With the rising prices of groceries and other things, it is important to find a way to make our cash go further. Here are seven ideas to help you maximize your travel nurse stipend and make your money stretch further.
What is your stipend?
In the world of travel nursing, your stipend is the money you receive to cover the cost of housing while you are on a travel assignment. This money is usually tax-free if the travel nurse is duplicating living expenses, meaning you are paying for housing in your tax state and your travel location. This money is separate from your hourly pay but is included in your paycheck. So, how can you maximize your travel nurse stipend and make this money stretch further? Here are seven tips to make your money last.
7 Ways To Maximize Your Travel Nurse Stipend:
Find Affordable Housing
One of the best ways to save money is to get the best housing price during your assignment. The purpose of a travel nurse’s stipend is to pay for housing. If you can find a temporary place to stay for less than your monthly stipend, then you can use the rest of the money for other living expenses. For example, if your stipend is $1500 a month and you find a house for $1200 a month, the extra $300 is there for you to spend on food, car services, or anything else you need to use it for.
Furnished Finder is a great resource for travel nurses to find the best deals on housing since they never charge booking fees. By booking with Furnished Finder as opposed to AirBnB or VRBO, you instantly save 10-15% by avoiding the booking fees they charge on those platforms. With their easy-to-use search function, you can set your destination, move-in date, and monthly budget. Furnished Finder also understands the unique needs of travel nurses, such as short-term leases and working within your stipend budget.
Not only do you save money on housing by using Furnished Finder, but you also save money in other areas due to the great benefits of the housing offered through their site. Every property and landlord is unique, but many offer amenities like a full kitchen, which helps you save money by cooking your own meals vs. eating out. Some properties also offer access to community gyms or free parking, helping you save money on those much-needed amenities as well. These are just a couple of examples of ways that Furnished Finder helps you stretch your stipend.
Go to the Furnished Finder website to start searching for housing and to save money on your next travel assignment.
Meal Prep
Over the last 12 months, the cost of food has increased. Menu prices from restaurants have gone up 4.1%, while grocery prices have only gone up 1.1%. Both have increased, but it is still cheaper to buy food from the grocery store than eat out at restaurants. When working three 12-hour shifts in a row, the thought of fixing food when you get home can be daunting, but if you meal prep on your days off and prepare both work meals and home meals, you can save tons of money.
Coffee at Home
Coffee is a staple in many nurses’ diets, but if you hit Starbucks on your way to work every day, your wallet is going to suffer. Right now, the average cost of a cup of coffee is $6 to $7. That is an average of $2190 to $2555 a year if you buy one coffee house coffee every day for a year. Instead, switch to drinking coffee at home.
This does not mean your coffee drink has to be boring. Buy your favorite brand, look up some fancy coffee recipes online, and become your own barista. Take an extra cup with you to work. If you visit coffee shops to get out of the house on your day off, take your coffee to a local park and sit outside instead. You don’t have to give up your coffee break; just change up the experience.
Keep Your Car in Tip Top Shape
A travel nurse’s car is an important tool for work. The price tags on cars have gone up 4.2%. Many nurses drive across the country going from assignment to assignment, so it is important to keep it in tip-top shape. The best way to do this is to get it serviced when it needs it. Change your oil on time, look at the wear and tear on your tires, and fix small issues before they become big issues. Every car is different, but many car companies recommend getting your oil changed every 6,000 miles and a full car service every 12,000 miles.
Manage Subscriptions
From Netflix to Disney Plus, there are countless online subscriptions these days, and if you aren’t careful, you could be spending hundreds of dollars a month. To prevent yourself from wasting your money on things you don’t use, it is a good idea to monitor your subscriptions often. Do this by keeping a running list of subscriptions you have signed up for or looking at your credit card bill each month and see where your money is going.
If there is a subscription you use often, look and see if it would be cheaper to pay for a full year instead of just month to month. It is easy to sign up for a new service and forget about it, so create a habit of continually checking what you are spending your money on.
Enjoy Nature
An easy way to maximize your travel nurse stipend is to explore nature. To save money on your days off, look for activities that are free, like nature. Exploring your new city doesn’t mean you have to spend money at local museums or shopping areas. Instead, look for outdoor spaces that won’t break the bank. Going for a walk in a local park or hanging out in an area with trees is also a great way to de-stress and unwind after working long hours.
This doesn’t mean you can never go to a museum or pay for a local event but don’t just mindlessly go to things you won’t enjoy. Save your money and only spend it on places or events that you will truly appreciate.
Visit Local Libraries
Finding local bookshops can be a dream for nurses who are book lovers, but this can be an expensive hobby. Instead of seeking out the local bookstores, look for local libraries. Not only are libraries a great place for books, but many of them offer free events and book clubs, which is a great way to meet new people in your area. Libraries usually have audiobooks, CDs, and DVDs to check out for free. Instead of spending money on a monthly audiobook app, check out a free audiobook. Just be sure you can mail back your selection once you leave town. Many libraries offer free online audiobooks, which is another option.
We hope you found these 7 tips to maximize your travel nurse stipend helpful. Have you found ways to maximize your travel nurse stipend? Share some tips with fellow travel nurses below.
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