Ready, set, Locum!

Sam Aspeling
May 20, 2021

We are all on a journey to best achieve and understand what it means to have a work/life balance. Is it achievable? Locum work is about options and variety. It can fulfill multiple goals, create opportunities in the workplace, your community, your family and off-the-clock adventure. So how can you manage your skilled hours through Locum work, how do you manage your financial independence and how do you take control of your time? Let’s dive into Locum Life.

Medical professionals that want to take control of their own destiny and choose what work they do and when, choose to Locum. Doing Locum work offers Medical Professionals the opportunity to control their work schedules, income, and vacation time. They choose when and where they want to work. Locum work is typically well-compensated. They are also time-limited, which always offers a light at the end of the tunnel. 

There are only so many hours in a day, and in healthcare, every passing minute flies by. It’s quite common to find yourself staring at the clock and wondering how in the world the day is almost over. Better managing your time and how you spend it is one way to achieve that work/life balance. Create a weekly calendar and map out your priorities such as work, exercise, family time and personal time.

Working as a Locum offers the privilege of being your own boss, this includes ensuring you are at the helm of your financial independence for all your future earnings such as funding your child's education, saving up for that special holiday or an upgrade of your home. Some highlights on three essential topics to handling your finances as a Locum: Compensation, Retirement and Emergency Fund.

  • Compensation is critical. As a Locum, you’ll usually receive an hourly wage. There may be overtime, night shift, being on call and holiday or maternity cover. . LocumBase.com can calculate how those hours translate into your final paycheck. We also encourage you to set realistic hourly rates against your experience, Locum track record and most importantly valid medical qualifications.
  • We think a better descriptor for your future financial comfort other than  “retirement” might be “financial independence.” The goal is to accumulate enough savings to stop working when it suits you. Achieving financial independence requires knowledge, planning and discipline. The quickest form of saving is to work with your bank to see what Tax-Free savings options are available to you and share based investments through innovative technology like FRANC
  •  While it may be your intention to work 12 months a year, life and its unexpected challenges may get in the way. You or your family member may become ill, limiting your income and increasing expenses. The possibility of these unplanned events require you to have access to  “money for a rainy day.” Many financial advisors recommend 3-6 months of expenses in an interest-bearing savings  account. Starting the conversation with your financial advisor or bank is really the first step to seeing how you can make this requirement a reality. 

When it comes to taking control of your career, the opportunity to Locum and  experience a new location or work environment. It’s a new challenge that will keep you fresh and energized.

At LocumBase.com we can help start your journey to take control and use your time effectively. 

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