Finance Tips for Travel Nurses

As a travel nurse, you work hard for your money. Why let it go to waste? Developing good financial habits takes effort, but it’s never too late to start. Whether you’re trying to improve your day-to-day spending or create long-term financial stability, we’ve got four major finance tips for travel nurses to manage money and stress less.

Save 5-10% of Each Paycheck

Saving money seems like a straightforward finance tip, but you may be wondering – how much is enough as a travel nurse? Financial advisors recommend saving a minimum of 5-10% of your take-home pay. Early in your career, these funds can be used as a ”rainy day” solution for unexpected expenses, such as medical costs or auto repairs. Later, this money can be invested in your retirement with the help of a financial planner. No matter what your situation, a lot of worrying can be avoided if you start saving before you encounter that rainy day.

Automated Savings

No one has ever said, “Let’s have fun working on my finances." Thankfully, modern tools have made it easier to develop financial discipline.

Online banking automation allows you to set up processes that will directly deposit a portion of your paycheck into your savings account. Some institutions even offer bonuses if you regularly make savings account deposits.

Automatic deposits will help you organize your finances with minimal effort, providing you with the comfort of knowing that the money in your checking account is available for spending. If you’re not a fan of math or online banking, the staff at your local branch can help you set it up in person.

Avoid Credit Card Debt

Spending money you don’t have is a dangerous game. If you don’t have debt, keep it that way.

Credit cards can be a useful tool for making big purchases with a pre-planned repayment strategy. Figuring out how to get rewards bonuses or travel points can also let you get more bang for your buck. Letting debt accumulate, however, can only hurt your long-term financial health.

If you don’t pay the minimum balance each month, your credit score will plummet. This makes it challenging to get good interest rates on a mortgage or car loan. If you avoid paying the entire balance each month, you’ll start accumulating large interest fees. This will double or triple the original cost of your purchases.

It might be a good time to pass on big-spending splurges if you haven’t assessed your income and created a realistic monthly budget. As a travel nurse you may feel compelled to splurge in new cities, but it's key to budget for activities and outing before you're flying out to your next assignment.

Check out apps like Mint and PocketGuard to help you avoid overspending.

Make a Savings Timeline

It’s possible that hypothetical “emergencies” or retirement don’t provide you with enough motivation to follow through with your savings plan. Saving money might be easier if you’re setting aside dollars for a tropical vacation with your sweetheart or a plane ticket for a European adventure.

If you’re more interested in traveling or big-ticket items, look at the price tags and figure out how long it would take you to accumulate that much cash. The experience of meeting a short-term, fun savings goal will make it easier to make long-term plans. Even setting aside $25 a week can add up to a nice gift for yourself. It might mean cooking at home more often, but you won’t remember that when you’re packing your bags for a getaway.

You deserve to feel confident about where your money goes. Show the world your independence by paying for vacations and unexpected costs without borrowing money. Your finance efforts will significantly reduce your stress as a travel nurse.

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