Are you financially savvy? Managing finances can be a stumbling point for many, but it doesn’t have to be! It’s easy when you understand ways for travel nurses to budget and keep control of their spending.
When you’re on the road, it’s important to know a few finance tips for travel nurses. This way, you can keep your bank accounts under control, your financial future secure and be ready in case of a financial emergency. Just follow these finance tips for travel RNs from MedPro Healthcare Staffing.
No matter which city you decide to call home, you can make wise decisions regarding your spending and saving. Here’s what you need to know:
- Set financial goals. Step one: have a financial plan. This will help you know what to save and what you can spend once that paycheck is in your hands. Are you saving for a new car or an upcoming vacation? How much should you be saving for retirement? You might even consider working with a financial advisor to help you set your financial goals and plan wisely.
- Track what you’re earning vs. what you’re spending. This tip may seem like Finance 101, but it can be an eye-opening exercise. By tracking what you make versus what you spend out of each paycheck, it’s easy to see if you’re living within, below or above your means—especially if you’re using credit cards. A good rule is to live within your needs, yet below your means. This way, you’ll have what you need without spending every dollar you make.
- Track all expenses. This is important for budgeting purposes, but also to prepare for tax time. Keep track of your mileage, gas and other transportation costs; meals and living expenses. If you’ve elected a tax home, you may save on certain non-taxable items.
- Take advantage of 401(k). The best travel nurse companies offer 401(k) accounts with employer matching. Always take part in these as an investment in your future—when you’re retired and relaxing on a beach, you’ll be glad you did! To learn more, check with your recruiter.
- Be on the lookout for travel discounts. This can help you live within your budget. Certain websites offer discounted prices on plane ticket and rental car costs. Joining groups such as AAA can also allow for discounted travel expenses.
- Keep an emergency fund. It’s always good to play it safe and keep a stash of extra funds in your savings account to prepare for unforeseen circumstances. You never know when your car might break down; you need emergency surgery or even need to cover your living expenses due to a job gap.
- Keep credit card use under control. It’s easy to lose track of all your swipes, so log into your credit card’s website on a regular basis to review your credit card balance. Make a plan for how to pay it down regularly, and talk to your financial advisor about smart ways to control credit card use. It’s also important to keep your identity secure.
- Pay bills online. Paper statements can get lost in the mail, especially when you’re in a new place every 13 weeks. By paying bills online, you’ll avoid late fees. Plus, many companies offer incentives for “going green” with paperless statements.
- Use a banking app. You can save time on the road by using your smartphone for banking. Your bank might offer its own app, and you can also try Digit, Mint or Billguard, among others.
How travel nurses can plan for expenses
Budget for all expenses you’ll run into on assignment. Your recruiter is a valuable resource for all your travel nurse needs and will work with you to help you prepare for each placement.
Looking for your next travel nurse placement?
MedPro Healthcare Staffing offers the best travel nurse placements, plus resources travel RNs can use for budgeting and taxes. We want every travel nurse experience to be your best yet, so we also take every opportunity to roll out the red carpet. To learn more, contact MedPro today at 1-800-866-8108 or apply below.