Managing Money as a Travel Nurse

Managing Money as a Travel Nurse

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It’s no secret that travel nursing is a very demanding profession. It can be mentally and physically taxing, and travel nurses earn every penny they are paid. While we all like to picture ourselves as Scrooge McDuck diving head first into a mountain of gold coins, the reality is that managing finances as a travel nurse can be a difficult task. The good news is, it doesn’t have to be. Understanding how to maintain a budget and track spending habits is important as a travel nurse. Here’s what you need to know.

Set Financial Goals

Having a financial goal is key to properly managing your money. Maybe you’re trying to pay off some debt, saving up for a new car or putting money aside for a vacation. Regardless of your reasoning, it’s important to be able to put money aside and properly save. Speaking with a financial advisor can be beneficial, as they can assist you in setting goals and help you manage your finances.

Utilize a 401(K) Plan

401(K) accounts are crucial for helping people save money towards retirement. There are several different routes to take when saving for the future. If you aren’t sure where to begin, many travel nurse agencies offer 401(K) accounts, and some include employer matching. If you don’t have access to a retirement plan, consult with a financial advisor that specializes in travel nurses. They will help you 

Take Advantage of Discount Programs

A great way to save money while traveling is to utilize different discount programs.  There are several websites that offer discounted plane tickets, rental cars, and lodging when you are en route to a new assignment. If you find yourself needing some new goodies while you’re on the road, offers hundreds of deals for nurses from popular brands such as Adidas, Yeti, and Reebok. The key is having the ability to save money whenever, and wherever you can. 

Keep an Emergency Fund

While travel nursing offers more freedom and flexibility than a traditional staff gig, it can also lack consistency in work. Sometimes contracts can fall through or get canceled at the last minute. It’s always a good idea to have an emergency stash of cash put aside in case of emergencies. You never know when it might come in handy!

Use a Budget Tracking App 

Tracking your spending while traveling can help you properly allocate your funds while on assignment. These apps can also help you keep tabs on paying bills on time, as well as putting away money for savings.

Budgeting for expenses on assignment can be a hassle, but there are several ways to take control of your finances and get the most out of your paychecks. If you’re looking for your next high paying travel nurse assignment, Squad Medical Staffing has thousands of jobs available across the country. Get started on your next adventure and apply today!

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