I’m Going on a Spending Diet!
Posted on 05. Jan, 2010 by Steph in Trip Planning
Creative Commons License photo credit: Carly Jane1
Well it’s early January, the time for gym and Match.com memberships. Like most people, I have high hopes for this new year. 2009 was a year of waiting for me, and while 2010 will have quite a bit of that, it’s also the year I start on my Round-the-World trip !While I intend to keep my trip costs low by cheap flights and staying in hostels, I will still need to save quite a bit of cash. My tentative departure date is September 15, so a lot of time this year will be about preparing my blog, my finances and my life for such a big change.
Lots of people make new year’s resolutions to go on diets and, while I could probably benefit from hitting the gym, that is not my focus right now. This New Year’s I’m resolving to go on a spending diet. At this point I’m about halfway to my goal of saving $20,000 for my trip.
This will certainly be a challenge: it took me 16 months to accumulate the first 10K, and I need to obtain the rest in half that time! I think it is doable though, with some discipline. My first year at home I wasn’t very focused: I took several expensive trips, bought a car and to be honest, wasted a lot of money on stupid stuff.
Here are some of the steps I am taking to sock the cash away:
- Not paying rent- I’m extremely luck that my mother let’s me live at home. If I were to rent a place in Arlington I would probably be paying about $1000 a month in rent. Therefore every month I will automatically transfer that amount straight from my paycheck into savings.
- Probably the biggest money waster for me is aimless shopping. I AM NOT BUYING ANYMORE CLOTHING. I will learn to make do with the overflowing closet I already have.
- I’ve already cut down the amount I spend on books by visiting the library. I never rent movies and very rarely go to them and I don’t buy music online.
- I’m cutting down severely on fun but expensive friendship activities like hockey games, baseball games and concerts. New Years was the last big hurrah on this front.s
Creative Commons License photo credit: Jeff Belmonte
- Making an effort to cut down on eating out. This is hard for me because I am a terrible cook and also lazy.
- All tax returns and work bonuses will go directly into my savings fund.
With these adjustments and some serious willpower I think I should be able to reach my goal by the end of August. One thing that I would like to do is to post an update on my progress every month. How much I’ve saved, what I’ve done right and the mistakes I’ve made in the past month. I think it will be helpful in keeping me on track as well as useful for others.
What are your travel resolutions this year?
43 Responses to “I’m Going on a Spending Diet!”
Trackbacks/Pingbacks
- - January 10, 2010
[...] to move to London on a BUNAC student-work visa. I moved back home for about six months to temp and save up the money I knew I would need. I’m lucky that my parents are very supportive of my various travel aims [...]
- - February 2, 2010
[...] parents, others get a second job and somew even sell their possessions. Stephanie Yoder wrote a great post on her blog Twenty-Something Travel that gives tips and commentary about saving [...]
- - January 4, 2011
[...] It’s all about priorities–make travel one of yours. For great tips, check out the spending diet Twenty-Something Travel undertook to successfully raise $20,000 for a RTW trip. My personal tricks for saving money: drinking tap [...]
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neha
05. Jan, 2010
wow! love that you’re diving in head first. good luck with everything!
.-= neha´s last blog ..Hello 2010 =-.
DTravelsRound
05. Jan, 2010
When I decided to save $ for my trip, the first thing I did was cut out spending on food/drinks out. It’s amazing how much you can save by making some pasta and jazzing it up with some cheap and fresh veggies in a sauce. It makes you feel like a gourmet chef and requires little skill in the kitchen (except cutting the veggies). Add some 2 Buck Chuck to the mix, and you are golden. I think in my first two weeks of not eating out I saved more than $200. It adds up! I am sure you will do a great job and look forward to reading up on your progress — and taking some pointers with me for my trip!
.-= DTravelsRound´s last blog ..Rocky, rocky, pebble-y, pebble-y =-.
Steph
05. Jan, 2010
Eating out is always a hard one for me to curb because I’m social and i HATE cooking. Pasta is one of the few things I can do though so I’ll take that to heart…
Cari
10. Jan, 2010
Not to mention that when you prepare your own food in your own kitchen you can control everything that goes in it. People who eat out on a regular basis tend to be less healthy than those who cook for themselves. So in addition to improving how your body functions (vigorous health could be the most important travel accessory) you’ll end up saving a lot of money down the line in healthcare costs!
Also it’s good practice now to learn how to make meals you enjoy. Once you’re on the road, you’ll be able to save some dough by hitting up a supermarket and taking advantage of the kitchen in your hostel. Sharing meals in the kitchen with fellow travelers is a great way to make friends.
aelle
05. Jan, 2010
Good luck! The easiest way to save large amounts of money is to automate your savings (set up an automatic transfer from your checking to savings account of the 1250$/month you need to reach your goal by August on the day you get paid) and allocate budgets to the rest of your costs so you don’t end up in debt! Automated savings means you don’t have to rely on willpower and discipline, which would make things a lot more difficult (as you have experienced already).
And I’d like to read about your progress!
.-= aelle´s last blog ..Welcome, 2010 =-.
Steph
05. Jan, 2010
That is a very good suggestion! I usually transfer a large chunk of my paycheck directly to savings on pay day and it definitely helps a lot.
Gray
05. Jan, 2010
Great goal! That is a lot of money to save in a short period of time, but you’re right, it’s a lot more doable if you have free rent. It would have been even easier if you hadn’t bought a car. I used to save thousands a year when I didn’t have a car. One of the things that has always made saving money easier for me is treating it like a game. How much can I save this month? What else can I do to save money? There’s a website called the Dollar Stretcher (for us frugal types) that has a lot of creative ideas for saving money. Some of them are a little extreme (I’m not making my own laundry soap and my experiments with their recipes for homemade cocoa mix were disgusting), but some are good ideas. Good luck!
.-= Gray´s last blog ..Loneliness and the Solo Traveler =-.
Steph
05. Jan, 2010
Owning a car is SUCH a moneysuck. Unfortunately it’s necessary to reach my job way out in the boonies. Thanks for the website recommendation, I’ll check it out!
Cornelius Aesop
05. Jan, 2010
I love this I am working on finishing up my 10 things to do in 2010 and saving up for my own Round the World Trip is one of them. I look forward to your progress and eventual articles on your explorations.
.-= Cornelius Aesop´s last blog ..How to Create a Successful Travel Blog =-.
Steph
05. Jan, 2010
Maybe we need a support group, like weight watchers.
highheelgal
05. Jan, 2010
Love this post! The match.com part is hilarious (and so true…did I just waste another $40?! ugh.) Saving money is one of my resoluations, but I’d just like to save some that I actually have money when I need it!
.-= highheelgal´s last blog ..Business time =-.
Andy Hayes | Sharing Travel Experiences
05. Jan, 2010
Sounds hardcore
Good luck, can’t wait to see where all those savings take you!
.-= Andy Hayes | Sharing Travel Experiences´s last blog ..Inspirational Places: Samasati, Costa Rica =-.
Chris
05. Jan, 2010
Nice one Steph. For the last 4 months now I’ve slowly been cutting more and more from my budget to get the money saved to travel. First I moved into a shared house, then setup a separate savings account with a different bank so I wasn’t tempted.
I had money come out of my pay each week and go straight to the savings account so I couldn’t spend it. Next was to sell off as much crap as possible. Then just try and live like you would as a backpacker. Practice being thrifty, bring lunch to work, no more movies/dvds etc. I made my end of year goal but have a long 6 months ahead of me.
I’m all keen for a support group. You bought a coffee today, you know that could have fed you for a day in asia hahaha
.-= Chris´s last blog ..Hello Year of Travel =-.
Steph
05. Jan, 2010
Hmm we might be on to something here!
Abhi
05. Jan, 2010
Thanks for the reminder.
I’ll have to save some too this year. But I’ll be glad to cut costs if it goes into traveling.
.-= Abhi´s last blog ..My first solo trip : underprepared is an understatement =-.
Steph
05. Jan, 2010
Always got to keep the end goal in mind!
Adam
06. Jan, 2010
Great ways to save money! I’m doing several of the same things – cooking more at home & spending less while I’m out. So far it’s worked out and I’m only another month (maybe 2) away from $20,000 goal. Whew!
.-= Adam´s last blog ..Why This Year Will be Terrifying =-.
Steph
06. Jan, 2010
Wow you are getting close!
Shannon OD
06. Jan, 2010
Big congrats on tackling this so aggressively! The only one I’d have trouble with is the movies – I actually really like the movie theater and it’s one of the more inexpensive ways I hang out with friends – my fav thing to do in the States now is catch up on the films I’ve missed!
I love that you are transferring your “rent” right into savings – that’s a huge chunk of money going in every month, wow!
Can’t wait to watch your progress. 
.-= Shannon OD´s last blog ..A Little Email…And a Request for Feedback =-.
Steph
06. Jan, 2010
I think everyone has to have at least one little luxury. I don’t make it to the movies very much, even when there are things I really want to see! Oh well
Candice
06. Jan, 2010
Sweet, I could learn from these lessons, although I’m terribly frugal and still broke. I also take whatever money I make outside my job and divide it: one half goes to savings, the other goes to debt…even if it’s like, $10.
.-= Candice´s last blog ..10 Reasons Why My Resort Vacation Rocked My Pants Off =-.
Steph
06. Jan, 2010
that’s a smart idea. Paying down the debt is uber important!
Allison
06. Jan, 2010
Go Steph! You are already doing so well with the saving, I have no doubt you can make the rest. My goal is to start saving as well, with much more modest travel plans in mind – I’d love to get down/out to see family of some form again before the year is up. Be that a trip to CT, DC, or all the way out to Oregon – it’ll take some serious saving on my part
Steph
06. Jan, 2010
Thanks for commenting Allison. I was up in CT last weekend! I hope you meet your goals!
Daniel N.
06. Jan, 2010
Great resolution Steph
It’s a good thing you are actually planning your RTW trip. I have not planned it at all and left everything behind in just 2 months..
After 4 months on the road, I now realize that my savings were not THAT much so I’ll have to be careful on what I am spending while traveling still (and maybe find a small income).
Good luck!
.-= Daniel N.´s last blog ..The next step is beginning =-.
Steph
06. Jan, 2010
I’m terrified of running out of money on the road! Definitely trying to make sure that doesn’t happen.
Christine
06. Jan, 2010
I’m also in the midst of doing some major saving for a possible move overseas. The hardest thing for me is cutting out new clothes/shoes/purses–but I’ve been quite successful so far! I keep asking myself if (insert new thing I want here) will go overseas with me. Do I like it enough to drag it in a backpack/suitcase for months? Is it worth paying a heavy luggage fee? Can I wear it over and over without getting sick of it? If it’s not absolutely classic and essential–or replacing something that absolutely needs to be replaced–I don’t buy it.
Good luck saving! I’m very jealous of not having to pay rent–rent and bills are a huge money suck
.-= Christine´s last blog ..Arthritis at 21? Not as far-fetched as it seems. =-.
Steph
06. Jan, 2010
Clothing gets me too! Looking back at hte last year I can see that a lot of money went out the window at H&M. I’m on a total shopping embargo for the time being. Time to shop my closet!
Cari
10. Jan, 2010
When working towards saving money, it’s also important to look at value instead of just price. With places like Target, Forever 21, Old Navy, and H&M, it’s easy to put together outfits on the cheap. However, because of the low prices, it’s easy to get swept up in buying things you don’t really need, or things that are trendy but won’t last more than a season. Over time, I’ve actually saved more by buying a few high quality pieces that I really love rather than a mountain of cheap junk that I end up getting rid of a few months later. This is also a good way to think when you’re planning what to bring on the trip. A few great garments that can last the journey will serve you much better than a whole bunch of things you only sort of like.
Speaking of getting rid of clothes, I did a closet purge last week, and you’re welcome to come over and “shop” at my place. Another great way to save…hand-me-downs from friends!
.-= Cari´s last blog ..My Lady Syria =-.
Sasha
06. Jan, 2010
We are totally on the same page!!! I’m taking the same steps as you to cut back!!! What has helped me with the not buying clothes is the fact that i literally have so many i can’t fit them anywhere let alone take them in my backpack (the result of years working in clothing retail) I keep telling myself the clothes will be cheaper where i’m going anyway LOL Although my biggest failing in the not buying clothes department is the fact that much of my socialising involves costume parties LOL I’m just trying to avoid them all together!!!
More power to you!!! Good luck!!!
Steph
06. Jan, 2010
Yeah I really do have a lot of stuff already (how can I have so much clothing and nothing I want to wear is the real question?). Trying to be happy with what I have and not feed the addiction…
Nancy
06. Jan, 2010
This is so exciting!! I had no idea, for some reason, that you were going on a rtw trip. Way to be! That’s fantastic. Sounds like you’ve been very pragmatic and continue to be so. I have faith that you will definitely have the money saved by then.
.-= Nancy´s last blog ..End of the Year at the End of the World =-.
Steph
06. Jan, 2010
thanks Nancy! I’ve kept the plans somewhat quiet until now… still working out the logistics.
Matt
06. Jan, 2010
Good luck with the saving. Sounds like you have it all planned out! When I was living in DC, and saving for New Zealand, I was lucky to find a place for really cheap rent – but certainly not free. Makes saving much easier when you’re not spending $800+ a month for a roof over your head! September will be here before you know it!
Steph
06. Jan, 2010
The rent thing is DEFINITELY the biggest saver. I’m not sre I could have done it without it! September seems far away now but I’m sure it will get here soon enough…
Sofia
08. Jan, 2010
Wow, imagine what you can do with all that money saved!!
Haha I know the point was to save money, not cut down on some things to spend on others. But all these small savings make up a huge ammount of money, and there’s no point of having money if you’re not going to spend them, what I’m saying is spend the wisely.
That money will easily pay a trip somewhere exciting!!
Steph
09. Jan, 2010
Yeah I don’t mind saving money if I know it’s for a purpose. The excitingness of this trip should make it all well worth it!
AdventureRob
09. Jan, 2010
Good luck with the plan, sounds good! (although 9 months of waiting might get to you – but it’ll soon fly by) Travelling is the best thing I’ve ever done/am doing.
Savings is probably the most important thing, we all have our vices, it’s a matter of putting travel ahead of them.
.-= AdventureRob´s last blog ..Roads and Bush Fires =-.
Steph
09. Jan, 2010
Thanks for the encouragement Rob! It’s definitely about priorities.
Eric
10. Jan, 2010
Nice job going after this so aggressively. I have only just started my plan, and it took me moving half way around the world to really get it going like I had hoped. Good luck with it.