Is It Time to Start Saving? EPS 214

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On this episode of RNFM Radio, Kevin and Elizabeth talk all about money. Yes, that’s right; money. With Keith not present, this dynamic duo dig into the finances here, and they want to motivate and inspire you to get straight with money.

Here are some thoughts and resources covered by Kevin and Elizabeth during episode 214:

Saving needs to be a habit that you create from as early on in your career as possible. It becomes habitual, a routine; no matter how much you make you set it up so that you don’t touch that money ever. Saving money is investing in yourself.

Kevin recommends the Bloomberg.com 401k savings calculator.

If you’re saying, “I don’t have enough money to put any away”, you can look at your expenditures and see what you can minimize, then, take that extra and save it. You can cut back; you don’t need to eliminate things you love altogether.

The use of cash to purchase things can be dangerous; cash can make you feel more flush than you are, feeling like you can spend more than you actually should. Using credit and debit cards can show you graphs of where your money is going, and you can categorize those expenses using the free service at Mint.com.

From a tax standpoint, a 401K is tax-safe haven for later; the money is in a pre-tax account. Your 401k and 403b is like free money, people!

Tax returns- don’t waste them! Take that money and reinvest in yourself. Use it as a lump sum payment for tomorrow, possible putting your return into a Roth IRA (Intuit and TurboTax can help you set up a Roth IRA.

Make it fun; saving for your future is paying down debt—you can make it a game! It doesn’t have to be hard work; see if you can pay yourself more. How can you minimize the interest you pay?

Credit card debts, car payments, and then student loans should be paid off in that order.

Use reward points on credit cards; take advantage of cashback, credits, and rewards.

Health savings accounts (HSA) can be used for co-pays, medications, etc; these are pre-tax dollars for health care expenses (daycare, too!)

This episode of RNFM Radio is sponsored by the good folks at American Sentinel University. As a fully accredited online university, American Sentinel offers a variety of courses related to healthcare and nursing, including RN to BSN, and five MSN programs: Informatics, Case Management, Nursing Education, Nursing Management, and Infection Prevention and Control. They offer an RN to BSN/MSN, a program, as well as two tracks for those wishing to pursue a Doctorate of Nursing Practice. American Sentinel also offers a certificate in Prevention and Control that assists clinicians in acquiring the knowledge they need to develop best practices for infection prevention and control. Please visit RNFMEducation.com for more information.

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