While travel nursing is a career with many benefits, it is often very busy and can leave clinicians with little down-time. As a result, travel RNs often find themselves scrambling when it comes to finding time to manage their personal finances or think about long-term financial stability. As precious as free time is, it’s important for travel nurses to take time to focus on their finances. To help, we’ve consulted with Andrew N., a travel nurse with Premier Medical Staffing Services, about how he was able to achieve his money goals.
How to Achieve Financial Freedom Through Travel Nursing
What budgeting tips would you recommend to travel nurses who may want to save up for a large purchase, pay off loans, etc.?
First and foremost, anyone wanting financial freedom needs to set up a budget and stick to it. Travel Nursing just fast tracks that whole process. Also, paying off debt before increasing your savings or saving up for a large purchase should be your priority. Anytime you’re in debt you are losing money to the lender. Dave Ramsey’s steps to financial freedom are what I used to get started in the right direction. He helped create a budgeting app called EveryDollar that I used, and it’s incredibly easy.
Tell us a little bit about how you were able to pay off your car and your student loans. How was travel nursing able to help you achieve that milestone?
Over the course of 6 months, I paid off $69K in loans between my student loans, and my truck I purchased in Jan ‘20. I maintained a small enough savings that I had a safety net if I needed it, made a budget for my monthly bills/entertainment money, and then the excess went to debt repayment. Travel Nursing really put me on the fast track to being debt free because I was able to allocate $3K/wk to rent payments. Using Dave Ramsey’s snowball technique, I paid off my smallest loans first while maintaining minimum payments on the larger loans. Each time I paid off a loan, all the money allocated towards that smaller loan got added on top of the minimum payment for the next smallest loan.
What are other money goals you hope to achieve in your nursing career?
With the help of travel nursing, I’m working towards investing in ways to earn passive income. Currently I have two avenues of passive income I’m looking at. I am already invested into mining cryptocurrency, and I’m looking to buy some rental properties that I can rent out for monthly income. Lastly, I hired a financial advisor to help me save towards retirement. Under his direction, I’m hoping to be able to retire early.