“If you fail to prepare, you plan to fail.” This saying is most accurate in graduate school. Preparing a plan will save you a headache and potentially lower financial stress during the program. This blog post will discuss building a budget plan that can be individualized to your needs. Then, we will tackle a couple of unexpected expenses you may encounter.
Budgeting Is Crucial for CRNA School
Building a Realistic Graduate School Budget
This is a crucial step. Knowing how much you spend every month is helpful to make a realistic budget that you can stick to.
Tracking means knowing what expenses fall into two categories: fixed or variable.
Fixed expenses remain constant each month, like rent or loan payments.
Variable expenses, like groceries or entertainment, fluctuate based on your consumption or behavior.
You can adjust the categories to fit your specific situation better. This chart can be used to track and categorize your spending.
Expense Category
Fixed Expenses
Variable Expenses
Housing
Rent/Mortgage $______
Repairs/Maintenance $______
Utilities
Electricity, Water, Gas $______
Varies with usage (e.g., heating in winter) $______
Transportation
Car payment, insurance $______
Gasoline, Public Transit, Maintenance $______
Food
Groceries, Dinning Out $______
Insurance
Health, Life, Auto $______
Debt Payments
Loan Payments, Credit Card Minimums $______
Extra Debt Payments $______
Savings/Investments
Retirement Contributions (e.g., 401K) $______
Additional Savings Contributions $______
Entertainment
Streaming Subscriptions $______
Movies, Concerts, Hobbies $______
Personal Care
Haircuts, Cosmetics, Gym Memberships $______
Healthcare
Medications, Doctor Visits $______
Miscellaneous
Childcare $______
Gifts, Donations $______
Creating a Personalized Budget Plan
Creating a sample budget with the information you've learned involves applying your categorized expenses and income to develop a realistic monthly financial plan. Here's a step-by-step guide:
List Your Income
Start by listing all sources of income. Include your salary, side gigs, freelance work, investments, etc.
List Your Fixed Expenses
Identify all your fixed expenses, which are the same every month.
List Your Variable Expenses
Identify all your variable expenses, which can change monthly.
Allocate Money to Savings/Investments
Decide how much to allocate towards savings or investments based on your financial goals.
Calculate the Total Expenses
Add up your fixed, variable, and savings to determine your monthly expenses.
Compare Income to Expenses
Subtract your total expenses from your total income to see if you have a surplus or deficit.
Conclusion: Financial Planning for a Successful CRNA Journey
CRNA school is a significant investment in your future, and being financially prepared is vital to reducing stress and staying focused on your studies. By accounting for these unexpected expenses in your budget, you’ll be better equipped to handle whatever comes your way during this rigorous program.
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References
American Association of Nurse Anesthetists. (n.d.). Membership & benefits. Retrieved August 10, 2024, from https://www.aana.com
Garman, E. T., & Forgue, R. E. (2022). Personal finance (13th ed.). Cengage Learning.
Kapoor, J. R., Dlabay, L. R., Hughes, R. J., & Hart, M. M. (2021). Focus on personal finance: An active approach to help you develop successful financial skills (7th ed.). McGraw-Hill Education.
National Board of Certification and Recertification for Nurse Anesthetists. (n.d.). Certification examination. Retrieved August 10, 2024, from https://www.nbcrna.com
O'Neill, B., & Xiao, J. J. (2012). Financial behavior and problems among college students in America. Journal of Financial Counseling and Planning, 23(1), 28-44.
Siegel, J. G., & Shim, J. K. (2016). Budgeting basics and beyond (4th ed.). John Wiley & Sons.
Weston, L. P. (2021). The complete idiot's guide to personal finance in your 20s & 30s (4th ed.). Penguin Random House.
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