Can you truly save as a travel nurse?

NedRN · Oct 12, 2012

You can crunch numbers until the cows come home and still not be satisfied. I can tell you that when I started traveling in 1995, my first several assignments paid only a dollar or two more than my staff wages. But there was no comparison. I was able to immediately start saving 90% of what I made. Three years as a frugal staff nurse, I had barely saved enough money to buy the $2,000 used Subaru to start my travels.

Four years ago, I bought my first house. Paid cash. (Yes, inexpensive home). I could retire right now, not luxuriously perhaps, but I could maintain my current lifestyle.

For some travelers, they find they don't do as well as staying staff. If you treat travel like a vacation, and spend accordingly, you won't do as well. And much depends on where you are coming from. I came from the South. I don't meet very many travelers from California and Massachusetts, but tons from the South and Texas.

Obviously, with family, you will not be able to leverage things as well as a single traveler. I think it will be tough to do well financially, but some travelers with families do make it. Some have to, as they have no job opportunities locally.

cheryl056 · Oct 13, 2012

Hello,
I have some years experience under my belt and I am considering travel nursing. I am just in the research stage right now. I have been scouring the boards and I mostly see people talk about how the pay is not as much as one would think, or they use their existing savings to sight-see. I make o.k money now, so I don't think that my hourly wage will be much more, but is it realistic to say that I can save the overhead of not having to pay rent and bills.
Let's say that my hourly wage is the same as where I am now, can I either use the company housing/stipend to cover the overhead and save the money that would have been for bills and rent. Has anybody been able to save while traveling? What am I missing? I don't have to worry about the weeks between jobs because I have a very flexible job where I can pick up shifts in between and also I don't think that I will take back to back assignments. Just maybe in the spring and summer. Oh, and I will be traveling with family.

I'm glad to hear you were able to save. That's my plan. To pay off my house and build up some savings so I can retire.

cheryl056 · Oct 13, 2012

I glad to hear you were able to save. That's my plan to pay off my house and build up some savings to retire.

RNERHOUSESUPOR · Oct 13, 2012

The old adage "The more you make the more you spend" seems to be what happens to most. Everyone lives differently. If you can save a quarter of what you make now, you will probably be able to save when you are on a travel assignment. If you live paycheck to paycheck now, you will most likely continue. It's human nature, history, education, consequences and circumstances. I have been a travel nurse most of my career. Love it. If I knew when I started what I know now I would have made different decisions. Didn't, couldn't and nor can anyone. Read (other peoples experiences), evaluate(how you may react) and plan to do what you really feel you can accomplish. If it will cause you stress, constant worry or you never feel like it's right, then it's time to reevaluate.

Considering the cost of living, the price to travel from one place to another, the multiple licenses, the lack of benefits(maybe) and the sometimes stress of finding an assignment. There is a rather high overhead associated with travel nursing that you won't have if you maintain a full time position with one or two different employers. You get some of that money back in "travel reimbursements" (Same now as it was in 1989 though) and possibly housing stipends (or "free" housing), you just have to remember what someone may say is free, really isn't you are just paying for it in a different way. (Hospital pays company, company pays themselves , their staff, their rent, their expenses, your rent, your expenses and then you get the rest as your hourly wage.) And I think they call that the "Tax Advantage Plan" a way for them to pay the least amount in taxes and you to pay the most.

So in answer to your question 'Can you save money as a travel nurse'? My answer is Only if you can save money with your current job, if not then probably not.

Rod

AWanderingMinstral · Oct 13, 2012

The old adage "The more you make the more you spend" seems to be what happens to most. Everyone lives differently. If you can save a quarter of what you make now, you will probably be able to save when you are on a travel assignment. If you live paycheck to paycheck now, you will most likely continue. It's human nature, history, education, consequences and circumstances. I have been a travel nurse most of my career. Love it. If I knew when I started what I know now I would have made different decisions. Didn't, couldn't and nor can anyone. Read (other peoples experiences), evaluate(how you may react) and plan to do what you really feel you can accomplish. If it will cause you stress, constant worry or you never feel like it's right, then it's time to reevaluate.
Considering the cost of living, the price to travel from one place to another, the multiple licenses, the lack of benefits(maybe) and the sometimes stress of finding an assignment. There is a rather high overhead associated with travel nursing that you won't have if you maintain a full time position with one or two different employers. You get some of that money back in "travel reimbursements" (Same now as it was in 1989 though) and possibly housing stipends (or "free" housing), you just have to remember what someone may say is free, really isn't you are just paying for it in a different way. (Hospital pays company, company pays themselves , their staff, their rent, their expenses, your rent, your expenses and then you get the rest as your hourly wage.) And I think they call that the "Tax Advantage Plan" a way for them to pay the least amount in taxes and you to pay the most.
So in answer to your question 'Can you save money as a travel nurse'? My answer is Only if you can save money with your current job, if not then probably not.
Rod

Yes, you CAN save money as a travel nurse. However, part of the reason many nurses choose to travel is to enjoy the area in which they're traveling. While you may only eat out once a week at home, you are more likely to (want to) eat out more frequently while you're traveling. If you opt for your agency's housing, then you're likely to earn less and, hence, save less. I ALWAYS find a roommate situation on Craigslist, etc. It CAN be a MAJOR headache, but THAT'S where I make my money. I have an apartment in my hometown and I have a roommate here. I have found that I earn more money working in small(er) towns because it's difficult for them to locate full-time (and traveling) staff. I am scheduled to start an assignment in mid November and, even with rent x2 and $800 per month in student loans, I have $2,000 per month to "play with." My other piece of advice is to register with multiple agencies. I am with four agencies and, as a result, I am more likely to find something to my liking. Good luck!

AWanderingMinstral · Oct 13, 2012

Oh, get certified in your specialty too. You can pull that card out too to help secure an assignment and/or make more money. Good luck!

austin_0_4 · Oct 13, 2012

Agree with the above! The pay has gone down in traveling... I have seen good bill rates, but it seems like the places people would actually want to go are more competitive therefore seem to pay less. I travel for destination, and as luck would have it, I am able to put away a fair chunk of change every month. Its all about budget. Many wealthy people have told me its not about how much you make, its about what you do with it.

cheryl056 · Oct 15, 2012

Thanks everyone for the words of wisedom. I'm type A, when it comes to goals. If it can be done, I'll do it. But I plan on having some fun too. Thanks everyone.

Du3du3 · Oct 17, 2012

So when u work so long... is all u can think abt is retiring???

Du3du3 · Oct 17, 2012

Sorry im not criticizing im just curious... how does a nurse think after so many years of annoyance.. yet if u stay wit the same ppl (staff), its like leaving ur family...

Du3du3 · Oct 17, 2012

and by annoyance i just mean the bs the pts give, but its not all that.. i know :/