If you’re new to the traveling nurse lifestyle, you may not fully understand what something like a stipend is. Your stipend is an amount beyond your hourly pay, provided as a means of covering your housing costs. If you own a home in your state of residence, your stipend remains tax-free. Even so, some frugal lifestyle tips can help you save more money as you move from job to job.
Start With a More Generous Travel Nurse Housing Stipend: Negotiate for Better Contracts
As with any career, annual pay increases are essential for long-term success. When it comes to your travel nurse housing stipend, however, seeking a yearly pay raise may be a little different. Instead of asking an employer for an increase, you should spend your time looking for new assignments that offer higher compensation.
Tips for getting more out of your stipend will also suggest seeking additional training. Focus on a specific type of healthcare and seek instruction that will work to qualify you for such positions. For example, cancer treatment education can give you the necessary credentials to work in cancer treatment facilities, research centers, and other establishments dedicated to the specific field.
Look for Inclusive Rental Packages
There’s no doubt that getting started as a travel nurse can lead to exciting opportunities, but you’ll also have to adapt to life on a travel nurse housing stipend. It can be confusing to compare multiple housing listings, as each rental will offer something completely different. Some, for instance, may charge extra for utilities while others include everything (even free Wi-Fi for added convenience) in the rent.
While there are benefits to installing utility services under your own name, it’s often more desirable to find a rental with them already included. It will spare you from going through a lengthy and often frustrating installation process, and you won’t have to worry about paying separate energy, gas, or cable bills.
Don’t Let Amenities Distract You
You can avoid spending more than your travel nurse housing stipend allows simply by looking for a basic rental. Think about how you feel after a long day at work; if you often feel exhausted and ready to relax, you don’t really need to rent a room in a building with a fitness center.
Don’t stop there, though. Think about other amenities you’re likely to leave unused, like rooftop lounges, clubhouses, and swimming pools. Often, rentals that come with these extra amenities and luxuries cost more each month in order to compensate for the added maintenance needs. As such, you should expect higher rent anytime a rental property advertises these extras.
Compare Locations Throughout the City
If you’ve ever spoken with a real estate agent, you know that location is key. And it’s why real estate in coastal cities is markedly more valuable than homes in landlocked cities. Even within the same city, one neighborhood’s real estate can be worth a considerable deal more than the homes in a nearby community.
When you want to conserve more of your travel nurse housing stipend, take advantage of market changes between areas. You might spend a little more on fuel or public transit living farther from your workplace, but the lower rent can still help you save in the long run. And if you live with a co-worker, commuting together can help you save on travel costs.
Opt for a Larger Unit With More Bedrooms
As you browse room rental listings, pay attention to their total number of bedrooms. That information will give you a good impression of the rental’s spaciousness and also tell you how many renters share the space. You won’t want to feel cramped, so look at the square footage to determine the unit’s overall size, too.
Searching for rentals by the number of bedrooms will help you find the largest spaces first. More renters typically mean lower rents for each. And since you’ll share living costs with several roommates, you’ll save even more of your travel nurse housing stipend each month. Just make sure to compare the rent to the number of bedrooms, as particularly luxurious rentals will cost more regardless of size.
Save More of Your Travel Nurse Housing Stipend: Consider the Cost of Living
Educating yourself about your most notable cost of living expenses makes it possible to make wiser decisions about your future. For example, every travel nurse should understand the differences between subletting and subleasing. Though they may be subtle, identifying those aspects can help you avoid alarming yet avoidable problems.
In addition, think about the assignments you choose in the future. If you move to an area with a higher cost of living, such as Los Angeles, California, you’re bound to spend more of your travel nurse housing stipend. When saving money is your goal, look for assignments in cities with lower cost of living rates and avoid towns with reputations for high rent and high crime.
Bargain Shop for Housing
There are several factors that affect the price of each rental available at any given time. In addition to location and size, property owners will calculate market prices based on the number of renters, amenities, community resources, and other related factors. Even fluctuations in the real estate market can affect rent prices in any community, driving prices up or down over time.
If you commit to a rental too quickly, you might waste more of your travel nurse housing stipend than necessary, so take the time to shop around. Watch for price changes and look for rentals that have spent more time on the market. When you spend a little extra time combing through rental listings, you’re often more likely to find an unexpected bargain.
Use Our Listings to Find Low-Cost Housing Options
RotatingRoom offers room rental listings in shared housing residences. And in many cases, property owners specifically seek travel nurses and medical students. Our listings include room rentals in private homes, condos, traditional apartments, and several other housing styles. As you prepare to travel for a new assignment, search our room listings to find the perfect accommodations.
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