San Sebastian. A new roof for your home. College tuition. Paris. Whatever or whomever you may be saving for, it is possible to build a savings account while on assignment as a travel nurse. While a higher on average salary can significantly improve an RN’s ability to save while on assignment, there are a few factors to consider when attempting to save some funds. You might be sleeping on a new bed every 13 weeks, so stowing it under your mattress probably won’t be an option for you. Try these hacks to save money, no matter where your assignment takes you.
Understand Cost of Living
Not all travel nursing companies will help you understand how cost of living may affect your salary. It can be easier to save money when there’s less money going towards housing, transportation, and entertainment. One advantage to travel nurse jobs is that you have the potential to earn more than you might in a permanent position. Some of this is based on specialty and facility, but it also comes down to the cost of living in your new city. Take for example California. The Golden State continuously reigns as one of the top highest paying states for nurses, but sunny California is also home to more than a few cities with high costs of living. If you’re looking for sun and want to save money while on assignment, it might be better to take that position in Carmichael over Los Angeles.
Effortless Money Saving Apps
Saving money is hard because it takes effort. Even when the cash flow is right, the last thing you’ll probably be thinking about while adjusting to a new facility will be that you need to transfer money into your savings account. Money saving apps that link to your checking account are a great way to save your money effortlessly without even having to think about it. Apps like Simple and Mint also help you break down your spending, so you know where your money is going.
We’re not talking UberPOOL, where you share a ride with a stranger in the same direction but, you know, those pay-by-the-hour car services. Depending on your facility’s proximity to housing and public transportation, you may be better off leaving your car behind on assignment. That big city life! Instead, consider leaving your wheels behind and only renting a car when you need it. You can save on maintenance, parking, gas, and more.
As a travel nurse, we know you won’t have time to clip coupons, however, one expense that can add up is entertainment in your new city. When it comes to saving, one of the best ways to make it happen is to cut out extra expenses. Instead of cutting back on entertainment entirely, try a website like LivingSocial or Groupon. These “coupon” sites provide deep discounts on comedy club tickets, dinners out, kickboxing classes, and more. On top of savings, it’s a good way to check what attractions are available in your current city, and potentially meet new people.
Airbnb or Rent Your House
If you own your home you may trying renting it out to help cover the costs of your mortgage, and on top of housing costs that might be covered by a travel nurse agency, you’ll have extra cash flow leftover for your savings account. Another added perk to having someone in your home while you’re away is home maintenance. For example, if you live in an area that experiences harsh winters, you’ll have less worry about whether or not your pipes are freezing, or if the attic window broke in a storm. Renting short-term stays to guests through Airbnb, can be more difficult when it comes cleaning and maintenance, but plenty of people just like you may be looking for a place to crash for a couple of months.
Rewards Credit Cards
How are you paying for expenses before the travel company reimburses you? Are you earning rewards? Think about it though. With a credit card that rewards, you can charge away and as long as you pay it off, you’ll reap the benefits of later being reimbursed. Depending on your financial situation and how often you use credit cards, you may want to upgrade to a credit card that provides money back, air miles, or other benefits. One thing to pay attention to is annual fees; some credit card companies will charge a yearly fee (although quite low) at $50-100 annually.
What to speak with a recruiter about expenses while traveling, and other ways to save on the road? Contact us today! Email us or call us at 866.581.5038.