A wise man once said, “a penny saved is a penny earned”. In these economic times sometimes it’s difficult for many Traveling Nurses to even consider saving. With a surplus of Traveling Nurses and not enough places to put them, pay rates are decreasing (despite an impending increase of the minimum wage rate on July 24th to $7.25/hr), benefits are being cut, and the cost of living continues to increase.
Here are a few tips to help save you money:
1. Create a budget—and stick to it! It has been proven that people who create a budget spend less than those that do not. Allow money each week for “entertainment” or miscellaneous expenses based on your past spending habits. (if you normally spend $100/week, allow try reducing that amount by 10%, and put the difference into savings)
2. Watch your pennies—it’s easy to spend money when you have cash. Start a checking account, and deposit 100% of your pay into the account. You can pay your bills electronically (I’ve been doing this for over 15 years!) and write yourself a check each week for your ‘spending money’. Watch out for the small cash purchases! You can easily spend $100-$200/week in cash if you aren’t careful.
3. Eat meals at home (including that cup of Starbucks coffee!) While it’s convenient to buy /breakfast/lunch/dinner, you are paying for someone to prepare these meals for you. Grocery shop on a weekly basis and plan your meals. Buy only what you need for the week.
4. Plan your trips—gas is expensive so make sure you are only making one trip to run all your errands.
5. Put money in your 401k plan—many people think now is NOT the time to invest in your 401(k), but the reality is you want to buy LOW and sell high. Meaning, while stocks/mutual funds are cheap, buy them. (Cirrus matches 2% of your PAY, versus your contribution)
6. Keep your vehicle/house/health maintained. It costs far less to maintain these items than it does to repair them! New tires are expensive, yes….but much less expensive than repairing/replacing your vehicle due to an automobile accident caused by poor tires.
7. Pay off smaller credit cards first—getting rid of lower balances on your credit cards will allow you to eliminate a payment (or apply it to another credit card payment). Don’t allow yourself to get behind on your payments as this will increase your interest rates and cost you more each month.
8. Clip coupons—If you’re NOT doing this on a regular basis, you should be! There is no shame in shopping with or taking advantage of discount coupons. (Cirrus Medical Staffing has several discount programs available for our employees. Check with your recruiter or Human Resources for specifics) Groceries are the most common, but check with restaurants, clothing providers, cell phones, hotel/travel providers. My rule of thumb is “never pay full price for anything!” If your favorite store doesn’t have a coupon or discount program, don’t be afraid to ask for discount! (the most they’ll say is ‘no’, but you’ll be surprised how many companies will accommodate you.
I hope these suggestions help. If nothing else, I hope you take the time to at the different ways that your money is being spent. Remember, the first step to change is knowledge….now you know!
