Financial Wellness

New Year, New Finances: Smart Money Moves for Travel Nurses & Allied Pros

Amanda Lundberg, RN, BSN
December 19, 2023
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The New Year isn’t just a time for personal resolutions like hitting the gym or learning a new language; it's also a prime opportunity for setting those financial goals. As a travel nurse or allied health professional, your unique financial landscape, with its varied income streams and living situations, demands a tailored approach to money management. Let's explore some savvy financial tips for the New Year to keep your finances as healthy as the patients you care for.

3 Financial Goals for the New Year

Travel healthcare positions can offer a more lucrative salary with the flexibility that many envy, but it also comes with its own set of financial challenges and opportunities. Here's how you can turn the New Year into a prosperous one.

1. Set Clear Financial Resolutions

Setting clear financial resolutions can ensure stability and growth throughout your travels as a nurse. Here's how to solidify your financial footing:

  • Build an Emergency Fund: Life on the road can be unpredictable. Contracts can end and start at different times; aim to save enough to cover at least three to six months of living expenses. 
  • Retirement Contributions: Take advantage of retirement accounts, especially if your agency, like Trusted, offers a matching contribution. Even if you're hopping from place to place, your retirement savings needn’t be left behind.
  • Education: Plan for any upcoming certifications or educational advancements. Remember, investing in yourself is just as important.

2. Craft a New Year Saving Plan

Creating a savings plan as a travel nurse or allied health professional seem daunting, but it’s highly advised for ensuring financial security and taking advantage of the unique opportunities that come with a career in travel nursing. Here's a simple guide:

  • Analyze Your Spending: Look back at your spending habits over the past year. Identify where you can cut back without impacting your quality of life.
  • Set Saving Targets: Whether it’s for a house, a car, travel, or education, define what you’re saving for and how much you need.
  • Variable Savings Plan: As a travel nurse, your income varies by contract, so when income is higher, save more to cushion periods when it might be less.
  • Automate Savings: Set up automatic transfers to your savings account to ensure you consistently save a portion of each paycheck.

3. Master New Year Savings with Tax Considerations

As a travel nurse or allied health pro, you’re likely eligible for various tax deductions related to your travel and work expenses. Ensure you:

  • Keep Meticulous Records: Keep all receipts related to travel, lodging, and work-related expenses. Come tax season, this could save you a considerable amount.
  • Understand Tax Homes and Stipend Eligibility: Familiarize yourself with the concept of a ‘tax home’ and how it affects your tax situation.
  • Seek Professional Help: Consider hiring a tax professional who specializes in working with healthcare professionals to maximize your returns.

3 Financial Tips for the New Year

As we embrace a new year, it's the perfect time to reassess and revitalize your financial strategies. These three financial tips are designed to help you navigate the unique challenges of your dynamic work life with confidence. Let's dive in and set the stage for a financially healthy and prosperous year ahead!

1. Confirm Your Insurance Coverage

A thorough review of your insurance coverage is recommended. As someone who's constantly on the move, confirming that your health, disability, and liability insurance policies provide adequate coverage across different states ensures peace of mind and continuous protection. 

2. Stay on Top of Debts

Managing your debts should be a priority—tackle high-interest debts head-on as these can be the biggest drain on your financial resources. Paying these off promptly can often lead to significant savings and is a wise investment in your financial future. 

3. Make Growth a Priority

Your professional growth should never take a backseat. Seek out employer-supported programs or scholarships for continuing education. Such opportunities can be a goldmine for advancing your skills and career prospects without tapping into your hard-earned savings. These financial tips for the New Year are not just about conserving what you have but also about strategically investing in your future stability and career growth.

Wrapping Up

The start of a new year is a moment ripe with potential for setting new goals and conquering old challenges. As a travel nurse or allied health professional, you are in a unique position to make significant strides in your financial well-being with a bit of planning and foresight. Remember, financial health is a marathon, not a sprint. 

Setting realistic, achievable goals is essential, and seeking advice from financial advisors who understand the intricacies of the travel nursing profession can be incredibly beneficial. To further enhance your financial journey, consider signing up with Trusted Health. Our platform offers not just job opportunities, but also a library of resources specifically designed to support the financial wellness of travel nurses and allied health professionals.

With these resolutions in hand and Trusted Health as your ally, you’re ready to make the New Year a resounding success, both personally and financially. Here’s to a prosperous and fulfilling year ahead!

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