Checking In With Nurse Brennan: How To Approach An Economic Downturn As A USRN Immigrant

While the world is experiencing an economic downtown, very few professions or industries are considered to be "recession proof." Fortunately for Registered Nurses, healthcare is one of those industries that is often considered recession proof (or resistant), given that the demand for acute care services does not change with economic cycles. We are fortunate to have a strong job market, with perhaps the highest demand for medical professionals over recent decades in the United States. While an economic downturn is a normal part of the economic cycle, it can serve as a good reminder to all of us the need to revisit how we approach our finances and plan for our future. During this current economic downturn, I have personally taken the following steps to ensure that I am able to pay my bills and enjoy life as a USRN immigration.. These steps include:

1. Don't Panic: As with any of the previous economic downturns, this one too shall pass. Inflation has made every day items more expensive all across the world for the time being, however, we are fortunate to be in a profession with a high demand and strong wages. 

2. Focusing On Paying Down Debt: With increased interest rates, loans can become more costly. By making even small extra payments on a loan, you can pay down the principal, saving you both money and time. I do this with both my car loan and mortgage each month.

3. Cut Costs And Eliminate Unnecessary Spending: While I do enjoy a nice meal or night out, I find myself doing a lot more home cooking now. By not ordering food as often, I have noticed that I am saving more money, while maintaining a healthier lifestyle than before.

4. Save For An Emergency Fund: It is always a good idea to keep an emergency fund for any unexpected expenses (e.g. a car repair). 

5. Consider Picking Up An Occasional Overtime Shift: While this is not necessary or required, I do find that picking up an occasional overtime shift can help pay down debt faster, contribute to funding non-essential purchases, or help me save for my emergency fund and invest for the future. Across the US, hospitals are offering overtime to address short staffing needs, while supporting the increased demands from transient respiratory patient influxes seen today.

6. Diversify Your Income. I try to put away 10% of my income for my retirement each pay check. This may look different for each nurse. However, putting away even a small amount consistently over time, can yield exponential results to help you retire comfortably. This may be in the form of opening a simple checking or savings account, or investing in mutual funds.

An important quote that was shared with me is "if you can measure it, you can manage it." This can apply to almost any situation. Including managing your finances during an economic downturn. By monitoring your spending habits (bills, loans, spending, expenses, income, etc.), you are able to make better conscious decisions about where your money goes. On average, if every two weeks you have a little less debt and little more money put away for your future, you are doing great!

***This blog post is not meant to offer any financial advice. It is simply a list of steps that I have personally taken as a USRN immigrant that I have found success with. I hope it is able to generate some conservation and thought into how you too will approach this economic downturn, and the steps you can take to secure a strong financial future for both you and your family!***