Budget Budget Budget 8 Steps to Saving

For all of us that have dreams of a Nomadic lifestyle and experiencing the world as it is we must sacrifice things and develop ways to save every penny possible.

­Most Important thing in creating a budget:

You know exactly how much money you have coming in

And know how much is going out

 






Creating a budget can be a frustrating task. Staying on budget can be even harder. Once you've created your budget, it's important to stick to it.




My Weekly Living Budget

Essentials: The things that no matter how hard you try you can not get around paying for:

Fuel - In order to get me to work                                $75
Rent - cant sleep in a bus shelter now - "or can I?"       $100
Food & Beverage - Its true - "I has got to eat"              $55     
Phone - We all need to communicate                           $18
Gym - Ok ok i dont have to go                                   $14
Incidentals  (I didn't see that coming)                         $38

TOTALS       going out                        $300  35% of wage 

WAGES        coming in                       $850  65% Saving


Therefore I am able to save 65% of Wage or $550 per week

 

 

 

8 Steps to get you Saving Like a Pro

 

1)      Stop Buying Stuff – It’s that easy. If you want to travel, you don’t need any more stuff weighing you down.

2)      Setup A Savings Account – Most Banks offer great Fixed Term Deposit Accounts – offering as much as 6.5% interest on your savings. I have made over $2500 in interest on my savings account with much more to come as my money stays safely in this account whilst I travel.

3)      Setup A Bank Transfer – Setup an automatic bank transfer from you current checking account to your savings account for the day after your pay goes in.

4)      Record Your Spending – Write down everything you spend. Look & Look again – do you need to be spending that much?

5)      Create a Monthly Budget – Allocate your $$$$: rent, insurance, utilities, transport, food, fun etc. This should be the absolute minimum you can live off – don’t be afraid to allow one or two non-essential  things like a gym membership or a weekend activity.

6)      Socialize on the Cheap or Not At All – I am lucky enough to work in a bar almost every night so in some way still socializing without a cost. However there are a number of other free or cheap things you can do to get your social kick – Get Creative.

7)      Sell Your Stuff – We all own things we don’t use don’t need and would be better off in someone else’s hands. Just think everything you leave behind you will need to store – at a cost even!

8)      Feel Liberated by the Less you have and the Less you Depend on.