When you’re on the road, keeping up with work, activities, and money can be challenging. Some weeks, you feel like a million bucks and spend like you are it’s okay to admit it. We’ve all been there. You have lots of fun, make purchases, and then get the credit card statement or look at your bank account. You realize you need a better plan. In this article, we’re sharing budgeting tips for travelers to help you create and manage a budget, find the best deals on housing and healthcare, and save without feeling deprived.
You need the B word.
When we say budget, you probably groaned or shifted in your seat. Budget is the grown-up b-word that we all have a love-hate relationship with. What does it mean to you? When we asked our team, they said things like budgeting means going without or using coupons or never eating at a restaurant again. That’s not what we want it to mean to you anymore.
Budgeting as a traveler doesn’t need to leave a bad taste in your mouth.
You need a budget. You just haven’t found the right system for you yet.
Often, travelers think budgeting is limiting, but it is freeing because you have a plan, a system for saving and paying bills, and goals like personal travel, buying a new car, or purchasing a house. As a traveler, you will earn more but will need to save for taxes, healthcare, and housing, depending on your contract. That can get confusing, and we’d never want you to be left without enough money to do what you love.
- Apps like You Need a Budget (YNAB), Mint, and EveryDollar can simplify tracking expenses, including savings (pay yourself first), housing, transportation, utilities, groceries, dining, and monthly subscriptions.
- Globetrotting Nurse offers her 50/30/20 plan, where 50% is needs like housing, debt, utilities, and food, 30% is wants like dining out, memberships, and entertainment, and then 20% is for savings and debt repayment. When your income changes, you adjust percentages but know all your wants and needs are covered.
- Financial coaches at Fiscal Fitness Phoenix offer ideas for little things that make the biggest difference on your money journey like buying dinner for friends, premium subscriptions for uninterrupted music, TSA/Global Entry, and more. That way you don’t feel like you’re going without and can set goals for the wants on your list.
Budgeting Tips for Travelers
Try different budgeting apps and systems to see which one works best for you. Essential elements of a budget include:
- Be honest. Track income and expenses. Include the coffee you get on your way to work and the DoorDash dinners. You need to understand where your money is going.
- Don’t eliminate or add any expenses…yet. Just review (honestly)!
- Pay yourself first. Put money in savings before paying anyone else.
- Review monthly recurring charges. Are you using all of what you’re paying for? If not, it’s time to cancel the ones you’re not using.
- Review subscriptions. You might be paying for two subscriptions to Spotify or Netflix and not even realize it.
- Review credit card debt. It’s easy to put dining out, subscriptions, and online purchases on a card without thinking about the actual cost of interest on those purchases.
These are the basics of the b-word. It’s simply to understand and track money coming in and out of your bank account.
Where most budgets fail is focusing on paying down debt without saving at the same time. If you’re always paying for car repairs on a credit card, you will be stuck in the revolving door of always using credit for car repairs. Instead, set aside a monthly amount and designate it as a car repair fund. The next time your car needs repairs, you will have the money!
Budgeting Food and Groceries
Food expenses are often the budget breaker. We just don’t realize how much the GrubHub dinner costs versus if we prepared a meal at home. It’s likely the cost to make a meal at home is still cheaper than dining out. Here’s how to save:
- Create a master list of groceries. You can easily check off what you need or want for the upcoming week.
- Save your favorite recipes so you can easily access them. Make things like meatballs, egg cups, or muffins that can be frozen, grabbed, and easily reheated while you’re at work.
- Choose a few go-to meals that you cook weekly or every other week. Baked chicken and seasonal vegetables are a favorite and can be warmed up as lunch the next day.
- Treat yourself to dining out or ordering in once a week.
- Take advantage of hospital meals if you can. Some facilities may offer discounted meals to their employees.
Track your food and grocery expenses for a month to see how you’re spending money. Find ways you can change to save a little more. That way, you can plan for fun.
Personal Adventures
As a healthcare professional who travels for work, personal adventures can seem a bit tiring to plan. After all, you may be moving every 13 weeks for a new contract. We encourage you to add personal travel to your budget anyway. Time away will help you reset, and you will be better able to serve patients upon your return.
- Research places to visit in your new home state. See if there are deals at certain times of year or Airbnb options.
- Plan fun weekends away. You don’t have to go to exotic places to take a break. Find a new place, grab a book, and relax.
- Review the calendar. Pick blocks of time when you can have fun on days off or between contracts. Save those dates so you don’t forget.
Having something to look forward to will help you stay on track with your budget. You will know that you have a big goal to get away in a month, so prepping meals is worth the money you’re saving.
Traveler-specific Ideas
Your budget and your life don’t look like others. You’re not a shift worker or in a corporate position with a few weeks of vacation a year. You’re a traveler who can make your own schedule so your budget will look different, too.
- Healthcare benefits. Compare what your placement agency is offering versus private insurance. Some agency plans are expensive; an ACA plan may be more cost-effective.
- Use travel nurse housing websites like Furnished Finder, Airbnb with long-term discounts, or Facebook groups to find the best deals. AB Staffing also has Housing Specialists who can assist you in your search. The goal is to find housing that is less expensive than your untaxed stipend so you can make more money with each contract.
- Track your finances weekly or biweekly so you can adjust quickly as needed and ensure you’re on track with your financial goals. Use a budgeting app like we mentioned earlier in this article, or an old-fashioned spreadsheet to track income and expenses and adjust as needed.
Referral Bonuses
Make more money when you refer friends or former coworkers to AB Staffing. Ask your recruiter about our referral bonuses. Use your bonus to pay yourself, add to a personal adventure savings account, or pay down debt.
Little by little, month to month, you will find budgeting is not as hard as you thought it would be. You may even find you like budgeting because it gives you a sense of control over your finances. Enjoy the process and let us know how you’re doing. We are here to help you in any way to make your experience a positive one.
