4 Easy Finance Tips for Busy Travel Nurses - tips on managing finances

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By Gifted Healthcare

March 28, 2019



4 Easy Finance Tips for Busy Travel Nurses

This article provided by: Gifted Healthcare

4 Easy Finance Tips for Busy Travel NursesTravel nurses work hard for their money, why not let your money work for you? Building up your financial fitness habits takes effort, but the best time to start is today! Whether you’re looking to improve your day-to-day spending habits or building up your long-term financial stability.

We’ve gathered these tips on how to manage your money with less stress.

Save 5-10% of Each Paycheck

Adding to your savings account seems straightforward, but many people wonder “How much is enough?” Many financial advisors recommend a minimum of 5-10% of your take-home pay is set aside. If you are earlier in your career, these funds can be applied to an “in case of emergency” account to cover unexpected expenses, such as medical costs or auto repairs. As you advance, this money could be invested in a retirement account or with the help of a financial planner. No matter what your situation, a lot of worrying can be avoided if you start saving before surprise expenses pop-up.

Set Up Automatic Saving Deductions

“Let’s go online and have fun working on my financial management!” said no one, ever. It can be hard disciplining yourself into saving money. It can add another item on your already long to-do list that never seems to stop growing. Why not make it easier? Many banks allow you to set up automatic processes that will split your direct deposits for you between checking and savings. Some institutions even offer bonuses if you regularly deposit in your savings account past a certain amount.

You gain peace of mind knowing that the amount in your checking account is available for spending. Plus, you might not notice the difference in pay after the first few deposits. Setting this up allows you to be less confused around what you can afford and what you cannot spend money on while appropriately planning for your future. If dealing with all the numbers is challenging or sounds difficult to figure out, meet with a banker at your local branch and they can help set it up for you.

Avoid Lingering Credit Card Debt

Straight up, spending money you don’t have is a dangerous game. Credit cards can be a useful tool for making big purchases with a pre-planned repayment strategy. Figuring out how to get rewards bonuses or travel points can also let you get more bang for your buck.

Letting debt accumulate, however, can only hurt your long-term financial health. If you don’t pay the minimum balance each month, your credit score will plummet. This makes it challenging to get good interest rates on a mortgage or car loan. Beyond that, if you avoid paying the entire balance each month, you start accumulating large interest fees, making your purchases end up being double or triple what they could have costed if you had paid with your debit card. It might be a good time to pass on big spending splurges if you haven’t assessed your income and built out a realistic monthly budget. Apps like Mint and PocketGuard make it easier to budget and avoid overspending.

Plan Out a Savings Timeline

A lot of people say the idea of saving for “emergencies” or retirement doesn’t motivate them to put the money aside. If you’re more interested in traveling or big-ticket items, look at the price tags and start to figure out how long it would take you to accumulate that much cash. It can feel easier knowing you’re setting aside dollars for a tropical vacation with your sweetheart or a plane ticket for a European adventure. Once you have the experience of meeting a short term, fun savings goal, it might be easier to start thinking about longer term planning. Even setting aside $25 a week can add up to a nice gift for yourself. It might mean skipping dining out here and there, but you won’t remember than when you’re packing your bags for a getaway.

Sometimes financial planning can seem like a drag. The best thing to remember is that when you’re able to use your savings for fun excursions or able to fix your car without the stress of borrowing money, you show the world your independence. Fiscal fitness allows you to get more of the things you want with less worrying. You deserve to feel confident about where your money goes!

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