Be Smart With Your Income (Because It Can Be Big)
Locum tenens physicians often earn more than their employed counterparts—but managing income as a contractor takes planning.
Smart Budgeting Tips
- Base spending on your lowest-income month
- Create a 3–6 month emergency fund
- Set aside 25–30% for quarterly taxes & maximize deductions
- Separate personal and business banking accounts
Use Tools That Make It Easy
- QuickBooks or Wave for tax tracking
- YNAB or Mint for budgeting
- Clockify or spreadsheets to track shifts and income
Retirement and Wealth Building
Locums can invest in Solo 401(k)s or SEP IRAs, with higher contribution limits than traditional W-2 retirement plans.
Being a 1099 locum tenens physician gives you freedom—just make sure your finances support it.
Selecting the right accountant and financial advisor will ensure you meet your financial goals.
