finance tips for healthcare travelers

6 Quick Financial Tips for Healthcare Travelers

When taking on a new travel assignment, finances are probably a top concern. After all, you want to make sure you’re making the most of your extra compensation. We’ve compiled a few financial tips to help travel healthcare professionals better manage their money on the road.

Curate Your Savings

Traveling healthcare jobs are a great way to increase your earning potential. Just make sure to save some of that extra cash. You should be putting money toward an emergency fund and your retirement every month. Set aside a certain percentage of your paycheck—some experts recommend 20%—as soon as payday hits. That way, you aren’t tempted to spend it.

Leave Room for a Fun Fund

Of course, make sure you still have enough money on hand for a fun fund! Being in healthcare can sometimes be exhausting, so you need a way to let loose and have some fun. Give yourself a set amount each month to treat yourself — whether that’s going out for a fancy dinner with friends, having a spa day, or taking a weekend trip back home to visit loved ones.

Pay Down Your Debts

Are you still paying off school loans? Or maybe you got into a bit of credit card debt a while ago? Paying off these debts should be the main priority. In addition to your minimum payment every month, see if you can pay off extra as well. If you have multiple debts, one approach is the snowball method, where you pay off your debts from smallest to largest to give yourself momentum.

Keep a Nest Egg in Case of Contract Cancellation

There’s always a risk your contract will end prematurely. You need to make sure you’ll be financially comfortable if this happens, so keep a nest egg ready to go. Make sure it’s enough money to cover your living expenses for at least two months until you can find a new gig.

Find a Good Rent-to-Income Ratio

Not all locations have a surplus of housing for travelers. Even so, always make an effort to rent one that fits your budget. A good cap is not more than 25% of your monthly income on rent. This will ensure you have enough left to save, spend on fun, and keep for emergencies.

Keep Your Salary on the Down-low

When you’re the newbie, you may be looking for ways to bond with the permanent staff so you can work together better. While discussing hobbies and favorite bands is great, one thing you should avoid is talking about salary. It’s routine for traveling healthcare professionals to earn more than regular staff, and it’s best to avoid numbers.

By keeping these financial tips in mind, you’ll set your time at each future contract up for success.