As you likely know, travel nurses typically take short contracts (usually 13 weeks long) at facilities across the country. While travelers generally make more money than staff nurses, and most contracts go smoothly, it’s important to have a cushion built up in your savings account for life’s unexpected turns.
Preparing for Emergency Situations
On rare occasions, contracts can be canceled by the healthcare facility for various reasons, such as an unexpected low census. If this situation were to unfold, it may take some time to find another travel contract for you (your THS recruiter will help with this). While waiting for that next job, it’s important to have enough savings for you to be comfortable.
In the event that you’re unable to fill a position and need to cancel due to unavoidable circumstances, your cash cushion can support you until you’re able to work again. It’s important to be able to care for yourself if such a situation arises!
More Common Scenarios that Could Affect Your Savings
Depending on where you’re traveling, as well as how far away you are from home, you will incur some expenses. These expenses may include fuel for your car, plane tickets, etc. While some companies offer mileage reimbursement, it’s important that you are able to cover these costs as they occur.
Given enough time to prepare, it’s possible to find a contract that begins shortly after your previous contract ends so that you don’t have long gaps between travel assignments. However, if you plan on taking time off between contracts to visit family, vacation, or simply enjoy time to yourself, it’s even more important to have a cash cushion in your bank account.
What is a Good Savings ‘Cushion’ for a Travel Nurse?
A good rule of thumb is to have enough money saved to cover at least three months’ worth of expenses up front. Keep in mind that rent and travel costs vary by location, so it’s always wise to have a little more saved than you think you’ll need. If there is a location you have in mind that you’d like to travel to, it’s wise to do some research about rent and cost of living ahead of time. This will give you some extra time to prepare.
At THS, we recognize Super Nurses for the heroes they are. We want you to have the best experience possible, and having a good savings cushion is one way to give yourself some extra peace of mind while carrying out your life-changing work.