“Paycheck to Paycheck.”
For context:
My last blog, “Pancakes for Dinner” was my story as an LVN single mom with 3 kids in the late 1990s. I went on to earn by RN and later MS in Forensic Psych.
This blog, “Paycheck to Paycheck” is focused on the struggle of healthcare workers and inflation today. This is not a story on poverty since healthcare salaries, especially for registered nurses in the U.S., have improved significantly since the 1990s.
Then why are some nurses living paycheck to paycheck?
Two recent stories…
Nurse shares struggle
Many of you have seen the TikTok video that went viral of a nurse in tears while describing her family’s financial struggle. Although her and her husband both had good jobs, after paying bills each month, she was left with $200 until the next paycheck.
Inflation
Another story of a nurse living out of his SUV camper while going to nursing school and then continuing to work as a nurse, parking in hospital parking lots, received over 800k views.
Both stories and many more from my friends in my healthcare community speak to the financial challenges of healthcare workers.
A 2024 survey found “66% of healthcare workers live paycheck-to-paycheck” and although the number surveyed was only 300 healthcare workers, it speaks to the issue of risk and reward (Everee, 2024). There are maybe only a handful of careers that combine saving people’s lives while risking your own extreme burnout, secondary trauma or mental health, all while making a starting salary that may only be $3.00 or $4.00 above minimum wage for a fast food worker. Military and firefighters are a couple of others in this category.
Consider that this same recent survey stated that 72% of the healthcare workers felt underpaid for the work they performed. But is it really about pay or is it about being valued and recognized?
I hope most of you reading this blog have organizations, supervisors and peers that value you. I hope your family understands your sacrifice. I hope you still love your career as much as you did when you started school. I truly hope this for you!
If not, consider how you can change your situation. I have many blogs about readiness for change, alternative careers and tactical steps to make a move.
However, if your challenge is more of financial awareness versus career satisfaction consider these resources:
How to get out of debt, start saving and a free “my money list” spreadsheet for sharing your email on Tiffany Aliche’s website. The Budgetnista.
With a mission dedicated to all women having financial knowledge and confidence to achieve financial empowerment, I especially love the financial roadmap section on caregivers! Savvy Ladies is a 501(c)(3) nonprofit organization providing free financial education to all women.
I have listened to Suze Orman since the 1990s and Oprah days. Download her podcast and listen while on a walk!
Top 9 Student Loan Forgiveness Programs for Nurses as of July 2023.
Blog 2024 blog Survey Reference:
Everee. (2024, January 16). 2024 Healthcare Staffing Report. https://www.everee.com/blog/2024-healthcare-staffing-report/