Dec 12, 2023
5 Ways to Save Money as a Travel Nurse
As a travel nurse, it’s important to manage your finances wisely to make the most of your experience. Saving money as a travel nurse can help you achieve your financial goals and make the most of your travels. In this article, we’ll discuss five practical ways to save money during your travel nursing adventures.
Housing and Accommodations
One of the most significant expenses for travel nurses is housing. To save money in this area, consider researching extended stay hotels and rental housing in the area of your assignment to see the most cost-effective option. Furnishedfinder.com is a great resource to find housing options for travel healthcare professionals. Another option to consider is sharing accommodations with another travel nurse or travel healthcare professional to significantly reduce your housing costs. Speak with your Aequor recruiter or the facility where you’ll be working to see if they can put you in touch with other travelers in the same area. For more housing resources check out Aequor’s Housing Resources articles.
Budget Your Expenses
Creating a budget is essential for managing your finances effectively. Track your income, expenses, and savings goals using budgeting apps or spreadsheets. By knowing where your money is going, you can identify areas where you can cut costs and allocate more to your savings. Mint is a free app that can help you track your spending, budget and plan for your savings.
Take Advantage of Tax Benefits
Travel nurses often qualify for various tax benefits. Ensure that you’re aware of and take advantage of tax deductions for travel-related expenses, like plane tickets, gas and mileage, lodging, and meal allowances. Consulting with a tax professional who specializes in travel nursing can help you maximize your savings and best prepare your taxes for optimal benefits.
Plan Your Travel Assignment Locations Strategically
Choose your assignments wisely to optimize your income. Consider locations with a lower cost of living to maximize the use of your stipends. You can easily check the cost of living in a city or state using GSA.gov. Also, look for assignments in states with no state income tax: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming. Working in these states can boost your take-home pay.
Cut Dining Expenses
While it’s an easy option when you’re working a long shift, eating out frequently can be a significant drain on your budget. To save money on food while on assignment, consider packing your meals for work and cooking at home. If you do eat out, many chain restaurants offer reward programs that can help cut costs over time.
Travel nursing is a unique opportunity to explore new places, advance your career, earn more and save money simultaneously. We hope that these money saving tips will help you enjoy the best of both worlds—financial stability and memorable adventures. So, get out there and make the most of your travel nursing experience while securing your financial future.
If you’re ready for your next travel assignment, or you want to speak with one of our experienced recruiters about our open assignments in locations with a low cost of living, visit the Aequor Talent Portal to browse open positions and get connected with one of our dedicated recruiters!
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