Travel nursing is a demanding profession that leaves you little time to manage personal finances and long-term financial goals. However, managing your money is crucial. Travel nurses must take time to focus on financial concerns or suffer the consequences. There are budgeting and financial considerations for travel nurses. Here are a few of them.
Establish a Budget
One great way to save money as a travel nurse is to know where your money goes. A comprehensive budget can show you where your money is going. A budget allocates a category for every purchase you make. Your list might include food, housing, internet, cellphone, entertainment and transportation expenses.
It is prudent to make savings a priority in your budget. Savings give you a safety net as you transition from one assignment to the next or if you are off work for an extended amount of time. Also, adjust, so your spending aligns with your needs and lifestyle goals.
Take Assignments That Allow You to Stay on Budget
There are many travel assignments available for nurses. Be sure to choose a position that allows you to stay on budget. Taking a job in Hawaii is fantastic, but make sure your salary will compensate for the higher cost of living. To choose an assignment within budget, consider these tips:
- Research the cost of living in the assignment location.
- Ensure that your compensation package will cover basic expenses.
- Remember that a longer-term contract can get you a discount on housing.
- Use per diem for meals and entertainment.
- Take budget-friendly accommodations in hostels or vacation rentals.
Establish Spending and Saving Goals
Without financial goals, it is easy to overspend on unnecessary items. Spending and saving plans are crucial for any budget. Financial goals are vital for travel nurses. Your spending goals might dictate how much you spend on items like restaurants, shopping and entertainment. For savings goals, consider how much you can save from each paycheck. How much will you put into your savings each week? Set a plan to save 10% of your monthly income. Regardless of your dreams, ensure they are clear and specific so you can track progress and adjust.
Plan for Time Off Between Assignments
After a long and challenging travel assignment, you deserve time off! Take caution because this can be more expensive than you might think. Plan and save money while you are unemployed. Consider these tips:
- Ensure enough money is available to cover expenses between assignments.
- If possible, schedule your time off to coincide with slower times of the year for travel. You might find more affordable housing and transportation options.
- Use a little creativity with your housing options. You may wish to consider staying with family or friends, renting an RV, or house-sitting while someone is out of town.
Taking time off between assignments is crucial for your health and sanity. However, it might be difficult to afford if you fail to plan.
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