How Nurses Can Make The Most Out of Holiday Pay
If you’re a nurse, first responder, or hospital worker, working during the holidays is pretty much a given. Some people see it as annoying, but there’s a silver lining that not everyone realizes—the potential for some serious financial gain.
Maximizing your holiday pay doesn’t just mean extra cash for holiday fun; it could be your ticket to make real financial progress. Imagine that those holiday shifts could help you make an extra mortgage or debt payment or even fund a family getaway.
By maximizing your holiday pay, you’re not just getting by—you’re getting that much closer to reaching your financial goals. So, while those holiday hours might seem disheartening, remember, they could open doors to new opportunities and a stress-free start to the new year. Let’s see how you can make it happen!
Understand Your Employer’s Holiday Pay Policies
First things first, you need to whip out your employment contract and check those holiday pay rates. If you’ve worked at a few different hospitals, you know holiday pay varies…a lot. In the five hospitals I’ve worked at, holiday pay was usually 1.5x the regular hourly rate.
I’ve heard of some hospitals paying the nurses 2x the hourly for the holiday (wouldn’t that be nice). On the other hand, I’ve heard of privately owned hospitals paying ZIP for holidays, which is absolutely disgraceful.
Make sure to double-check the employment agreement. Since actual holiday pay can depend on various factors, understanding your specific facility’s policies is crucial. For example, at my last staff job, Christmas Day holiday pay counted from 12 AM to 12 AM, so when the clock struck midnight. Knowing that info made it easy to plan my holiday shifts.
Keep in mind that different facilities have different rules. Some only count major holidays like Thanksgiving, Christmas, and New Year’s. I also know of government-run places, like the VA or county-employed nurses (in Washington), who get paid a holiday rate on all federal holidays, even if they’re not working. So, if they’re actually working those holidays, you better believe they’re making the big bucks.
If your hospital doesn’t pay a freaking cent extra for the holidays, my first piece of advice would be to ditch that job. And secondly, you might find that the above tips won’t apply to you.
The main thing to know is that before jumping into holiday shifts, take a second to review your contract and important parts of holiday pay. It could make all the difference in your paycheck.
Ask About Scheduling Holiday Work
If you know you want to work the holidays, don’t be afraid to reach out to management and ask to work those days. Seriously, what’s the worst they can say? Plus, your willingness to work makes room for other nurses to have that day off. Talk to your manager and see what they can do.
Pick Up Overtime
Let me start by saying I know nursing ain’t easy. So, if overtime will put your mental or physical health at risk, skip the OT. But if you’re chomping at the bit to take advantage of the extra holiday pay, then pick up that OT.
To make the most money, ideally, you would pick up in the same week as your chosen holiday. And a word of advice: check your employment contract to see when OT kicks in. A lot of places only count OT after 40 hours. If you’re a staff nurse, you’re most likely working 36 hours/week, so make sure you know what you’re getting yourself into.
To put it into perspective, if your regular pay is $50/hour, and you’re eligible for overtime at 1.5 times that, you’re looking at $75/hour! So, if you can snag three shifts over a holiday week, that adds up quickly—especially if you typically work 36-hour shifts and your facility requires you to be over 40 hours for overtime qualification.
If you choose to work on a holiday with scheduled shifts, some places combine holiday and overtime pay. That means if you work over 40 hours in a week, that could translate into some serious cash—potentially three times your regular rate!
However, even though overtime can be lucrative, it can also lead to more burnout. Balancing your work and personal life is number one, especially during the holidays. Weigh your options, and if you take on the extra shifts, make sure it’s worth it in more ways than one.
In my opinion, extra cash isn’t worth it if it will cause you more mental strain.
Trade Shifts
This one might be for a specific nursing demographic, which I include myself in. This includes nurses who don’t have kids or are single. And let me say, this isn’t the only group of people that this appeals to. I’m not saying one is more deserving than the other; I’m just saying it’s more likely for the group to want to do this because it can be more manageable.
The other way to make bank this holiday season is to trade shifts so you can work all the big paying holidays. That extra cash can be used to pay for whatever you’ve had your eye on for some time: new Figs, a trip, whatever.
It’s easy to switch the holidays with nurses who have kids or families because they would usually rather be home with them. Also, switching with these coworkers will probably put you in their good graces for later when you need a favor.
Keep an Eye Out for Updates
I know you’re used to ignoring your work email or texts, but keep an eye out for any staffing updates. It’s common to see OT rates offered at a higher pay due to staffing shortages. So, this kind of ties in with working OT, but if the hospital is really short, I’ve seen 2-3x regular pay be offered to work, which is solid if you’re trying to beef up your bank account.
I see these updates a lot during the holidays because everyone is on vacation or calling out, so pay extra close attention around this time if you’re looking to take advantage of increased pay around the holidays.
Travel Nurse Holiday Pay
It’s no secret that travel or agency nurses get paid more than staff; that’s a fact. But travel nurses at their base make 2x their hourly rate for working the holidays. Many hospitals hire more travelers during the holidays to cover the anticipated shortages.
I know this because I was a traveler, and I would not even consider a contract without a good holiday pay rate because I knew I would try to work the holidays. So, consider traveling, even locally, to really take advantage of pay around the holidays.
The downside is that if the facility is overstaffed for the holidays, you could be canceled first because you cost the facility the most money.
Per Diem Holiday Pay
Similarly to working the holiday, working per diem can give you a financial advantage when picking up these shifts. Many times, per diem employees make a higher hourly rate since they probably aren’t getting benefits.
If this is a second job to your regular job, you could work the holidays per diem if your other RN job doesn’t offer holiday shifts or holiday pay.
Plan Your Finances
Okay, now that you’ve figured out how to maximize your holiday pay, Do you Have a plan for this extra income? Are you saving for something specific? Paying off loans? Whatever it is, have a plan, or else that extra money you earn will disappear into thin air.
To give you a few ideas for using this extra money, consider setting aside a percentage of it for your specific goals.
It could also be worthwhile to save or invest that money. Making your money work for you can set you up for future financial success.
Planning where your extra holiday income goes is key. Tracking your financial goals will help you feel accomplished and make sure that you’re getting the most out of your hard work. Let’s guarantee that this holiday season translates into something meaningful for your finances!
Common Misconceptions AboUt Earning Holiday Pay
Higher Taxes
“My Coworker told me they’ll tax me too much if I make more money.”
Yeah, they told me this, too, but in reality, your tax bracket is determined by your annual income. Depending on how much extra you make, you’ll get taxed more, but you will no doubt be getting more in your pocket.
Holiday Pay Is Guaranteed
Lots of healthcare workers think that because they work the holidays, they’re automatically going to get holiday pay. In reality, every facility is different, and it depends on your employment contract.
Working Holidays = More Stress
Depending on your unit, many holiday shifts can be less busy. Physicians are on vacation, and people don’t want to go to the hospital. Many nurses find companionship with their coworkers during the holidays, making it more fun and less stressful.
Side note: Thanksgiving might be the exception to this rule.
Overtime And Holiday Pay Are The Same
Some think that overtime and holiday pay will be calculated the same way. In many cases, holiday pay may have a higher rate than regular overtime.
Final Thoughts on Making the Most of Your Holiday Pay
At the end of the day, picking up holiday shifts and sliding some OT in there can benefit your financial well-being. You could work all the holidays, switch with coworkers, and keep an eye out for the extra “Can you work?” shifts from your manager.
However, If you’re already burnt out and your mental health is taking a hit, then skip the OT. Your health is the top priority.
I’d love to hear how my fellow nurses are maximizing their income this holiday season. Share your tips and experiences in the comments below. If you enjoyed this post and want to stay updated with more valuable insights and tips, be sure to subscribe to my blog.
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