expenses as an item in your budget can help you stay on track and maybe even start your degree program sooner.

See if your professional organization offers discounts

If you're looking to save a little money, it's always worth checking to see if any professional nursing organizations you belong to offer discounts. Many organizations offer savings on things like travel, office supplies, and even insurance. By taking advantage of these discounts, you can save a significant amount of money over time. Furthermore, many organizations also offer members exclusive access to events and networking opportunities. So, not only can you save money by joining an organization, but you can also gain access to valuable resources that can help you in your career.

Saving money as a nurse

By following these tips, nurses can take control of their finances and budget better for their future. Whether you're looking to pursue the next degree, build an emergency fund, or save for a different financial goal, with a little planning and effort, anyone can make their budget work for them.