As a travel nurse, you have many options to help you maximize your earning potential. Some of the most effective ways to do so include working per diem, picking up extra shifts, and staying current on your nursing licenses. Take advantage of other perks, such as housing stipends and free CEUs. Read on for more tips to boost your travel nurse salary:
Look for High-Paying Assignments
Various factors can boost your travel nurse salary, from negotiating your contract to taking advantage of tax deductions and savings opportunities. Maximizing your earning potential will allow you to put more money in your pocket, which can be used for things like exploring new places during your off days or saving for retirement. The best way to maximize your travel nurse salary is to choose high-demand assignments and align them with your skill set. Emergency room and intensive care unit travel nurses tend to make more than their counterparts in general nursing roles because hospitals are eager to fill these positions. High-demand assignments include trauma, cardiac catheterization, oncology, and neonatal/pediatric intensive care.
Another great way to increase your travel nurse salary is by securing an assignment that offers competitive overtime and holiday compensation. Many travel nurse staffing agencies offer sign-on, completion, and referral bonuses as additional incentives to lure nurses into their open positions. Working with an experienced recruiter who can provide you with the latest market information and salaries is also essential. This way, you can easily compare apples to apples when evaluating job offers and make informed decisions to maximize your earning potential.
Take Advantage of Bonuses and Incentives
As a travel nurse, staying aware of your earning potential is essential. Maximizing your earnings allows you to budget and save for significant expenses and meet or exceed any financial goals you may have. Some healthcare facilities pay higher rates to attract and retain nurses for their specialized roles. Adding certifications to your resume is a great way to increase your earning power. Popular specialty certifications include critical care, operating room, and emergency room nursing. In addition, seeking travel assignments in high-demand nursing specialties can increase your earnings as these positions tend to have a greater demand than supply. Another way to boost profits is to take advantage of perks like housing and per diem allowances. These allowances are tax-free and can be a significant source of additional income. It’s also a good idea to consult with a tax specialist familiar with travel nursing to ensure you take advantage of every possible deduction.
Additionally, choosing assignments in metropolitan areas or states with a shortage of nursing professionals can provide higher salaries and perks than in less-populated or rural areas. It’s important to remember that higher wages will generally come with a higher cost of living. Be sure to consider this when deciding on your next assignment.
Ask for Competing Bids
If you want to maximize your earnings on a travel nurse assignment, ask for competing bids from staffing agencies. Recruiters can typically offer higher wages for their most amazing nurses, especially when they have other travel nurses competing for the position. If the agency is desperate for a good travel nurse to replace someone who backs out of an assignment, they will often boost the pay rate. Another great way to increase your pay is by securing an assignment in an area with low housing costs. Although your agency may try to talk you into taking their provided housing, opting for a private rental in a cheaper area could mean more money in your pocket. Your housing stipend is non-taxable, while a private rental allows you to take home the total amount of your paycheck.
Also, don’t be afraid to look for a transition job in a hospital that will implement a new electronic medical record system. It is a big reason why hospitals bring in travel nurses to help them get through the transition. The hospital will likely pay you more for your work during this time, as they need experienced, knowledgeable travel nurses to help train the regular staff. Finally, build solid relationships with your recruiter and hospitals by being professional, dependable, and flexible during your assignments. It will earn you positive feedback and references, leading to more opportunities, higher pay rates, and better contracts.
Work Overtime
Travel nurses are well compensated for their work, but there are a few ways to make your money go further while on an assignment. These tips include working overtime, taking additional shifts, and leveraging bonuses. Travel nurse agencies typically disclose salary ranges on their job listings, allowing you to evaluate multiple offers before accepting an assignment. Research shows that asking for competing bids increases your negotiating power. Another way to boost your travel nursing earnings is to take extra shifts, mainly on weekends and holidays. While these shifts may not be ideal for your lifestyle or personal goals, they can help you earn significant extra cash. Working a side hustle or looking for high-paying assignments are other ways to increase your earning potential as a travel nurse. Consider signing up for a 401(k) plan or a different retirement account, which many agencies offer as part of your compensation package. Be sure to inform your recruiter and employers of your needs, including the compensation you desire. Staying flexible in your location preferences can open up more assignment opportunities as they arise. If you’re willing to relocate to a more desirable area, you can potentially earn higher salaries.
