Travel nursing is rewarding and thrilling, but it comes with some costs. Nurses often chase adventure and higher pay only to discover expenses can quickly become a thief in the night, stealing their earnings. With practical strategies, you can use wise contract choices, savvy tax planning, and resourceful living habits to add thousands to your bottom line, turning the travel lifestyle into both an adventure and a financial win.
Location Is Key
When selecting a travel assignment, consider location, demand, and cost of living. Salaries vary by state and between rural and urban locations, reflecting costs, budget constraints, and healthcare demand. Travel nurses should complete the following:
- Review the cost of living, specialty, and salary by state to plan ahead.
- Dream locations like Hawaii or California often have higher costs and unequal pay.
- States with no income tax, like Tennessee or Florida, can stretch income.
- Locations with nursing shortages have higher demand and pay.
- Urban assignments generally pay more to compensate for the higher costs of living.
Travel nurses can combat the higher living costs by planning, researching, and being flexible. Public transportation, such as buses or subways, can reduce costs, while taxi services can be more costly. Alternatively, commuting to urban areas from the suburbs can lower housing costs, while sticking to a budget brings financial gain.
Taking Advantage of Low-Cost Locations
Selecting no-income-tax states (e.g., Tennessee) with rural areas of need can increase earnings by reducing expenses. Rural communities offer lower costs of living, helping you maximize your housing stipend while minimizing daily expenses. They also often come with assignment bonuses, which increase income.
The unique experiences of rural communities are often more relaxed in contrast to urban locations. Nurses often work across multiple departments, building autonomy and broadening skills. Alongside these benefits come some challenges, including shortages of specialists, higher patient loads, and health disparities, while difficulties with housing and transportation ask you to be creative and flexible. Regardless of location, visiting travel nursing blogs or joining travel nurse Facebook groups provides valuable insights and tips.
Keeping Your Credential Current—Without Breaking the Bank
Taking the state boards was bad enough once, but maintaining and obtaining licenses in other states doesn’t have to be. Temporary walk-through state licenses and the Nurse Licensure Compact (NLC) can help you save time and money. A single NCL application provides licensure in 43 states, while walk-through states like Arizona issue temporary licenses with minimal turnaround time, enabling almost immediate work. Regardless of which you choose, renewing your license with proper continuing education credits is paramount; however, the cost should be free.
Expired licenses are costly to restore, resulting in lost wages, steep fees, and even criminal charges. You can obtain CE credits through employers or free sites like Nurse.com or Nursing CE. Ask about CE and license reimbursement during contract negotiations, and always renew your licensure before it expires.
Housing, Stipends, and Negotiations
Thirteen-week travel nurse contracts often include housing, meals, travel reimbursement, and relocation assistance stipends. Understanding what to expect helps you negotiate with confidence.
- Use General Services Administration rates and the local cost of living to maximize tax-free stipends.
- Before negotiating, identify must-haves, such as guaranteed hours, higher housing stipends, and research pay rates.
- Communicate clearly about expectations, use data to leverage better terms, and maintain professionalism.
If negotiations don’t meet expectations, be prepared to compromise or walk away.
Travel nurses can choose from many housing options. Agency-provided housing offers convenience, but housing stipends increase flexibility and earning potential. You can choose RV living, house sitting, shared housing, or extended stay rentals/hotels, allowing for lower costs and higher savings. House sitting offers the added benefit of additional income. You should consider commute, furnishings, pet policies, neighborhood safety, and how each choice aligns with your financial goals.
Reducing Upfront Travel Costs
Just like housing, nurses have options for saving on up-front travel expenses. Booking early can save money by securing lower rates and promotions. Clever options include sharing rental car expenses, having your vehicle shipped, signing up for loyalty programs through hotels, airlines, insurance, or rental companies, and considering assignments in proximity to reduce relocation costs. Following travel nurse blogs and Facebook groups and signing up for personal finance websites offer insightful cost-saving resources.
Tax Tips for Travel Nurses
Already have a tax consultant? Great. For nurses who don’t, here are things to know:
- Tax Home: Your tax home is where you work, not where you live. The IRS allows deductions for temporary (<12 months) assignments away from your “tax home”. Always traveling means travel expenses are not claimable.
- Deductible Business Expenses: You can deduct transportation expenses, lodging, meals, baggage, laundry services, and business-related expenses like tipping your waitress during a business dinner.
- Receipts: Document all expenses using photos, apps, or Google Drive to keep organized during tax time.
Disclaimer: Information regarding tax deductions is for educational purposes only. You should consult a qualified tax consultant or visit IRS.gov for further guidance.
Building a Financial Cushion
Practical strategies exist for travel nurses to manage their irregular incomes and prepare for lows. You can apply these basic principles:
- Budget based on the lowest estimates. Review prior years of work and estimate the lowest monthly income.
- Strategically save extra. Apply earnings above the lowest monthly income to a three to six-month emergency fund or “buffer month” before non-essential spending.
- Prioritize essentials. Cover the “four walls”—housing, food, utilities, and transportation. All other spending is considered non-essential and should stop first.
- Build a robust emergency fund. Prepare for the unexpected and build up savings equal to six months of essential monthly bills.
- Create a buffer month. Use one month’s income to pay next month’s bills, reducing stress during periods of lower income.
- Eliminate debt. Use the “snowball” method to pay off all non-mortgage debt. This means paying off smallest to largest debt balances while making minimum payments on everything else. Once the first debt is paid, the minimum payment is added to the next debt’s minimum payment, and so on.
Real-world applications include budgeting extra income from stipends to avoid overspending, seeking higher-paying jobs to build a buffer or emergency fund, and paying off debt rather than inflating your lifestyle. The higher-earning months cover gaps in income and supplies for unexpected illness or expensive auto repairs.
Charting Sustainability: The Payoff of Preparation
Proper planning before embarking on the travel nurse journey grants you the freedom to explore while achieving professional, personal, and financial goals. By monitoring spending, preparing for the highs and lows, the unexpected, and learning from experienced travelers, you can turn challenges into positive experiences. Using the resources available here not only boosts profits but promotes a sustainably rewarding career. With the right approach, travel nursing can be both financially astute and adventurous.
Author Bio
I am Jeanese Ex, BSN, RN, a nurse, writer, and advocate with over 20 years of experience in labor and delivery, postpartum, nursery care, occupational health, and home care. I have served on the perinatal bereavement team, mentored nursing students with compassion, and am a passionate patient advocate. After an injury and autoimmune conditions placed my bedside career on hold, I founded Altruistic Nurse Writer, LLC to continue serving the healthcare community through writing.
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