Unfortunately, most people aren’t saving enough money for life’s emergencies that come up now and then and the big “r” word – retirement—down the road. So what can you do to make sure you’re saving?
Here are 3 ways to increase your savings while on assignment.
1. Set Goals -- Creating strong savings goals and executing on those goals can protect you both now and in the future as you get ready to retire. Set short term goals or items you can achieve in a year or less. These might be setting up an emergency fund or saving for a big purchase such as new furniture. From there, set long-term goals. These are a bit loftier and might include items such as saving for a child’s education or retirement.
2. Commit to Saving – Consider saving 5-10 percent of your salary/wages from each month or each assignment. Or, if you receive a raise or a bonus, try putting it in savings. And don’t forget about your 401k. If a 401k is included in your package be sure to put in at least up to your employer’s match. It’s like getting free money.
3. Find an App and Track it – Several apps are available to help you track your efforts and hopefully save even more. Try Stash which automates deposits into your savings account. Digit is another app that you can set to dip into your checking account and store a little money away at a time. And Qapital works to round spare change to the nearest dollar and then moves it into your savings. That means you don’t even have to work that hard to save even more.
Want to learn more ways to save and manage your finances? Simply download our FREE Financial Guide for healthcare travel professionals now for more tips and ideas.