globetrottingnurseWho likes to budget? No one. Who needs to budget? We all should. As a travel nurse, I love setting my budget prior to reaching my assignment location to allocate where my funds should go. Here are a few tips on how I budget as a travel nurse.
What’s coming in?
I calculate exactly what my income will look like once it hits my bank account. I use Paycheck City to provide me with my best estimate. There you can use state-specific deductions and more to calculate what you will “take home.” In the travel nurse world, this means exactly how it sounds, what you will take home after taxes.
How will it come out?
I use the 50/30/20 rule for my expenses. This is a nice way to breakdown your expenses into categories. I play around with the numbers to match my current location’s needs, which influences my potential income and cost of living.
- 50 percent of your income should be placed to your needs: housing, utilities, debt, and food
- 30 percent should be placed to your wants: dining out, memberships, vacations, entertainment, etc
- 20 percent should be placed towards your savings and repayment: debt repayment, emergency funds, and retirement funds
What to do with your budget?
I am a visual person, therefore, I write this down on paper. I write down my expected income, my potential expenses and estimate what will remain for savings and/or splurging. To be safe for each assignment, I also try to assume what I will need for that location. Will I have to pay for tolls, am I utilizing public transportation, do I have to pay to park and/ or more. I also utilize Mint’s and my personal bank account’s online budget tools by linking my accounts: debit cards, credit cards, savings and more. Don’t judge, but I also break down who and what will be coming out of each weekly paycheck to see when and where I can splurge on myself a bit.
To wrap this up, I first give myself the best estimate of my income, then I use the 50/30/20 rule for my expenses and that is how I budget as a travel nurse!! The easy part is setting the budget, following it, is what makes it so difficult!
Do you have a budget? If so, do you stick to it?
Travel is the only thing you buy that makes you richer.
~Unknown
I automate my savings and strive to go cash only with a weekly allowance. Thanks for sharing! How long have you been a traveling nurse?
I automate my savings as well and I love your weekly allowance! That’s an amazing way to keep track of your expenses. I will hit 5 years as a travel nurse in August 🙂
What a coincidence! I was at a networking event earlier today and I was telling someone about my budget! She doesn’t have one and wants to pick my brain about it. I’m glad you have a budget in place!
Thank you!! I love and hate seeing where my money goes 😂🤣
Nice! 👍🏾
Thank you!
Ugggghhhh. Why is budgeting so hard?? I hate that I have to be this responsible adult. LOL
Don’t you wish we could take back saying I wish I was grown 😂🤣
Budgeting can be difficult to start but once you keep it up you’ll notice the difference 🥰
There are so many apps nowadays to help with daily living, expenses and so forth. Thanks for sharing yours.
You’re welcome and thank you for reading 🤗
I love that 50/30/20 rule. It may not work for everyone as written but I do think it’s a great goal to strive toward. Thanks for sharing this with us!
I agree and thank you for reading 🤗
Such great tips. A good friend of mine just became a travel nurse and I am going to share this with her!
Thank you and I can’t wait to answer any questions she may have!
I cringe every time I hear the word budget because i avoid it at all cost. maybe i will see what i can do with the 50/30/20 rule
I know the feeling 😂🤣