Nurses’ finances: could you be earning more money?

How can you make your money stretch a bit further, plan for retirement and feel in control of your finances?

Times are tough financially for many nurses at the moment, with pay not rising as fast as the rocketing cost of living.

This episode hears from money mentor for women and NHS GP Nikki Ramskill who shares information on how nurses can get to grips with their money and make it work for them better.

Known as the Female Money Doctor, Dr Ramskill is on a mission to improve women’s money management skills.

She advises knowing exactly what money is coming in and out, how to reduce unnecessary costs and check pension statements to fully understand the current financial situation.

She tells podcast host health journalist Erin Dean that nurses should consider expanding their horizons outside of the NHS to earn more, and consider ‘side-hustles’ that can bring in extra money.

Nurses need to try as hard as possible not to come out of the NHS pension as it is such a good plan, she says.

‘Unfortunately, what you are doing is robbing your future self,’ she says. ‘Women have already got a massive gap in their pensions.’

Dr Ramskill shares her four top tips with nurses:

• Know your numbers. Get clarity on where your money is going and look at your NHS and state pension statements
• Review your expenses regularly to get rid of unnecessary costs
• Don’t assume that someone else will do a better job than you on your finances
• Know your worth – think about making more money, potentially outside the NHS.

Find out more about Dr Ramskill: https://thefemalemoneydoctor.com

For more episodes of the Nursing Standard podcast, visit rcni.com/podcast

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