The Guide to Savvy Healthcare Traveler Finances

The Importance of Being a Savvy Budgeter

Working as a traveling Cath, EP, or IR nurse or technologist certainly has its rewards, including better pay and working at amazing facilities of your choice! However, when your paycheck grows, so do the tempting opportunities to overspend while on assignment. That makes creating a game plan for managing your short and long-term finances even more important. This can be a struggle, which is why Springboard and your Relationship Manager are here to help provide the tools you need to be successful in every way while moving from assignment to assignment.

Monitor Your Money

Working as a traveling Cath, EP, or IR nurse or technologist certainly has its rewards, including better pay and working at amazing facilities of your choice! However, when your paycheck grows, so do the tempting opportunities to overspend while on assignment. That makes creating a game plan for managing your short and long-term finances even more important. This can be a struggle, which is why Springboard and your Relationship Manager are here to help provide the tools you need to be successful in every way while moving from assignment to assignment.

Set a Personal Budget

Once you have a good idea of how you spend your money, it’s time to set a personal budget. This is basic, but it’s amazing how many people don’t do it.

1. List your net income after taxes and deductions in a spreadsheet.
2. Line by line, add any fixed costs such as a car payment or utilities to the spreadsheet. Most likely there won’t be any opportunities to save here.
3. List any variable expenses such as food, gas, and entertainment. These are the areas that provide opportunities to save.

A spreadsheet will work just fine, but many of our travelers enjoy using budgeting apps to make the process easier. Here are a few of their favorites:

• Wally is a popular app that lets you manually log your expenses and store pictures of receipts all within a well-organized virtual budget journal. It syncs with your bank account and provides you detailed information on your spending.
• PocketGuard, a free app that boils budgeting down to the simplest state – how much money you can spend and how much you have left.
• Goodbudget provides a virtual envelope for each spending area to help you get a clear picture of your budget and better manage your spending.

Deals and Discounts

To stay on track with your budget and get the most from every dollar, taking advantage of deals and discounts is something many of our travelers do. To help you get started in being the ultimate deal master, here are a few useful tools:

• RetailMeNot allows you to search for the store where you want to shop at and provides a list of in-store and online discounts you can claim.
• Groupon is a great website to get tips on local deals as you explore your new city and the surrounding area. Groupon offers excellent discounts for everything from fun attractions and great food to massages and other activities.
• GetUpside is an awesome app that gives you cash back on gas, restaurant, and grocery store purchases. Simply check into a participating location and claim their cash back deal through the app.

Savings Goals

Unfortunately, most people do not save enough money for things like life’s emergencies or retirement. Creating strong saving goals helps protect you now and in the future. To create effective savings goals, consider both short-term and long-term:

• Short-term goals — These are items you can achieve in one year or less. Maybe you’re setting up an emergency fund or saving for a large purchase like furniture.
• Long-term goals — Loftier goals, such as saving for your child’s education or retirement, can take many years and fall into the long-term category.

The next step is the hardest. Committing to reaching your financial goals. Here are some easy first steps to get moving in the right direction:

• Save a percent of your pay from each assignment.
• If you receive a raise or bonus, put some or all of it into savings.
• Consider taking advantage of Springboard Healthcare’s 401(k) program.

Here are a few savings tools that may help reaching your goals easier:

• Stash allows you to not only save money but invest in a stock portfolio as well. With the ability to invest in fractional shares, users at any investment level can participate.
• Digit is an all-in-one app that helps you budget, save, and invest. Set it to save a little every day so your bills are a breeze when the due dates come.
• Qapital is a unique app for saving and budgeting that can be used individually or as a couple. Set your savings goals and watch the achievement meters climb thanks to automatic savings micro-transactions that painlessly go along with your regular spending.

Your Adventure Awaits…let’s chat!

The life of a traveling healthcare provider is one full of exciting opportunities, unique experiences, and new friends. Whether you’re in the early part of your career or a seasoned professional, Springboard is here to help make your future shine and take you places you never thought possible.

If you’re interested in learning more about becoming a traveling nurse or technologist, our team of relationship managers is here to help. Contact us at info@springboardhealthcare.com or (866) 465-6286.
 
*The aforementioned financial tips and service/app examples are listed for informational purposes only. Before making any changes to your existing financial practices, please consult an experienced financial advisor and tax consultant.