How to Maximize a Travel Nurse Salary
Travel nursing is an exciting and rewarding career path for registered nurses. Travel nurses work on temporary assignments, usually for 13 weeks at a time, in hospitals and other healthcare facilities. Travel nursing allows nurses to gain valuable experience, explore new places, and earn a higher salary than staff nurses. However, maximizing a travel nurse’s salary can be challenging. This article will discuss several strategies travel nurses can use to maximize compensation.
How Can a Travel Nurse Maximize a Travel Nurse Salary?
Negotiate Your Pay Rate
One of the most effective ways to maximize your travel nurse salary is to negotiate a pay rate with your staffing agency. When negotiating the pay rate, consider your experience, specialty, and the location of the assignment. Be prepared to present your qualifications and experience when discussing your pay rate. You can use websites like Glassdoor and PayScale to research the average pay rate for travel nurses in your specialty and location.
Take Advantage of Tax-Free Per Diems
Travel nurses can earn tax-free per diems, which are allowances for lodging, meals, and incidentals. The per diem rates are based on the location of the assignment and can vary from $50 to $100 per day. The IRS allows travel nurses to receive tax-free per diems when they work away from their tax home for more than a year. By taking advantage of tax-free per diems, travel nurses can increase their take-home pay and reduce their tax liability.
Consider a Compact State License
A compact state license allows travel nurses to work in multiple states without obtaining a separate licensure for each state. The Nurse Licensure Compact (NLC) is an agreement between 34 states allowing nurses to practice in any compact state with just one license. By obtaining a compact state license, travel nurses can increase their job opportunities and potentially earn a higher salary.
Choose High-Paying Assignments
When choosing travel nursing assignments, consider the pay rate and the cost of living in the location. Travel nurses can earn a higher salary by choosing assignments in high-demand specialties or locations with a high cost of living. For example, California, New York, and Hawaii assignments typically pay higher rates than other states. However, keep in mind that the cost of living in these locations may also be higher.
Work Overtime
Travel nurses can earn additional income by working overtime. Most staffing agencies offer overtime pay for hours worked over 40 hours per week. Overtime pay rates can vary by agency, so check with your agency about their overtime policy. Working overtime can be an excellent way to boost your income, but it can also be physically and mentally demanding. Be sure to consider your work-life balance when deciding whether to work overtime.
Maximize Your Travel Nursing Career with Custom Group
Maximizing a travel nursing salary requires careful planning and consideration of various factors to increase your earning potential. There are several options for increasing your earning potential as a travel nurse. Remember to balance your financial goals with your personal and professional goals and choose assignments that align with your interests and career aspirations. The Custom Group of Companies can help you maximize ROI from a traveling nurse assignment. Call on us to find out how we can help your career.
