Budgeting as a Travel Nurse: How to Keep More of Your Paycheck

Stretch Your Paycheck, Not Your Stress

Travel nursing comes with some really great perks, like higher pay, new cities, and the flexibility and freedom to choose when and where you work. But even with higher pay, if you aren’t smart with your money, the other perks can slip away. Between housing, travel costs, and the occasional “treat yourself” moment, your paycheck can disappear faster than you think.

Budgeting doesn’t mean you can’t have fun. It means making sure you can enjoy every assignment and build a little cushion for anything unexpected that may (and most likely will) pop up down the road.

Here are some ways to make your money work for you on the road.

Know Your Pay Package 

Before you start spending, know what is actually coming in. Not just your base pay weekly, but your whole pay package.  

Base Pay and overtime: What is your guaranteed weekly pay? Can you make overtime?

Stipends: Be sure to know exactly how much your housing and M/I stipends are. This can help when choosing your short-term housing.

Travel reimbursements: If your agency offers reimbursement for flights, rental cars, or mileage, this can help offset your costs.

Understanding your full pay package helps you plan ahead instead of playing catch-up.

Be Smart When Choosing Housing

Your short-term housing choices can make or break your budget. While cozy, high-end rentals are tempting, they can quickly eat into your budget.

Some things to consider:

• Think short-term smart: temporary rentals, extended stays, or shared housing can save hundreds per month.
• Compare location and cost: living closer to your facility may save on gas, but staying a bit farther out may cut rent costs.
• Use your stipend wisely: once you know your housing stipend amount, be mindful of it and don’t exceed it when choosing your housing. Work with an agency that lets you keep your full stipend. At TNAA, if you spend less than your housing stipend, you get to pocket the extra.

Keep Track of Where Your Money is Going

You don’t need to have a spreadsheet; just make sure you’re aware. Even small purchases (coffee, shopping sprees, delivery fees (think groceries, etc.)) can add up quickly.

Ways to keep track:

• Use a budgeting app to keep track of daily spending.
• Have a weekly “fun money” fund so you can enjoy splurging without feeling guilty.

Don’t Let Tax Season Surprise You

Working in different states can make tax season a little tricky. Each state has different tax rules.

Ways to stay ahead:

• Know your states: know where you owe taxes and where you don’t.

• Keep records: Keep copies of your pay stubs, housing receipts, and travel information. This can help when you do your taxes.
• Plan early: Work with a professional who understands travel healthcare.

Plan for Your Future

You’re a planner, your next contract, trip, etc. Why not plan for your financial future too?

• Build a safety cushion by saving a few months of living expenses to use between assignments or in case of an emergency.
• Start or contribute to a 401 (k) or IRA whenever possible.
• Want to take a month off to visit with family and friends or travel? Start saving now. 

Choose Assignments that Work With Your Goals

Choosing assignments with the highest hourly rate doesn’t always mean you are maximizing your income. Be mindful of location; assignments in larger cities often come with a higher cost of living. Also, remember some specialties, such as ICU, OR, and ER, tend to have higher pay packages. If you are still unsure, reach out to your recruiter; that’s what they are there for. They can help you find an assignment that aligns with your lifestyle and financial goals.

Budgeting isn’t about restriction or missing out on fun; it’s about freedom. When you know where your money is going, you can say yes to new adventures, plan time off, and actually enjoy all the wonderful perks of travel nursing without the stress of finances following you from one assignment to the next.

Ready to take control of your finances and your next travel assignment?

Check out TNAA and TotalMed’s current travel nurse jobs and start planning your next adventure today.