Lay The Foundation
- Pay yourself first. Contribute to 401k, buy stocks, antiques (I’m kidding), or other types of investment. A portion of your paycheck MUST go to post-travel life. Very fortunate few get to travel for a living, most likely you won’t be one of them.
- Pay off your debt. Or even better, do not get into debt. I have lived debt free ever since that. Being in debt also means being in a commitment (to pay it off), which brings me to the next point:
- Do not get anything that require commitment. Do not buy a house, or a car, or a 2 yr cell phone contract… Do not get pets who live for a very long time either. If you can not imagine living without animals (like me), consider fostering for your local animal rescue. It’s a win-win situation. BIG BONUS: You also get to save a life.
Save, save, save
- Downgrade. Move to a cheaper place. It’s the easiest way to trim your expenses. I saved a lot month by moving to a smaller AND closer-to-work apartment.
- Find a cheap hobby to keep yourself away from movies and malls on weekends. Do not get into rock climbing . It’s addicting and expensive. You end up driving very far on weekends, spending money on food and gas. Not to mention the equipment.
- Cook more. You can save tons by not eating out. I’m serious.
- Do the many little things that make a big difference in savings. I don’t go to the malls, I put on more layers than turning on the heat, I make my own coffee rather going to Starbucks.
So, that’s the short list of things that have worked for me (and have not). I wish I could give an insider tip on what to invest, or some other big money-saving revelations. But unfortunately, it’s just a matter of making sacrifices (but not too many of them), and attempting to strike a balance between living in the now and saving for the future.
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