One of the most significant financial perks for travel nurses is the tax-free stipend for housing, meals, and incidentals. However, navigating the nuances of these stipends and maximizing your overall compensation package requires strategic planning. We’ve come up with some tips and tricks to help you make the most of your travel nurse stipend and benefits.
Understand the Breakdown of a Travel Nurse Stipend
Travel nurse compensation typically includes two primary components: your taxable hourly wage and tax-free stipends. Stipends cover expenses such as rent and utilities (if not using agency housing), daily food expenses, and incidentals. Be sure to review your contract carefully to understand how your total pay package is divided, as these details are essential for budgeting and planning.
Choose Cost-Effective Housing Options
If you decide to forgo agency-provided housing, your accommodation will likely be your biggest expense. However, there are a few things you can do to maximize a travel nurse housing stipend.
- Look for furnished rentals on platforms like Furnished Finder, Airbnb, or Vrbo.
- Share accommodations with other travel nurse friends to split costs.
- Look into staying at extended-stay hotels, as these can be cost-effective for shorter assignments.
- If van life or RV living is something you love, consider staying in RV-friendly locations.
Maximize Meal Stipends
Saving on food expenses can help you stretch your meal stipend further. Meal prepping by cooking meals at home instead of eating out can be quite effective. You can also shop at discount grocery stores and utilize apps to earn cashback on purchases. Packing your lunches to bring to work helps you avoid cafeteria expenses, and visiting local farmers’ markets can offer affordable and fresh produce.
Research Free Local Activities
One of the best ways to maximize your income, benefits, and stipends is by taking advantage of free activities in your assignment location. Many cities offer tons of cost-free things to do, such as hiking trails, beaches, museums with free admission days, local festivals, and community events. Exploring parks, attending outdoor concerts, or joining free fitness classes can provide a fun and fulfilling way to experience your new surroundings without spending extra money. Many libraries also offer free movie rentals, book clubs, and workshops, providing entertainment and personal growth opportunities.
Be Strategic with Assignment Locations
The cost of living varies widely from state to state, impacting how far your travel nurse stipend will stretch. So, being strategic with assignment locations can make a big difference. For example, consider taking an assignment in a state that might have higher pay, like California, Alaska, and New York, while also looking at cities in those states where your stipend can go further with lower living costs. Additionally, choose some hidden gem locations where demand is high and there’s affordable housing and a low cost of living.
Use Travel Rewards and Cashback Programs
Using travel rewards and cashback programs is a smart way to save money on expenses and make travel nurse stipends go far. Consider using credit cards that offer cashback or travel points and sign up for hotel and airline loyalty programs. You can also utilize exclusive travel nurse discounts offered by the travel nurse agency you’re working with, as well as deals offered by businesses exclusively for healthcare professionals. Medical Solutions Clinician Discount Program offers great discounts with popular brands to help travelers stretch their pay and stipends!
Track and Budget Expenses
Staying on top of your expenses ensures you’re making the most of your travel nurse stipends. Expense tracking apps such as Mint, YNAB (You Need a Budget), or EveryDollar can help you stay organized. Try setting a budget by allocating specific amounts for housing, meals, and incidentals and regularly reviewing your spending habits to help you identify opportunities for savings. You should also factor in extra expenses into your budget outside of housing and meals, such as streaming services, phone or car bills, toiletries, and doing something fun.
Keep Learning and Growing
Continuous learning can lead to higher pay and more opportunities to help maximize your travel nursing stipend. One way to achieve this is by pursuing specialty certifications or furthering your education by obtaining advanced degrees. Not only do you increase the chances of higher pay, but staying current with the latest nursing practices is essential to ensure that your skills remain relevant.
Make the Most Out of Your Nursing Career with Medical Solutions
With a little planning and creativity, you can travel smart while enjoying all the perks of being a travel nurse. Whether it’s finding the perfect rental, eating at home, or tapping into community events, there are countless ways to stretch your stipend and elevate your experience. Ready to turn your travel nursing dreams into reality? Apply today and our recruiters will help you find the best assignments to take your travel nurse career to the next level!
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