Financial Tips for Nursing Students Preparing for Exams

“Preparing for the nursing exams is a process that can be both stressful and costly. Nursing fees in Canada can be expensive for both Canadian nurses and foreign-qualified nurses working towards becoming licensed practicing professionals in Canada. Here are some financial tips for nursing students preparing for exams. The financial advice that we put together for nurses will help you during your licensing journey and beyond.

Understand the Expenses

Conduct research and make notes of the expenses that are associated with preparing for your respective exam.

Research Available Scholarships

Nursing in Canada fees can be high, therefore, as a nursing student, you should explore financial aid options to help cover study nursing in Canada fees.  Look at what scholarships are available for you to apply for and their eligibility requirements. Take note of when applications open as well as deadlines.

Apply for Nursing Scholarships 

Consider applying for scholarships that you are eligible for. Here are some scholarships for Canadian nurses to consider:

• Scholarships through the Canadian Nurses Foundation
• Educational Trust Fund
• The Nursing Education Initiative
• Registered Nurses Foundation
• Scholarships through the Begin program
• Scholarships through the RNFOO

Learn to Manage Your Money and Develop a Budget 

• As the costs of living continue to rise, it becomes more important than ever to develop a budget.
• When you build your budget, think about all the essential things you need, from basic needs to school needs.
• Monitor your income and spending.
• Develop a list of needs and non-essential items and build a budget accordingly.
• Prioritize things like rent or house payments, food, school supplies, etc.

Limit Spending on Things that You Don’t Need

• If you are on a tight budget, avoid spending your money on things that are not essential.
• Occasionally reward yourself by buying something that you want, but remember to stay within your budget.
• Avoid exceeding your budget.

Monitor your Spending 

• To ensure that you are not overspending and that you have enough money to comfortably afford the things you need, monitor your spending to make sure that you are on track and that you are making progress toward meeting your financial goals.

Set Financial Goals 

• To remain motivated and focused, set financial goals for yourself.
• Financial goals will help you stay on track and monitor your progress, spending, and income.
• Like any goal, financial goals can be short-term or long-term. An example of a long-term goal is saving money over a few months to buy a laptop to use for studying.

Work Part-Time Jobs

• Studying for your exam while simultaneously working to be able to support yourself can be challenging and stressful. As you prepare for exams, you have to find the right balance between studying and working.
• Working in part-time jobs allows you to focus more on studying as you work to support yourself.

Save for Emergencies 

• As a nursing student, you never know if unexpected expenses will come up during your journey to becoming a nurse. It is important to set aside money for emergencies to avoid falling into debt.

Take Exam Nursing Readiness Courses  

• Think about taking exam preparation courses. Exam readiness courses will increase your chance of passing your licensing exams for the first time, eliminating any further expenses associated with retaking a licensing exam. Check out Prep Nursing’s Readiness NCLEX course.You can book a free consultation with our experts as well to have a clear understanding of the exam and finances.

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