How I Save Money As A Travel Nurse
Saving Money!!! Financial freedom was one of my biggest motivators for travel nursing.I prioritize jobs that have a good work life balance that has a combination of adequate pay and things to enjoy in my free time. For that reason I’ve worked a lot of jobs in California, which is one of the highest paying states, that also offers natural beauty and fun cities to explore. Considering pay rates vary for travel nursing I would research which states are paying the most during your job search if that’s your priority.
It is important to note that the best time to find a higher paying contract tends to be around the winter months when the census is high. That being said, sometimes contracts can have start dates inconveniently before the holidays so you would have to work during those times. Most hospitals will have start dates in the beginning of January but make sure you are looking well ahead of time since those are popular dates to start contracts. If you want to maximize your pay I recommend taking off time during the summer when the census and pay is lower!
How I save money for the long term as a travel nurse:
Every dollar app- This is one of my go-to’s for budgeting money. You can still get all the amazing features with the free version. It helps you divide up your money so you can have an idea of how much money you’re spending and what you can realistically save. It is very important to have a budget and not get caught up in lifestyle inflation!
screenshot of what the free version of Every Dollar looks like from the app
High yield savings- if you are hesitant about putting your money in the market, this is a safe way to accrue interest with low risk. That being said, your profits will be lower than a risky investment but it's so important you have your money in an account that’s accruing interest. I’ve been using Marcus Goldman Sachs high yield savings account because they had one of the highest interest rates at the time I was looking for one. I would do a quick google search to see which high yield savings account has the highest returns and consider opening one if your bank doesn’t offer you a good rate.
Roth IRA- I always contribute my max ($6,000) every year. Since I change companies often and don’t have the opportunity for 401K matching, I try to contribute to my retirement portfolio as much as I can. I’m currently using Fidelity for my Roth IRA because of the convenience of having my old 401K accounts through this company.
Plan for extra savings in between contracts- My biggest piece of advice would be to make sure you have a comfortable amount of savings if you are nearing the end of your contract and plan on taking time off or you can’t find a job right away. You want to have flexibility when choosing your next contract and not having enough money saved might default you to picking a hospital or location that you didn’t want. I typically try to have $5,000-10,000 saved if I don’t already have my next contract lined up!
Consider taking contracts in states that pay more- It’s no secret California is one of the highest paying states in the country for travel nurses. I know you can still find similar contracts across the country with lower cost of living so you have to consider all those factors. Unfortunately there’s not a collective website that could tell you pay everywhere in the U.S. within every company but I have utilized this Facebook group for high paying contracts. ***BEWARE*** sometimes the high paying contracts are poor working conditions. From personal experience, choosing higher pay has led to some of my worst travel nursing contract experiences (getting floated often, no say in my schedule, poor treatment from staff, etc.) so make sure you are mentally prepared for that!
Consider a financial advisor- You can always talk to a representative of your bank for free to see what they offer as far as investing but also for general questions and guidelines.
I also recommend reading the books The Simple Path to Wealth or Total Money Makeover if you want to understand investing money or developing a plan to save money!
Overall, travel nursing can definitely help you save money IF you prioritize it. I’ve thankfully been able to pay off all my student loans and car but that came with sacrifices. Be aware that most hospitals with the highest pay could mean you aren’t working in good work conditions (higher nurse to patient ratios, no breaks, poor workplace culture etc.) It’s been worth it for me to prioritize saving money early on in travel nursing so I could have my financial freedom!
