Questions about travel RN...

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I am 42 year old. Married. No kids. I have been an RN for about 3 years now. I have been thinking of traveling as a way to save money and pay down debt. My husband of 16 years will stay home (he's not much for high adventure) and care for the dogs and cats. He works full-time also. I currently make $24.75 base pay in Florida (so I average $26-28 when diffs are added). Any thoughts on traveling nurses to pay off debts and save money? Is it worth it financially?

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Specializes in Peri-Op.

Being that your from florida, one of the lowest paying states, yes it is definitely worth it. First things first, get your California, new york or Washington license... you should have no issue making around $40/hr plus housing. More depending on specialty. Alot more if your willing to secure your own housing and stay on the frugal side.

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Argo, have you been able to pay down any debt traveling? Or any significant financial accomplishment by means of traveling?

I'm hoping to travel a few years to finance graduate school, and pay off student loans, and hopefully buy my first home. I'd likely be traveling as itinerant.

If one does it the correct way, as described, do you have a ballpark figure on what amount could reasonably be expected in a working year?

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Specializes in Peri-Op.

That would really depend on your current pay, bills, overall debt other than bills and ability to budget.

I keep a spreadsheet that i update monthly with all outgoing vs incoming money. What traveling alows me to do is take off alot more time each year, going to California i can work 3 or 4 months and take the same amount of time off. I took 6 weeks between my current contracts and am doing a couple trips.

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For my two bits ICUman, if you are really motivated, you can save a ton traveling. Start with shared housing, an economy car (at least 30 mpg), and prepare your own meals (also helps you eat real food). Consider bicycling or walking to work (which means appropriately close housing). If you think about the real cost of owning a motor vehicle, it is around 50 cents a mile all in. So knowing going on a two mile roundtrip to the drugstore will cost you a buck (in addition to shortening the life of your car from not fully warming up), it is a great disincentive - and it is all in your head. Get used to hopping on a bicycle and pretty quickly you will find climbing into a car for short trips rather annoying.

Don't eat out except for super special occasions and don't drink or smoke (both habits are very expensive when you add them up over a year). Try to do cheap or free things for entertainment. Hopping on my bicycle at a new location to explore happens to be my idea of fun, but there are plenty more things along the same lines. I could go on about stuff I find to do but you get the idea.

So these ideas are not really specific to travel nursing and if you apply such lifestyle changes in real life, you will save more than 95% of Americans. But here is an idea specific to travel nursing, buy a home! I don't really recommend going into debt in general, and I know you want to swing the other way, but it can really pay off. You've read my posts about the value of having and maintaining a tax home being worth as much as $20,000 a year in the bank. Did you know you can buy a habitable house in parts of the country for as little as $20,000?

That includes parts of both South Dakota and Texas, both of which are compact states with no state income tax. Personally, I would pay much more for a house in a desirable area, especially near to a college or university. Because the next part of this idea is having roommates to help cover your mortgage, and take care of your mail and property.

A house (or condo) purchase is not small, but is by far the best way to maximize the economies listed above and leverage your potential earnings as a traveler. This idea will be beyond most people's motivations, but if one was to implement such a long term plan and execute well, I am 100% sure that you will do well the rest of your life, even after grad school and perhaps starting a family.

As a by the way, most Americans who end up with any net worth at retirement have done so because they bought a house. Mortgage payments are not the only way to end up with significant savings (and accrued interest is hugely significant), but it is difficult for most to be disciplined savers and live the lifestyle of the "millionaire next door" who simply were not extravagant in their lifestyle. In this one particular case, I can recommend investing in a house whole heartedly, and if you lack discipline, a mortgage will help you save.

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NedRN, I specially joined allnurses because of your cogent thinking and sound business advice. Thank you! Do you have any resources (or coaches) you recommend for learning to contract directly with hospitals?

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Thanks!

As it happens, I do have a free resource describing everything I know. A bit dated but you will find it still pertinent. Google my screen name plus faq plus independent nurses.

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Much obliged, NedRN.

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