Travel nursing can be an exciting career if you have the passion for it. The fact that you get the chance to travel the world, meet new people and help them improve their health in the process should be reason enough to consider this career. However, with constant travel comes constant spending. Just like any other traveler, you are bound to meet constant costs that may dent your pocket faster than you expected. In this regard, you ought to become smart with your spending. So to minimize costs and maximize your overall budget, here are the tips to help you out.
1. Put Your Money Into Savings
There is no doubt that apart from the allure of adventure, travel nurses get handsome pay. This, therefore, means you will earn enough money to cater for your daily spending and still remain with a good amount to spare. As a prudent travel nurse, cultivate the culture of saving for a rainy day. You may consider opening a savings account where your money will earn interest in the course of time.
As a travel nurse, keeping a budget on the amount of savings may be a challenge since each region will have its unique spending budget. However, you can purpose to come up with an estimate every month to put into saving. Set lower and higher limits to save each month. This will help instill the discipline yourself to save money no matter where you will be working from.
2. Track Your Expenses
Being on travel constantly can take a toll on your spending culture. In most cases, you may be tempted to spend more than you had anticipated. To avoid this, lay out a strict budget that will help you keep track of every cent that goes out all through your assignment. For better tracking, keep your budget neat and only spend on necessary things. In case of any emergencies that may need more funds than you already have while on travel, you may opt for personal loans for fair credit given competitive repayment terms.
Track and reduce your expenses when shopping too. For instance, always take your time to compare prices. With the advent of technology, take advantage of online reviews for the various locations of your assignment. This will give you the best deals possible. You can also reduce your spending by using coupons. Always be on the lookout for coupons in local guide books or online stores.
3. Choose a Good Agency
There is nothing as satisfying as getting an agency that clearly understands your needs as a travel nurse and works on meeting them. Each travel nursing agency has its terms of service. Determine your personal needs and go for an agency that offers the most favorable benefits based on your situation. Notably, some agencies may cover all of your travel needs while others may prefer to cater for part of your expenses but still offer a competitive pay package.
For even better budgeting, take advantage of your agency’s benefits. For instance, as much as you may have the liberty to plan for your own travel expenses and accommodation, you can save on this by taking up the agency’s offer for the same.
Talking of agencies, you are better off creating good relationships with various agencies as a travel nurse. This will increase your opportunities or chances of finding assignments, and you will never run out of work. What’s more, you will note that some hospitals pay for each agency differently. So by working with multiple agencies, you get the chance to compares their offerings and thus help you go for one that caters to better pay and benefits.
4. Consider Purchasing Insurance
As a travel nurse, anything can happen, ranging from health factors to other risks associated with frequent traveling. So to help cushion you against financial loss while on your assignment, go for travel insurance. In most cases, this will be provided by the agency, but if not, then you may consider including it in your personal budget. Other forms of insurance that may prove vital while on your assignment are vision and dental insurance.
5. The Tight Budget on Meals, Accommodation, and Transport
For any traveler, meals, transport, and accommodation will form a considerable part of the budget. This is no different for travel nurses. If your agency doesn’t cater to these, you may need to consider ways of minimizing spending on the same.
For food, you may be tempted to buy food or eat out while on the go. There are many ways to save money on groceries, and you can drastically reduce expenses by making your own food. In case you assigned housing does not have a kitchen, go for dry storage foods like pasta bowls and soup that microwave well.
On transportation, you can consider joining a bike or car share service instead of regular use of taxis that may blow up your budget. On the other hand, you can also opt for public transportation to reduce commuting costs. This is in addition to finding simple, comfortable, but affordable accommodation. Depending on the region of your assignments, you may see the need to seek accommodation a little further from the city as such places have favorable accommodation costs.
Travel nursing can be an exciting and rewarding opportunity. However, this is nothing if you do not have the right budgeting to help reduce your overall expenses. Remember, unlike the regular nurses, you have a unique financial situation. Your income varies from assignment to assignment and from month to month. This is because, during this time, you will be dealing with different salary scales, benefits, and bonuses. In this regard, it will make much sense if you stay alert and remain in control of your finances throughout your assignment. So before you negotiate for that contract, determine your financial standing and needs. This will help you budget and track all your spending while on the go. By preparing a realistic budget and coming up with achievable goals in regard to your savings, you will be well in control of your finances as a travel nurse.