October 13, 2022

4377 Views

6 Useful Apps for Managing Your Finances When You’re Working as a Travel Nurse

Posted on October 13, 2022October 5, 2022 by Nadine Westwood

The life of a nurse is busy enough without also having to worry about keeping your finances in order when you’ve got little time to spare each day.

Luckily there are lots of excellent apps out there which make it straightforward to stay on top of all things money-related, so let’s look at the best of the bunch and explain why they’re worth using.

Mint: Comprehensive budget tracking

This is one of the most celebrated and widely recommended budgeting apps on the market and for good reason.

First up, Mint is free to download and use, so as long as you can put up with the in-app ads, it won’t cost you a penny.

Next, there’s the intelligent way that it tracks spending and breaks down your outgoings according to their categories. So if you’re trying to manage your budget while on the move, it will give you a snapshot of where you’re up to in an instant.

Last, there’s the simplicity of the interface, which belies the comprehensive suite of functions that are on offer. Simply put, there’s no better free budgeting app out there than Mint.

SoFi: All-in-one stock trading

More and more people are getting into the stock market at the moment, and the convenience of apps like SoFi, which lets you trade stocks online, is a big reason for this.

The market moves quickly, so you’ll want an app that lets you keep tabs on your portfolio and invest in a diverse array of products, including ETFs and even cryptocurrencies. That’s exactly what SoFi offers, and in addition to assisting with trading from your smartphone, it also makes filing tax returns easier each year when you need to report your gains to the IRS.

The app is award-winningly intuitive, and there are often incentives to encourage new customers to sign up, which will sweeten the deal further. So whatever your investment goals, SoFi is the app to use to reach them.

Venmo: Mobile payments

There are plenty of mobile payment platforms that let you send and receive money swiftly, and Venmo is arguably the top contender out there at the moment.

It functions like a digital wallet, meaning you can harness it for everything from splitting the bill at a restaurant with friends to sending gifts to family members.

Many businesses support Venmo as well, so paying for goods and services when you’re on the go is child’s play. Better yet, if you decide to set up a side hustle to supplement your income, you can use Venmo to accept payments as well.

Credit Karma: Free credit score & reporting

Even if you think you’re pretty good at managing your money, you won’t know where you stand unless you check your credit score regularly.

While some brands charge a fee if you want to access your full credit report, Credit Karma is free of charge.

It not only tells you your score out of 710 points, with weekly updates provided so you can monitor your progress over time but also pinpoints the factors that are influencing your score. That way, you can make changes that will boost your score in the future, and you’ll also know if there’s some issue or error that’s holding you back and needs to be rectified.

You can link bank accounts, track your mortgage, review credit cards, and even get suggestions for offers that will save you money on particular finance products, all within the Credit Karma app, so it really is convenient.

YNAB: Premium budget management

Mint may be free, but there are also premium products out there that target the same market and go above and beyond to justify the monthly fees they charge.

You Need A Budget, or YNAB for short, is one of the most feature-rich platforms out there and has some interesting aims underpinning its design.

For one, it wants to empower users by showing them where their money is going and encouraging them to make changes which will ensure every dollar counts for something.

It boasts that a typical user can expect to slash $6,000 off their spending in the first year of use, which justifies the almost $100 cost of an annual subscription.

Personal Capital: High-end wealth management

If your main issue is that you’ve got quite a bit of cash to put to work, and you don’t know how to go about this, Personal Capital has got you covered.

Wealth management is the name of the game here, and while the fees are fairly steep, the access to finance experts it affords you is perhaps the most saleable aspect of the app.

As you can see, it pays to match the finance apps you use to your needs, so don’t go all-in on installing every recommended app, but only choose the ones that make sense for your circumstances.

Our job board is a great place to search for your next travel nurse assignment. We have you covered with our housing page if housing is an issue. You can search for what you are looking for.

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By The Gypsy Nurse

July 17, 2022

4160 Views

3 Steps to Avoid Debt When Travel Nursing

Posted on July 17, 2022July 18, 2022 by The Gypsy Nurse

When it comes to a career in travel nursing, one of the best ways to find success in the field is to become comfortable in uncomfortable situations. Over your career, you will travel between assignments and locations and will always be working with new people. Successful travel nurses are flexible, confident, and can adapt to anything thrown their way. While these traits are important to the job, there are other factors to consider when travel nursing.

Thinking outside of the mental and physical tolls of the job, what are some other hurdles associated with travel nursing? In this time of steadily rising costs and inflation, finances should be right at the top of the list. Whether you’re an individual considering a job in the industry, or if you are a current travel nurse who’s looking to improve their financial standing, here are 3 useful tips any travel nurse can use to avoid falling into debt when on the road.

Fully Understand Your Financial Situation

Seeing as travel nurses are expected to move locations every few months or even every few weeks, you’ll find that financial literacy can be your best friend. Without a firm handle on your finances, expenses for things like travel, transportation, housing, and food can easily get out of hand. You don’t want to get to a situation where you are away from home and find yourself struggling just to get by. By diving headfirst into learning about your finances, you can gain control over your current and future financial standing. A good first step to gaining a better understanding of your financial situation is to calculate both your net worth as well as your debt-to-income ratio.

First, let’s take a look at what net worth means and why it matters. A person’s net worth is calculated by adding the value of assets they own subtracted from the value of liabilities against them. Some common assets to include are cash reserves, home equity, investments, and liabilities include student debt, credit cards, and a mortgage. The first time you calculate your net worth will most likely be overwhelming. It can be hard to remember every little asset or liability you have accrued. Using something like a personal net worth calculator can help facilitate the process to ensure you don’t leave anything out of your calculations.

Your net worth calculation will give you a snapshot of how your past has impacted your financial situation. Calculating your debt-to-income ratio will help you understand what your current financial situation is looking like. To calculate your debt-to-income ratio, all you need to do is take your total amount of debt payments made each month and subtract that amount from your monthly income. Most people aim to have a debt-to-income ratio of 30% or lower. This means that if you took home $5,000 in a month that your monthly debt payments should be $1,500 or lower. Again, if you need assistance with calculating your ratio, there are debt-to-income calculators available for free to help you along the way.

After you have a full view of your past and current financial situation, you can now start thinking about the future. As you start to think about your next travel nursing assignment, consider how much you can realistically spend in one month. You should be using your net worth and debt-to-income ratio to help guide you here. As mentioned, you want to keep this ratio below 30%, which makes the 50/30/20 method of budgeting a great option to try. This strategy separates your monthly after-tax expenses into three categories: 50% towards necessities (housing, food, transportation), 30% towards wants (shopping, social activities, travel, dining out), and the remaining 20% towards savings or paying off debts. In the context of travel nursing, utilizing a method of budgeting such as this one can be extremely beneficial for navigating price fluctuations between assignments and building out your savings.

Think Proactively About Where You Choose to Live

Although some travel nursing assignments offer living accommodations, some do not, and finding temporary housing can be difficult, costly, and can bring on unwanted stress. This is where being proactive can be hugely beneficial. As opposed to lengthy hotel stays or crashing with friends or family, there are several options available to find short-term living accommodations without breaking the bank.

First off, subletting is a great option in temporary situations and can allow for the flexibility you need when changing travel nursing assignments. Sublets come in all shapes and sizes, whether you need the whole place to yourself or if you’re okay with renting a room and sharing your space with others for the short while you’re on assignment. Depending on your desired location and proximity to work, subletting allows you to find affordable housing without having to make long-term commitments. A good place to look for sublets is either within a local Facebook community or housing page.

Rental intermediaries such as VRBO offer alternative solutions for short-term housing but can come at higher costs with additional fees included. A way to circumvent this is to reach out to the property manager, explain your situation and ask if they might be willing to offer a discount for stays longer than a typical weekend or vacation rental. While this is completely subjective to the manager, if they are open to working with you and providing a discounted rate, you may be able to find a stable home at a fraction of the price in comparison to booking hotel stays or subletting.

Given the long hours and stress, you’ll likely encounter during your assignment, finding a comfortable space to come home to and decompress is crucial to being successful in the role and ensuring the stability of your physical and mental health. Since housing will be your biggest expense during your time, you might as well plan as best as possible and work towards saving yourself the funds and reducing the stress that comes with the housing search process.

Don’t Be Afraid of Outside Help

Now that you’ve completed the first two steps in creating a budget and finding adequate housing accommodations, you must remain cognizant of your finances and be smart about how you choose to pay for everything. Far too often, people think they need to handle this all on their own, but leaning on outside help can both lower stress levels as well as improve your financial standing. Outside help can mean a lot of different things. Most often, outside help either will come in the form of an outside financial product or leaning on family and friends.

If you become friends with some of your travel nursing peers, looking for housing together can be a resourceful option for reducing your living costs and allocating more money to your savings budget each month. Finding short-term housing with another person allows for twice the reach in your search and provides you with some company at home, rather than living all by yourself or with strangers.

Another option that could provide more flexibility is applying for a personal loan to use for expenses and purchases while on assignment. This option provides you with the necessary funds to use for your needs upfront as opposed to dealing with the credit limits of cards. Loans are the best for longer-term stays as you will make payments in monthly installments that come with lower rates than credit cards and allow for less of a hassle when it comes time to pay your bills.

If you are thinking about applying for a loan:

Make sure that you are only making purchases that are necessary to your living situation. Things like furniture, utilities, or breaking an old lease are what outside financial products should be used for, not a new wardrobe or other impulse buys. And remember, no matter what method you choose, all that matters is that it’s the best for your situation and provides you with the least vulnerability to debt.

A career in travel nursing is both an exciting and fulfilling experience vital to our communities’ health and prosperity. Whether you’re new to the job or a seasoned veteran, planning for a new assignment can prove to be stressful in more ways than one, but with the right attitude and proper financial planning, you can reduce your anxiety and focus better on the job. At hand: saving lives!

Our job board is a great place to search for your next travel nurse assignment. We have you covered with our housing page if housing is an issue. You can search for what you are looking for.

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By The Gypsy Nurse

March 27, 2022

10685 Views

Emergency Fund for Newbies

Posted on March 27, 2022January 26, 2023 by The Gypsy Nurse

So, you want to be a traveler and make the ‘Big Bucks’? The first thing to realize is that Travel Nursing isn’t the ‘cash cow’ that many think it is! Read about some of the other Travel Nursing Myths you should be aware of.

Have a clear vision of the realities

Travel nursing can be an amazing lifestyle and experience but it’s important that you go into it with a clear vision of the realities. Contracts can, and DO get canceled (I’ve had it happen). This can occur for a variety of reasons from a bad fit to the hospital suddenly being over-staffed, budget reasons, or even a manager that just doesn’t like you. Fair? No! Reality? YES!

End a contract early

In addition, emergencies arise that might require you to end a contract early. Family medical issues are the number one reason for this occurring. There is also the issue of sick time, canceled shifts due to low census, and time off between contracts. It’s important to remember that as a traveler, we don’t get sick pay or vacation pay. If you miss work due to sickness or take time off between contracts, it’s up to you to make sure you are financially prepared.

Issues with Pay

As with any company, there can also be issues with ‘pay’. (Know your company’s reputation well!). I’ve experienced hiccups with the setup of my direct deposit, which delayed my pay as well as a couple of various payroll issues where my hours didn’t get transferred correctly. Mistakes aren’t common with payroll but they do happen and when they do, you don’t want to be left without grocery or gas money until it gets fixed!

How do I determine how much I need to set aside for an emergency fund.

There is no set number or amount that would fit everyone’s situations. I always recommend that you have enough in savings to at the very minimum get you back home! Ultimately, the best scenario would be to have a buffer of 3 months worth of financial back-up in addition to what you determine it would take to get you back home. This should be an easily accessible ‘liquid’ account that you can access on short notice.

Unemployment for a traveler

I get asked often if there are expected periods of unemployment for a traveler. As for a steady paycheck….travel positions are abundant right now, especially if you are flexible on the location. You shouldn’t have any trouble staying employed. If you are prepared for those unexpected cancellations and time off between contracts, you should be fine. I’ve personally been traveling for over 9 years and by being flexible on location, I’ve never been without a position when I wanted one. But having an emergency fund set aside in case an emergency arises or you have difficulty securing your next position is crucial.

A good place to start is

Monthly expenditures * Re-employment period (or 3 months) + expenses to return home = Baseline safety net amount
Many of us have traveled without a significant financial buffer but it’s not something that I recommend. For more information on travel nursing, you may want to read through these articles on Contracts.

By Honza Hroch – CreativeNurse

July 4, 2020

22657 Views

3 Travel Nurse Financial Management Tips

Posted on July 4, 2020May 19, 2021 by Honza Hroch – CreativeNurse

Travel nursing is a very demanding profession that can leave little time for anything outside of work and family responsibilities (let alone sleep!). As a result, travel RNs often find themselves scrambling when it comes to personal finances or long-term financial stability.

As precious as free time is, it’s important for travel nurses to take time out to focus on the financial component of their lives regularly, or we suffer the consequences later! To help, we’ve compiled these 3 tips for travel nurses to help manage personal finances more effectively.

Travel Nurse Personal Finances Tips

1.) Don’t do it on your own:

Use a combination of technology and a financial advisor to help get financially organized. Utilize technology to get organized and utilize the help of a financial advisor. There are numerous financial, organizational software programs available on the market. Most of these do a good job helping you to stay organized. At a minimum, you need a program where you can input all of your data and accounts. Additionally, you should have a program where you can link your accounts so that values get updated daily. This will help you see where you are in regards to having enough short-term liquidity, building adequate long-term investments, and all areas in between.

Becoming and staying financially organized will help you transition between jobs and help you stay on track to becoming financially independent.

Now, technology is great, but you will also need some human interaction to help you make the right financial decisions. So be sure to team up with an advisor where technology and human touch go hand in hand. This gives you have someone to call when questions arise and someone who can coach and guide you during both good and bad economic times.

2.) Set up automatic savings plans as a financial platform

It is tough to save money consistently if there is no automatic system in place. Relying solely on having the discipline to not spend all of the money in your checking or savings account can be a difficult and stressful task. On the other hand, it’s easier to have savings automatically allocated towards different accounts every month and have the money taken straight out of your paycheck or out of your savings/checking account. By having automatic deductions in place, two things occur that will ease your mind.

First, new savings and wealth are being built. Second, it gives you the freedom to spend everything left in your checking/savings account. By doing it this way, you will have less stress around what you can afford and what you cannot spend money on, and you know that you are saving for the future.

3.) Don’t stick your head in the sand – be engaged when it comes to your money!

You shouldn’t have to meet with your advisor and talk to your advisor all the time. However, you must be aware of how, where, and why your money is invested the way it is. You must have an investment policy statement and a profile set up that fits with your investment allocations. It’s also important that it fits with your overall financial plan and risk comfort level.

Make sure you talk or meet with your advisor at least two times a year. Make sure that the advisor is aware of job & family changes in addition to any other events that might affect your overall plan.

As a general rule, you should be fully aware of why the plan is set up the way it is. Consider understanding allocations, industries, geographies, etc. This is not only true when it comes to your investments but also holds in regards to:

your insurance portfolio
your debt reduction plan
savings rate (more on this in a future article)
overall financial plan.

2016-25878 Exp. 7/18

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 677 Ala Moana Blvd, Suite,720,Honolulu,HI (808-695-2100) PAS is an indirect, wholly-owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY. CreativeNurse is not an affiliate or subsidiary of PAS or Guardian.

FIND Travel Nurse JOBS

By Honza Hroch – CreativeNurse

May 3, 2018

8605 Views

Financial Decisions, Short-Term Debt and Retirement Plans for Travel Nurses

Posted on May 3, 2018February 3, 2023 by Honza Hroch – CreativeNurse

Many travel nurses have outstanding debt balances, underfunded retirement account, and short- term savings in place, but yet often have a solid regular income. Unfortunately, lifestyle and poor financial decisions often get in the way of building wealth.

Creating clarification around student loan options, understanding credit card payoff strategies, and simultaneously understanding how savings habits and retirement design implementation all are interconnected is very important.

Let’s look at some of the top questions that many travel nurses face in regards to their finances that will affect retirement and short term savings. These are all very important questions and addressing all 3 are of them should be done simultaneously but there are some natural steps and specific order of addressing the importance of each.

Debt Management for Travel Nurses

Posted on January 27, 2018May 7, 2021 by Honza Hroch – CreativeNurse

Debt management can be a very difficult to handle properly and having debt can be stressful and if managed in the wrong way it can be devastating to your finances. Not only can debt cut in to your cash flow today but it can also hurt your future spending power.

As a nurse, a lot of your time is spent helping others get back on their feet and helping others get through tough times but could it be that you have neglected taking care of yourself. You went through school and many of you had to borrow money to pay for your education.

Short term debt

In regards to having debt we often see a lot of short term debt such as credit cards and student loans being handled without much thought behind and planning behind it. These debts may have come from either good or bad decisions. Student loan debt has helped you get secure a well-paid job whereas credit card debt often is from overspending, traveling, and too much shopping.

So, if you have outstanding debt and you feel frustrated about paying for it and feel like your overall finances are at standstill due to this debt then read below for a couple of new ideas and options on how to treat your debt.

1: Beware of accelerating those debt payments

You must understand the right order of handling your finances and understand that even though paying off your debt as fast as possible would feel great it may not always be smart. Before making extra payments toward your credit card balance or student loan debt make sure that you have your emergency fund built up. We always recommend having at least 6 months of living expenses put aside before you start paying extra towards your outstanding loans.

Now there are many ways to get those short-term savings built up. You can start by not making extra debt payments or extend the terms on your student loan. Very often your student loan payoff schedule will allow you to stretch out the payments. This will lower your monthly payment and will allow you to put that cash towards your emergency fund. You can also look at your retirement accounts that you are funding. If you are putting 10% into a 401(k) you can stop that or lower that contribution for one year and use the extra cash flow to put towards your short-term savings. The main reason why we want to emergency money bucket filled up is that if some life event occurs and there are no savings in place new credit card debt or new personal loan debt most likely will occur.

2: Utilize your existing assets

If you already have your emergency money account in place and you have outstanding credit card debt, there are a couple of ways to attack the issue. The number one thing that must occur is to look at what has caused this credit card debt to show up. We understand that having fun and enjoying life is important but those extra shopping sprees and dinner at nice restaurants can be devastating to your finances. If your debt is growing due to overspending, you have to start by building your budget and get a good understanding of where the money is flowing and get that under control.

Once a budget has been put in place look at ways that you can free up money to pay off your credit cards. Some sources that are potentially viable are:

Savings accounts (the balance above your 6 months’ emergency level)
401(k) loan (you may be able to borrow and pay back yourself). Make sure you understand the cost of borrowing money from a retirement account and make a comparison between paying your cc vs a loan)

Consolidation loan. Talk to a bank or a credit union and see what they will do for you in regards to consolidating your credit card debt into a personal loan with most likely a much lower interest rate.
Look at the equity in your house and see if there are option to get a line of credit and use that money to pay of high interest debt.

Written By: Honza Hroch Co-Founder of CreativeNurse
This material contains the current opinions of the CreativeNurse® but not necessarily those of Guardian or its subsidiaries and such opinions are subject to change without notice.

2017-39243 Exp. 4/19

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By The Gypsy Nurse

October 3, 2017

55163 Views

Make an Informed Choice: 401(k)s and IRAs for Travel Nurses

Posted on October 3, 2017May 12, 2021 by The Gypsy Nurse

Making informed choices on investments as travel nurses often get overlooked.

Gypsy Nurses, your travel nursing career provides a tremendous amount of freedom and variety; you can explore new places, meet new co-workers, and control many aspects of your daily routine. However, as much as you may love being a Gypsy Nurse, that doesn’t mean you’ll want to do it forever.

Retirement goals are significant to travel nurses who look forward to spending more time with loved ones and a slower, more relaxing pace. So, you need to plan for retirement sooner rather than later to help ensure you get there and enjoy it!

Consistent Funding is KEY

Most retirement planners agree that it’s not the amount but regular, consistent funding that’s the key to successful retirement savings.

Some quick math: You might be surprised at just how much you can save with a steady plan.

For example: if you’re 25 years old and contribute $50 a paycheck with 26 paychecks per year, at a retirement age of 65, your retirement account balance could be worth $277,692. Increase that contribution to $60—that raises the potential balance to $333,231. These scenarios assume a very conservative 7% rate of return on your investment and are by no means a guarantee, but it’s important to understand the impact proper planning can have. While it’s certainly better to start saving early, understand that it’s also never too late to start saving for retirement – don’t give up if you’re an “older Gypsy” and haven’t started – now is the time!

Choosing the correct retirement vehicle is also critical in your planning.

With many agencies touting their 401(k) plans as retirement savings vehicles, you also need to take a hard look at what these plans can mean for you and your specific situation. The 401(k) plans the agencies are marketing often sound very attractive, yet if you take some time to read the fine print, the reality may surprise you.

In fact, after interviewing financial experts regarding 401(k) and IRAs as options for travel nurses, we found that a traditional IRA may be the smarter choice than a 401(k) for most travel nurses. Why? An IRA provides a convenient, effective, hassle-free way to manage your retirement account, regardless of who your employer is.

Here are some basic facts and realities of 401(k) and IRA plans we pulled together to help you sort through the noise out there:

Overview of IRAs and 401(k)s

Traditional IRA and 401(k) plans are the most popular types of retirement savings accounts that let the individual make “tax-deferred” contributions to the account. Tax-deferred means that you are not required to pay Federal income taxes on the money contributed to the savings account, but you’ll have to pay taxes on it later when you withdraw it upon retirement.

Investment companies typically administer these accounts so that the employee can invest the money in any number of available investment vehicles. All investment vehicles have some degree of risk associated with them and varying rates of return. Similar options are available for both 401(k)s and IRAs.

401(k) Matching Myths

Fact:

Many travel nurse staffing firms often hype the “matching” component of the 401(k) plans they offer. This means the agency will match the contribution up to a predetermined amount, dollar for dollar. For example, the agency could contribute $1 for every $1 that the employee contributes, up to 3% of their annual salary.

Traveler Reality:

Unfortunately, these firms rarely mention that most travel nurses don’t work at one agency long enough to meet the “vesting” requirements for matching funds. A “vesting period” is the period before the employer contributions are actually owned by the employee and can often be years long. For example, if the agency has a 2-year vesting period and you switch agencies after 1 year, you will forfeit the $1 for $1 employer’s match. These vesting periods are often unrealistic for travel nurses because they may change companies to secure specific job assignments.

Additionally, some agencies fail to make you aware that there is a “wait” period that requires some time frame of continuous employment before you can participate in the 401(k) program as well as any matching benefits. You may not even be permitted to take advantage of 30 – 90 days out, nearly the length of the assignment.

Retirement Plan Management 101

Fact:

Since you may decide to switch agencies over the course of your career, you may quickly end up with several 401(k) accounts that require attention. Managing these diverse accounts can get cumbersome as well as expensive. All of them will have some administrative fee associated with them. You can “rollover” the previous 401(k) to the 401(k) of your new agency, and you can also cash out or transfer to a traditional IRA.

Traveler Reality:

Many agencies don’t mention that additional fee are associated with certain actions that quickly lower your investment balance. For example, there are fees to transfer money out and taxes and penalties to cash out of your 401(k). The IRA for a retirement vehicle provides all the tax benefits of the 401(k) as well as the flexibility to fund it no matter which agency you work for or how many times you change; you carry it with you regardless of your employer or career choices. This means less paperwork, and it also avoids fees, both internal and external, for administration and transfer that are incurred if you have a 401(k).

Making Sense of Contribution Caps

Fact:

There is an $18,000 annual contribution limit (note: some plans have a “catch up” component that enables those over 50 years of age to contribute more) to the amount of money you can contribute to a 401(k) plan. In addition, there will often be a limit to the amount an agency will match in their program that’s dramatically lower than $18,000. Furthermore, there are investment limits to an IRA account. This is based on several factors, including your income. In general, the limit for IRA contributions set by the IRS is $5,500 for the 2017 tax year, with an additional $1,000 contribution allowed if you’re over 50.

Traveler Reality:

Data suggests that the IRA contribution caps do not impact most travel nurses. Most travel nurses don’t reach the maximum amount in their typical investment behavior. For example: using our $50 per paycheck example, this adds up to $1,300 for the year. It’s important to clearly understand if the cap is a practical issue before giving up all the benefits and flexibility of an IRA account.

The Gypsy Bottom Line – IRAs are a Better Choice for Most Travel Nurses

Many travel nurse staffing agencies are vigorously marketing their 401(k) plans, but these are filled with rules and restrictions that quickly diminish the overall value and convenience of a 401(k) and can make them poor choices as an investment vehicle for most travel nurses.

IRAs are a better retirement funding choice for most travel nurses. Here’s why—most IRAs provide:

✅ Ownership: you can take it with you if you change employers with no paperwork
✅ No waiting period
✅ 100% vested on day one
✅ Automatic payroll deduction even if you switch agencies
✅ Options to save on a tax-deferred basis
✅ Simplified management
✅ Plans that can stay with you for the long term
✅ The ability to minimize fees

It’s possible to put your retirement within reach. Most importantly, our advice for travel nurses is to start saving as soon as possible. Carefully think about financial goals, and seek an agency that offers payroll-deducted IRAs.

We hope you found this information helpful. The Gypsy Nurse welcomes your comments, insights, or experience with these retirement plan options. Please share your comments here below – we would love to hear from you!

NOTE: The Gypsy Nurse is committed to serving the needs of today’s travel nurses. Our goal is to provide topical information and general guidance to our community. This information is not intended to replace that of a trained financial advisor. We strongly suggest that you consult with a certified professional to discuss your specific circumstances, retirement goals, and options.

Mint: Comprehensive budget tracking

SoFi: All-in-one stock trading

Venmo: Mobile payments

Credit Karma: Free credit score & reporting

YNAB: Premium budget management

Personal Capital: High-end wealth management

If you are a new travel nurse or looking into becoming a travel nurse:

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

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Top questions from travel nurses

How much should I save into my company-sponsored retirement plan?

Should I accelerate the payments on my student loans, credit cards and other debts?

Where and how much emergency savings should I have in place?

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Short term debt

1: Beware of accelerating those debt payments

2: Utilize your existing assets

If you are a new travel nurse or looking into becoming a travel nurse:

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

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Consistent Funding is KEY

Choosing the correct retirement vehicle is also critical in your planning.

Overview of IRAs and 401(k)s

401(k) Matching Myths

Fact: