Personal Finance Tips for Travel Nurses
As a travel nurse, you have the opportunity to pursue your passions for traveling and nursing – and make good money while doing it! Travel nurses can also have numerous costs associated with relocating and these expenses can add up quickly. It can be overwhelming to keep track of it all, so what can you do to stay on top of your finances? Here are 5 personal finance tips to help travel nurses manage their money and help you to achieve financial freedom!
Establish Your Financial Goals
In order to determine your financial goals, ask yourself this question: “What do I want to do with my money?” Are you saving for a big purchase like a house or a car? Do you have family members you are providing for? Do you have student debt that you want to pay off? Many of our nurses have a passion for travel and like to have extra income for trips and outings, so ask yourself what you want to prioritize when spending your money. Once you have a clear idea of how you want to use your money you can start saving and planning.
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Figure Out Your Monthly Expenses
To achieve your financial goals, you’ll need to figure out your monthly expenses in relation to your income and budget accordingly. Chances are you probably have both fixed and flexible expenses so it’s important to understand the difference. Fixed expenses like rent and car payments are expenses that stay the same month to month, whereas flexible expenses like food and utilities can vary from month to month. As a travel nurse, it’s important to factor in unique expenses like licensing and certification fees, or transportation costs. Once all your essential expenses are paid, what’s left over is called discretionary income, and you can use it for whatever your heart desires. Sticking to a budget will help you stay organized and relieve anxiety because you’ll always know that your essential expenses are taken care of.
Things to Consider When Looking at Pay Packages
When you’re searching for contracts, ask your recruiter about high-paying gigs and jobs with elevated rates. Spend some time researching the cost of living in the areas you’re thinking of traveling to and see where you can get the most bang for your buck. Additionally, you can look for cross-training opportunities to gain new skills that will make you more marketable for specialized units.
Use Budgeting Apps to Stay Organized
There are a bunch of useful apps that can help you stay organized and on track with your budget and financial goals. Mint and NerdWallet are both free to use and have a five-star rating on the Apple app store. Other apps like YNAB and Personal Capital are highly rated but charge a fee to access some or all of their services. These apps will help you track your finances with personalized insights and features like spend tracking and subscription monitoring so you can start working towards your financial goals. We hope you find these tools useful to help you achieve your goals!