5 Tips for Travel Nurses Who Want to Save More Money
Planning for your financial future involves identifying ways to earn and save money. Some people focus on trimming personal expenses or finding a job that pays more money to increase their savings. Some professionals, such as travel nurses, can also opt to trim work-related costs to save money.
Every travel nurse receives a monthly housing and meal stipend to cover those expenses because they cannot work from home. Travel nurses also incur transportation costs and other expenses related to their profession. Fortunately, travel nurses can use the tips outlined here to reduce their expenses and increase their savings.
1. Find the best insurance rates.
Suppose you’re a travel nurse and use your vehicle to relocate to new assignments. Utilize the internet to search for “Car insurance compare” in order to find the best car insurance rate for your on-the-go job. Enter your zip code and information about your vehicle including the make and model into a car insurance comparison tool to find car insurance companies in your area such as State Farm, USAA, and Geico.
Tools like this ask questions and use your input to compile a list of car insurance providers. You can compare auto insurance rates and find the most affordable auto insurance provider for your needs. Once you identify a suitable insurance company, you can contact an insurance agent and acquire the comprehensive coverage you need for your vehicle.
Your insurance agent may also be able to help you save more money by bundling your insurance plans. You must review your auto insurance policy to ensure it provides the coverage you need since you may spend several months out of state while working.
2. Review all your housing options.
Whether you’re a licensed practical nurse (LPN), a licensed vocational nurse (LVN), a registered nurse (RN), or a nurse practitioner (NP), you can pursue a range of career opportunities after graduation. Practical nursing career opportunities include working in hospitals, clinics, physicians’ offices, schools, or nursing homes. As an LPN, LVN, RN, or NP, you can also opt to become a travel nurse.
Travel nurses move from location to location, so they need accommodations. Travel nurses receive a tax-free stipend for housing costs, and one way to save money is to find the most affordable housing options available. You may be able to stay in agency housing or may be able to reduce costs by renting an apartment with another travel nurse. You could also opt to stay in a recreational vehicle (RV), mainly if you work in southern states where the temperatures are mild year-round.
3. Subscribe to a food delivery service.
As a travel nurse, you’ll receive a tax-free food stipend each month to cover food costs. It can be tempting to eat out because it’s challenging to transport cooking equipment from place to place, but you may be able to reduce your costs by subscribing to a food delivery service. Some food delivery services supply premade meals, enabling you to pop dinner in the microwave and eat a healthy meal for a fraction of the cost of eating in a restaurant.
4. Use reward programs to earn points and receive discounts.
Sign up for application rewards programs. For example, as a travel nurse, you may spend a lot of money on gas when you move to a new location. Gas stations, such as Royal Farms, offer rewards programs. Members save ten cents per gallon when they fill up and accrue points they can use to buy food and beverages. Look for applicable rewards programs and build points from your work-related travel to reduce costs.
5. Manage your budget.
It can be easy to overlook your budget. Your budget will change each time you relocate to a new hospital or clinic, making it crucial you factor in changes to your accommodation costs and other expenses. Your strategies for saving may vary based on your location and location-related costs, but monitoring your budget can help you identify the best ways to maintain your savings plans in any work location.
Travel nurses incur additional expenses because they move from location to location, filling short-term vacancies in hospitals, doctors’ offices, and medical clinics. Travel nurses can increase their savings by saving money on their car insurance, shopping for the most affordable accommodations, subscribing to a food delivery service, using rewards plans, and managing their budget.