The 60-10-10-10-10 Plan: A Simple Formula for Financial Balance
I know, it’s not a very memorable or catchy name, but hear me out, as it has been one of the best approaches I have found to create a balanced financial life. It lets you build the life you want now while still creating flexibility for the future.
When you’re a nurse or physician assistant, your days are often filled with caring for others, leaving little time or energy to care for yourself. You want financial security, career flexibility, and the freedom to enjoy life now, not just “someday.” But between the endless to-do lists and demanding shifts, creating a clear financial strategy can feel like one more thing you don’t have time for.
That’s why I like this simple but powerful framework for budgeting: the 60-10-10-10-10 strategy. It’s designed to help you meet your needs today, prepare for tomorrow, and still enjoy life along the way.
The Breakdown
60% – Needs: Housing, utilities, groceries, insurance, transportation—everything essential to keeping life running smoothly.
10% – Retirement Savings: Investing in your future self so you have the choice to work less—or not at all—when you’re ready.
10% – Long-Term Savings/Debt Paydown: Funding bigger dreams, like a child’s education, vacation home, business launch, or sabbatical year. If you have debts apart from the home, this can also be used to help pay them down.
10% – Short-Term Savings: Creating a cushion for unexpected expenses or near-term goals, so surprises don’t derail your plan.
10% – Fun: Because joy, connection, and experiences matter now. This is guilt-free money for travel, hobbies, or that spontaneous weekend away.
Your percentages will likely vary, and these percentages are just rough guidelines. But they can be helpful targets.
Why It Works for Many High-Stress Nurses and PAs
For many of my nurse and PA clients, the biggest challenge isn’t knowing they should save—it’s knowing how to do it without feeling deprived or overwhelmed. The 60-10-10-10-10 framework helps take the guesswork out of decision-making and keeps it simple to follow.
Every dollar has a purpose, and you know that purpose ahead of time. This turns budgeting from a restrictive chore into a supportive system. It allows for current spending, but also positions dollars for the life ahead, both the dreams and the unexpected expenses.
By automating contributions where possible, you reduce the mental load and free up more energy for what matters to you, whether that’s a slower morning with your kids, an extra day off, or the confidence that comes from knowing you’re on track.
Balance Is the Goal
A financial strategy should give you more than numbers on a spreadsheet—it should give you options and the ability to say “yes” when it matters. With the right plan in place, you can create breathing room in your schedule, reduce the “what-ifs” that keep you up at night, and start saying yes to the things that bring you happiness and excitement, both today and tomorrow.
Your work is demanding, but your life doesn’t have to be on hold until retirement. A balanced approach like 60-10-10-10-10 can help you build financial security and the life you want to live—starting now.
If you have any questions on how this could look in your financial life, feel welcome to reach out!
Hi, I'm Pat! I provide financial guidance to help nurses pivot, create balance & build career flexibility. Schedule a 15-minute discovery call today.
Patrick Zimmer, CFP®
Financial Planner
2401 S 130th Circle, Omaha, NE 68144
402-558-6860
Securities offered through Cetera Wealth Services, LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity. 2401 S 130th Cir Omaha, NE 68144
The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera Wealth Services, LLC cannot guarantee or represent that it is accurate or complete.
