How to Budget Before Your Next Travel Nursing Assignment
Starting a new travel nursing assignment is exciting, but if you don’t plan your finances ahead of time, it can be stressful, too. Setting a travel nursing budget will give you peace of mind, ensuring you can cover essentials, save for the future, and enjoy your assignment without financial strain.
Whether you’re a first-time traveler or a seasoned pro, these travel nurse financial planning tips will help you create a budget that is both realistic and not time-consuming to do on your own. We’ve also included a free budgeting template you can customize to your needs and goals.
6 budgeting tips for travel nurses
Break down your budget into a few key areas to ensure you’re covering the basics, like planning for unexpected costs, and leaving room to enjoy your assignment. These six tips are designed to give you a clear starting point and practical steps you can put into action right away.
1. Know your income (and what’s taxable vs. non-taxable)
Travel nursing pay packages usually include a mix of taxable hourly wages and non-taxable stipends (housing, meals, incidentals). Before your assignment starts, calculate your weekly take-home pay based on your contract details. Non-Taxable Income: The non-taxable weekly stipends include housing, meals, and incidentals. The non-taxable weekly stipend rate is based on the per diem rates set by the GSA for the job's county. To qualify for the non-taxable stipend, you must qualify as a travel employee according to IRS terms. Please visit the IRS website for more information or to consult with a tax expert. Taxable Income: The additional income you receive that is taxed. The sum of these two segments reflects total gross weekly pay.
Source: Nomad Health
💡 Pro Tip: Ask your Nomad navigator for a pay breakdown and use that in your nurse budget template.
2. Plan housing costs carefully
Even if you’re receiving a stipend, housing costs can vary dramatically depending on your location. Research short-term rentals early, and always plan for a deposit or first month’s rent upfront. Short-term rentals:
Airbnb
Furnished Finder
Landing
Transplant Housing
VRBO
Example: A nurse taking an assignment in Denver found a furnished apartment on Landing for $2,500/month. With a $1,000/week stipend, she had $4,000/month to work with, leaving her $1,500 to save or spend elsewhere.
💡 Pro Tip: Get a $500 discount on a three-month stay from your Nomad Navigator.
3. Start building a relocation fund
Before your first paycheck, you’ll need to have money saved for traveling to your assignment, housing deposits, and basic supplies. Create a “first two weeks” fund of at least $1,000 - $2,000 to bridge the gap until your pay starts hitting your account.
Expenses to plan for:
- Gas or airfare to assignment: $300 - $500
Housing deposit: $1,000
Groceries & household basics: $250
4. Don’t forget recurring expenses back home
Even while on assignment, you probably still have bills at home that need to be paid. Car payments, student loans, storage costs etc., are common bills back home for travel nurses. Make sure to add these expenses to your travel nursing budget so they don’t sneak up on you.
5. Save for the “in between”
Between assignments, you may have a gap of a few weeks without pay. A good rule of thumb is to set aside at least one week’s pay per month of assignment into a savings account. This ensures you’re not in a bind and have the bare necessities while you find your next assignment or determine if you’d like to extend your current one.
Read, ‘What Is a High-Yield Savings Account? Pros, Cons, and How It Works.’
Example: If you make $2,000/week on a 13-week contract, save at least $500/month ($1,500 total) for a cushion.
6. Use a travel nurse budget template
Tracking expenses doesn’t have to be complicated. You can use a simple Google Sheet to categorize your income and spending. This helps you spot overspending early and plan for your next assignment with peace of mind.
👉 Here’s a customizable Travel Nurse Budget Template you can make your own! Add in your expenses and savings goals.
See our highest paying travel nurse jobs
More ways to save money as a travel nurse
- Groupon for experiences: Find discounts on food, shows, and museums, plus helpful reviews for exploring a new city.
Meal prep: It’s always more expensive to eat out. If you’re looking to maximize savings, meal prep, fire up that Instant Pot!
Exercise reimbursement: Insurance may include wellness benefits such as gym membership discounts or full/partial reimbursements. Ask your Nomad Navigator for more information.
Dollar store essentials: Hit the dollar store for inexpensive essentials like toiletries, cleaning supplies, and dinnerware.
Make your own coffee: Skip the pricey artisan coffees (or reduce your frequency) and swap for coffee from a single-serve compact coffee maker that you can use in your short-term rental.
Free local activities: Search Facebook, parks & rec, or ask your fellow travelers to discover free or low-cost events and outdoor activities in your new location.
Cash-back rewards apps: Use Rakuten, Ibotta, or Honey for instant savings on everyday purchases.
Credit card points: Use travel-friendly credit cards for flights, gas, or hotels. Be sure to pay balances off every month; letting interest accrue can damage your financial readiness.
Public transportation: Not every assignment will be in a city that offers a robust public transit system, but for those that do, take advantage. Skip paying parking fees by using buses, trains, or bike rentals when you can.
Proximity to facility: Determine the proximity of the facility to housing options in your budget. You can forgo all transportation fees by walking if close enough.
Audit subscriptions: Cancel or pause streaming services or apps you won’t use during your assignment. These can add up quickly.
Save money through discounts: Many phone companies offer a discount to nurses and healthcare professionals. Check this list for other discounts, like clothing, shoes, electronics, etc. AAA also offers free roadside assistance for nurses, plus discounted memberships.
Other things you should know before going on assignment
- Research the location thoroughly: Are you going on assignment during tourist season? Is there inclement weather you should prepare for? How long are you willing to commute from your rental to the facility?
- Plan out the sites you’d like to visit: Create a list of must-see sites at your assignment location so you can set aside extra funds toward excursions, shopping, etc.
- Clarify taxable vs. non-taxable stipends: To fully determine the cost-of-living impact and account for shift differentials or holiday pay, ask your Nomad Navigator up front.
- Double-check your certifications: Keep credentials (BLS, ACLS, PALS, licensure, medical records) current and check expiration dates before starting or extending an assignment.
- Confirm scheduling: From block scheduling to weekend rotations and floating requirements, speak with your Nomad Navigator sooner rather than later so you are not surprised.
Making the most of your journey
Budgeting as a travel nurse is about freedom, not restriction. By planning ahead, you can cover your essentials, enjoy your time off, and keep financial stress to a minimum.
Establishing a budget early lets you take full advantage of your stipends, stay prepared for downtime between contracts, and helps you reach your financial goals like paying down debt or saving for the future. With the right plan in place, you’ll be able to focus on growing your skillset, exploring new places, and thriving both on and off assignments.
Related reading
Frequently asked questions
- Most travel nurse stipends for housing, meals, and incidentals are non-taxable as long as you qualify as a travel employee under IRS guidelines. Always confirm with a tax professional and ask your Nomad Navigator any lingering questions you have on the topic.
- It’s a good idea to save $1,000–$2,000 for upfront costs like traveling to the assignment, housing deposits, and basic supplies. For extra security, aim for $2,500–$3,500 before your first paycheck.
- Commonly overlooked costs include car payments, student loans, storage units, licensing fees, and parking. Be sure to include any recurring bills from home in your budget.
- A good rule of thumb is to save at least one week’s pay for every month of your contract. This gives you a cushion in case of a gap before your next assignment.
I am with Nomad and LOVE them...they really love feedback and are open to hearing what nurses need and want.