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8 Ways Nurses Can Increase Their Annual Income

8 Ways Nurses Can Increase Their Annual Income

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The thing is, a career in nursing is not for the faint of heart. As a nurse, you’d agree to that—wouldn’t you? 

In your role as a bedside nurse, you are on your feet for 12 hours a day—even more on some days. Just having enough time to drink water or use the restroom is a challenge. Even taking a real lunch break is a luxury you can’t afford. But none of that seems to matter as long as you’re making a difference in your patients’ lives.

The emotional rewards of nursing are immense. But does the paycheck match the hard work you put in? Most certainly not. Registered nurses receive about $93,990/year—that isn’t a lot, sadly. Your wages are barely enough to cover the rising expenses of everyday life. 

The good news, however, is that there are plenty of ways you can boost your income as a nurse without completely burning out. Want to know about them? Dive in! We’ll explore some practical ways you can amp up your earnings as a nurse and achieve financial stability. 

 

1. Optimize Work Hours and Schedules

An easy way to make more money without overwhelming yourself is to optimize your shift schedule. Many hospitals offer shift differentials. That is, you get extra pay for working more hours than your assigned shift. 

According to Forbes, the bump in pay in shift differentials is typically 10% to 15% for working during less desirable hours. 

Swap a few of your day shifts for night shifts, weekends, or holidays. These are some of the highest-paying slots. Working during these hours will give your income a nice boost without drudging extra hours. 

Or you could compress your work week and work 12-hour shifts instead of eight hours. The days will be longer, but you’ll have more days off. You can either rest or pick up additional shifts elsewhere.

If you opt for the latter, search for hospitals that offer better pay for specific shifts. This will allow you to boost your income without stretching yourself too thin. 

Just be careful to avoid burnout. Plan your working hours strategically. Otherwise, it will be impossible to sustain this approach in the long term.

 

2. Pursue an Advanced Degree

 

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Moving through the levels of nursing education can help you pocket more money. 

An advanced degree can open doors for you. If you hold an Associate Degree in Nursing (ADN), pursue a Bachelor of Science in Nursing (BSN). 

A BSN degree won’t just open doors to leadership roles. But your earning potential will also increase. RNs with an ADN degree pocket $75K/year, on average. Those with a BSN, however, earn significantly more, about $92K/year. 

Enroll yourself in a Master of Science in Nursing (MSN) if you already have a BSN. It will qualify you for specialized positions like Clinical Nurse Specialist (CNS) or Nurse Practitioner (NP). Nurses in these positions receive a handsome sum every year. The perk doesn’t end there—you’ll enjoy more autonomy in patient care. 

If you’re aiming even higher, acquire a Doctor of Nursing Practice (DNP). The degree will position you as an expert in your field, leading to opportunities in advanced clinical roles like Family Nurse Practitioner (FNP).

The average salary of FNPs is $115,105/year. You can earn an extra $20,625 annually if you work overtime. 

To become an FNP, enroll yourself in the DNP-FNP program. These days, universities offer both on-campus and online programs. 

Opt for the latter if you’re a working individual. The online DNP FNP program will allow you to obtain your degree at your own pace while balancing your professional and personal commitments. 

The online DNP-FNP program, Baylor University explains, prepares nurses to be holistic caregivers through an advanced curriculum that covers an in-depth study of pharmacology, informatics, and other disciplines. You can complete the program in as little as 24 months. 

 

3. Tutor Nursing Students

Nursing school is not easy, and you know that. Why not use your knowledge and experience to help aspiring nurses succeed in their studies? 

Tutoring nursing students can be lucrative. Expect to make $21 at the start; once you gain experience, you can earn as much as $43/hour. 

As a nursing tutor, you can guide students through challenging coursework, brush up on basic clinical skills, or help them prepare for exams like NCLEX. 

The good thing about being a teacher is that you can work as much or as little as you want. Can’t dedicate more than two hours? No problem. Working hours are generally flexible. Even teaching for ten hours a week will boost your income. 

Kick off this side hustle by offering your services locally. Work with a local nursing school. Or you can distribute flyers in your area to spread the word about your tutoring services. This will help you connect with students directly.  

Also, create a profile on online tutoring platforms like Skooli. That will allow you to reach a broader audience. A significant upside of signing up on these platforms is that you can teach students remotely at a time convenient for you.

 

4. TeleHealth Nursing Services

In an interview with SIA, Scott Armstrong, the vice president of client growth at Medical Solutions, revealed that he is witnessing a rise in telenursing. More and more healthcare systems, he added, are transitioning to this model. 

If the idea of working on your feet for 12-hour shifts doesn’t appeal to you, give telenursing a try. 

Your role as a telenurse will be similar to that of a bedside nurse—except that you will do everything online. Besides providing care to patients, you will answer their queries and offer guidance on managing chronic conditions. 

Virtual nurses working at Jefferson Health also handle admission and discharge paperwork along with care consultation and electronic health record documentation. You could also—perhaps—have to do that. 

Telenurses earn $29/hour, on average. But if you possess a good amount of experience, you could make $43.51/hour. 

Compensation aside, telenurses enjoy flexible working hours. That makes it easier to balance this role with other job commitments. 

 

5. Freelance Writing or Guest Blogging

 

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Have a knack for writing? Get into freelance writing and supplement your income by sharing your nursing expertise. 

A wealth of health-related articles you see online are written by writers who don’t know the ABC of healthcare. Your knowledge and experience in nursing can set you apart, allowing you to create accurate, insightful content that stands out. 

You can write for health magazines, educational institutions, and medical information websites. 

Before you begin, identify your niche in the healthcare vertical. Health and wellness, healthcare education, and medical technology are popular niches you can consider. 

Bear in mind that bagging a gig with no portfolio can be challenging. To showcase your writing skills, contribute to platforms like Medium or start a blog. This will help you build up samples. 

Don’t forget to market yourself. Join freelance job boards or platforms like Upwork and Freelancer to find opportunities. You can land a gig there by connecting with healthcare publications or websites that need content writers. 

On average, nurse writers get paid around $25.06/hour. But once you gain enough experience, you pocket as high as $54.07/hour. 

Alexandria Jones-Patten, an African American RN with a PhD in nursing, is a great example of a successful nurse writer. She leverages her expertise to create compelling health content and has built a thriving freelance career. 

 

6. Travel Nurse Opportunities

Imagine a job that allows you to hop from one state to another—sounds like a dream job. Travel nurses do exactly that. 

Justin Shaw, known as Hillbilly Travel Nurse on Facebook and YouTube, is a prime example. The Newell man has traveled the country and done stints in South Dakota and Wisconsin. He acknowledges that he is compensated well. 

If you’re looking for a non-bedside nursing job, the role of the travel nurse might fit the bill. 

As a travel nurse, you will fill up gaps in staffing at hospitals or clinics. That is, you will have to take short-term assignments in various locations. 

The pay of a travel nurse is extraordinary. Often, they exceed the earnings of traditional nursing roles. The average base salary of travel nurses, according to Indeed’s research, is $49.05/hour. On a weekly basis, you can make around $2,094—hard to believe, right? 

Last year, Aspen Tucker, a 29-year-old travel nurse, told CNBC that he earns about $187,000/year while working only nine months a year. That’s convincing enough, isn’t that?

Good pay isn’t the only benefit. You might even receive other perks like housing stipends, travel reimbursements, and health insurance since many agencies offer them. 

Another plus point? You can choose assignments based on your preferences. That is, you can decide if you want to work in a bustling city or a quiet town.

 

7. Per Diem Shifts

Working a 12-hour shift yet unable to make ends meet? Then, it’s time to work smart, not hard. 

Take on per diem shifts. You will receive more pay than you would while working as a full-time RN. 

Dr. Nickesha Francis, DNP, revealed that she earned between $55 and $65 per hour during her first year as a per diem nurse plus night shift differential. 

As a per diem nurse, you will fill immediate staffing needs, sometimes at short notice. That means you are not tied to a regular schedule. You can pick up shifts at any time or location you want, depending on your availability. 

Want to work night shifts or on weekends? No problem. Want to try out different healthcare settings? Alright. 

There is no denying that per diem shits offer great flexibility and higher pay. But it lacks the stability of a full-time position. Hence, manage your schedule and finances wisely. 

 

8. International Nursing Opportunities

Nurses are underpaid at work in the U.S. But there are several countries that offer attractive salaries to nurses—consider moving to those nations. 

McKinsey & Company’s most recent survey has found that a third—or 31%—of nurses intend to leave their current jobs. Inadequate compensation is among the top factors influencing their decision to quit their jobs. 

According to nurse.org, Switzerland ranks first among countries offering the highest salaries to nurses. If you move there, you can earn CHF 94,012 ($110627.13) yearly, on average. 

A close second is Luxembourg—one of the smallest countries in the world. The median salary of nurses in the country is €91,750 ($101489.26).  

Even countries like Australia, New Zealand, and various locations in the Middle East actively recruit foreign nurses and often provide packages that make the transition easier.

Leaving aside financial rewards, working as a nurse in a different country will allow you to experience different healthcare systems, cultures, and ways of life. That can be incredibly enriching both personally and professionally.

You don’t have to work yourself to the bone to make more money as a nurse. There are several smart ways that can help you boost your income—we’ve discussed some of them here. 

The opportunities to amp up your earnings are plentiful, but success comes from choosing the right path. Consider your goals and lifestyle when deciding on a path—trust us, you won’t go wrong. 

Advance your career. Change your life. - HospitalCareers