Taking Care of Yourself in a Tough Economy

I mused a few weeks ago about how this national economic downturn might be affecting nurses.

Past recessions have had few repercussions for nurses. There always seems to be a shortage—except during those years when managed care made its entry and many experienced hospital nurses were laid off to cut costs. And the experts say there is still a shortage, and that it will increase as boomers age, older nurses retire and older populations need more care.

So, in the past, nurses have had to worry little about finding work or keeping it, but this recession seems to be different.

From what I hear, it’s making inroads into the job/financial security of nurses in various ways. Certainly it’s not because there is a shortage of patients; there are plenty of those but fewer who can pay. Their health coverage has disappeared with their jobs. COBRA may be nice in theory, but who can afford the premiums without that contribution from the employer?

The number of elective surgeries is down because—again—the loss of health care insurance. And in some states, Medicaid payments are getting smaller. Here in California, hospitals are looking at huge state-mandated costs for retrofitting for earthquake safety, so some nursing jobs may be sacrificed.

This all adds up to problems for nurses and job security.

Some are losing their jobs as units shrink or close; others have had their hours cut. For some, a partner or spouse has lost his/her job, so the family is reduced to one income instead of two. If there are no nurse-to-patient ratios, hospitals stretch their staffs to the limit and beyond, so that those who are left work even harder and longer and feel the stress.

I spoke to a few nurses who have been affected one way or another, and I was surprised to hear about their coping mechanisms, which seem so sensible.

After being laid off, one nurses said she and her friends look to other friends, co-workers and family for support—a good choice, since nurses are known to be martyrs and are reluctant to ask for help.

Another nurse told me that she is educating herself on what’s happening in Congress with the stimulus package and other legislation that is supposed to improve the economy. Her research goes a long way in relieving anxiety about what the future holds, she said.

Another nurse who likes to shop has put the brakes on that, as well as cutting back on other pleasures. Her frugality goes a long way to maintaining her sanity when it’s time to pay bills.

The one thing that these nurses have in common is their proactive stance. Instead of letting the chips fall where they may, they are making the first move and controlling the nature of their lives and personal finances.

What is your situation?

Have you been affected by this economy?

If so, what are you doing about it—and what coping mechanisms have worked best for you?

Tell us about it.