There are many different ways to optimize your finances as a travel nurse. The location, overtime opportunities, tax breaks, and more details around your assignment all play a factor in your pay at the end of the day. If you have set financial goals for 2023, whether it be saving a certain amount of money, paying off debt, or increasing income, this blog will help you maximize your income as a travel nurse in 2023.
Assignment Selection
Travel nurses have the unique opportunity to earn a higher income by working at various hospitals and medical facilities across the country. Depending on the facility and geographical location, pay can vary for similar specialties. If a goal of yours is to increase your income in 2023, chat with your recruiter and ask them to send you high-paying assignments.
You can also research assignments across the country and choose travel nursing assignments that offer higher pay rates. Some hospitals and medical facilities are willing to pay more for temporary staffing, especially in high demand areas or during peak seasons.
If you are researching, be to look for assignments in cities with a higher cost of living, as these are often accompanied by higher pay rates. Communicating about your goals and geographic boundaries with your recruiter will help you find the perfect match.
Take Overtime
Many travel nursing assignments offer overtime pay while you are on your assignment. If you are willing and able to take on extra shifts, this can significantly increase your income.
Before committing to overtime, consider the impact on your work-life balance and make sure you are comfortable with the additional hours. Although it can be financially rewarding, it could be more difficult to balance with your lifestyle.
Take Advantage of Tax Deductions
As a travel nurse, you may be eligible for various tax deductions related to your job. These can include deductions for travel expenses, housing, meal stipends, and more. While planning your assignment, keep records and consult with a tax professional to maximize your deduction opportunities.
Some common deductions for travel nurses to keep track of include the cost of transportation to and from assignments, temporary housing expenses, and professional license fees. Keeping itemized receipts can help reduce your overall amount of taxes owed for the year.
Pick Up Per Diem Shifts
If you enjoy spending time at home in between travel assignments, talk to your recruiter about possible Per Diem opportunities. Picking up these shifts based on your schedule at local facilities or clinics is a great way to maintain financial momentum even in your time away from raveling. Per diem shifts are typically paid at a higher rate than regular full-time or part-time positions, so you can still benefit from a local shift.
Refer a Friend to Gifted
If you refer an RN friend to Gifted Healthcare, you and your friend will both receive a $500 bonus after they work 120 hours with Gifted. Not only will Gifted recruiters help you and your RN friends find the perfect opportunity to meet your goals, but the bonus is an additional chance to meet your 2023 financial goals.
Meet Your Goals
By following these tips, you can significantly increase your income and take advantage of the unique earning potential that this field has to offer you. If you ever have questions about your compensation or financial goals, your Gifted recruiter would be happy to assist.
