The Ultimate Monthly Spending Plan: A Guide for Nurses to Stress Less and Save More
Practical tips to create a guilt-free spending plan that works for your unique lifestyle as a nurse.
As nurses, you dedicate your days (and often nights) to taking care of others. But when it comes to managing your finances, many of you might feel overwhelmed by the idea of creating a monthly spending plan. With long shifts, unpredictable schedules, and a unique set of expenses, it can be hard to know where to start.
You might find yourself wondering, “How much should I spend on vacations?” or “Can I afford a new car?” When you’re unsure, it’s hard to move forward with confidence.
The good news is that you can bring order to financial chaos. By creating a thoughtful monthly spending plan, you’ll be able to spend guilt-free, save intentionally, and stress less about money.
In this post, I’ll define what makes a great spending plan and share three simple ingredients to make it as effective as possible for your lifestyle. Ready to take control of your finances? Let’s dive in.
What is the perfect monthly spending plan for nurses?
A monthly spending plan is similar to a budget, but with an emphasis on planning ahead and taking control of your finances. Many of us are turned off by the word “budget,” so let’s leave that behind. Instead, think of this as your roadmap to financial freedom.
This plan is designed to:
Give you clarity about where your money goes.
Prepare you for life’s inevitable surprises.
Empower you to spend without guilt.
The best part? By following this plan, you’ll have more time and energy to focus on the things you love, like that vacation you’ve been dreaming of or guilt-free splurges.
To create your perfect plan, focus on these three key ingredients:
Ingredient #1 - Visibility
The first step to creating a spending plan is gaining complete visibility into your finances. In other words, you need to know exactly where your money is going—and why.
Without visibility, you may unconsciously spend on things that don’t truly matter to you. For example, grabbing coffee every shift or impulse-buying scrubs might seem small, but they can add up quickly. If you’re not careful, these expenses can derail your financial progress.
How to get started:
Track every expense: Use a pen and paper to jot down every purchase you make over the next month. Writing it out by hand helps you connect with your spending habits.
Categorize your spending: Group your expenses into categories like groceries, transportation, and fun money. Be honest and thorough.
Transition to tools: Once you’ve mastered manual tracking, consider using tools like Excel, YNAB (You Need a Budget), or Copilot for a more automated approach.
By shining a light on your financial habits, you’ll gain the clarity you need to create a realistic and empowering plan.
Ingredient #2 - Identify Infrequent Expenses
Infrequent expenses are the sneaky ones that don’t show up every month but can throw off your spending plan if you’re not prepared. Think about costs like nursing license renewals, certification courses, or car insurance premiums.
Without accounting for these expenses, you may feel like you’re not making progress toward your goals, even if you’re sticking to your monthly plan.
How to prepare:
Make a chart: Create columns for Date Last Paid, Amount, Description, Frequency, and Amount to Save per Month. For example, if your car insurance is $600 every six months, you’ll need to save $100 per month.
Review your year: Look at the past 12 months of expenses to identify irregular costs. Add new items to your chart as you go.
Set reminders: Use a calendar or app to alert you when these bills are coming up.
For example, if you pay your car insurance bill twice a year, it might look something like this:
By planning ahead for these occasional costs, you can avoid unpleasant surprises and keep your spending plan on track.
Ingredient #3 - Zero-Based Budgeting
This is where the magic happens. Zero-based budgeting is a method where you assign every dollar of your income to a specific purpose. This ensures your money is working for you and helps you align your spending with your goals.
Why it works for nurses: Zero-based budgeting is especially helpful if your income fluctuates due to overtime, shift differentials, or bonuses. It allows you to make intentional choices with every dollar.
How to set it up:
Calculate your income: Record all expected income for the month, including base pay, overtime, and side hustles.
List expense categories: Think housing, groceries, transportation, entertainment, and savings. Add categories unique to you, like scrubs or CEUs.
Assign every dollar: Distribute your income across the categories until every dollar has a job. For example, if you’re earning $5,000, make sure your total planned expenses + money set aside for savings also equals $5,000.
Pro Tip: Don’t forget to include a “fun money” category to treat yourself. It’s an important part of avoiding burnout.
Putting it All Together
Creating the perfect spending plan takes time and practice, but the rewards are worth it. By focusing on visibility, preparing for infrequent expenses, and using zero-based budgeting, you’ll take control of your finances and move closer to your goals.
Start small. Track your expenses for one month. Add infrequent costs to your chart as they arise. And when you’re ready, assign every dollar a job in your zero-based budget.
What’s next? Download our FREE 5-Step Financial Checklist for Nurses to start building your plan today.
This checklist is designed to help you simplify your finances and take the first steps toward financial peace of mind.
Take the first step today and let your money work as hard as you do.
