Spending Diet update! You can track how my own savings are progressing here.
In last month’s money update I wrote about major life changes you could make to save money. While incredibly effective, I know those aren’t always the easiest things to implement, so today I wanted to go in the opposite direction and round up some small things you can do to help build your travel fund.
None of the things I’ve listed below are huge sacrifices, but over time they can add up to be fairly significant sources of money:
- Stop Buying Food- Not all food obviously (you still need to live) but you can save a bundle in the long run by brown bagging your lunches and cutting back on coffee breaks. That $3 Starbucks latte every morning is going to run you over $1000 a year.
- Start Stockpiling Change- Any time I get change back from a purchase I pour it directly into my large glass change jar.
Once it’s full I head on over to coin-star and convert it back into lovely dollars. It’s inspiring to watch the jar fill up and I know from experience that once my jar is full it’s probably holding at least $100.
Creative Commons License photo credit: sciondriver
- Stop paying for entertainment- There’s this really amazing place called the library, where you can borrow all the books and movies you want for free! It’s kind of amazing when you think about it.
- Buy Generic- Now is not the time to be all snobby. It is the SAME STUFF, I swear. Save yourself the $2 and pick up the store brand shampoo, Advil, Tostitos, whatever.
- Quit impulse buying- this has saved me a bundle. I used to spend a lot of money online (clothes) shopping. When I started my Spending Diet the very first thing I did was impose a 24-hour waiting period between putting anything in my online cart and pressing buy. The difference is incredible- I very rarely buy anything online these days. And I don’t really feel any worse off for it.
- Quit the Gym- You’re leaving soon hopefully anyways, so now is as good a time as ever to start learning to live without your gym. Easy for me to say, as I’m only vaguely familiar with the idea of a workout room, but I DO know that those memberships are expensive. Make the sacrifice and start working out at home or jogging.
- Become a Little Lamer- Last month we determined that the biggest money suck for twenty-somethings is nightlife. If you can find free things to do or start staying home even one weekend night month you can save yourself a bundle. One suggestion for ruining your social life? Start a blog! I’m writing this on a Saturday night right now.
- Sell stuff- I’m going to be talking about this in more detail in future columns, but it’s always a good time to start looking around your house and thinking about what’s expendable. I guarantee you probably have some junk that you could pass along to another grateful owner in exchange for a few bucks.
- Push yourself with a Savings Challenge these little things add up over time, but sometimes you need a surge to keep you going. If you are feeling ambitious you might try Ramit Sethi’s “Save $1000 in 30 Days” challenge, which includes a lot of great tips for how to squeeze every last cent. Or the Untemplater 30-Day “No Spend” Challenge.
In addition to padding your bank account, I think that doing these things has a positive psychological component. Just like World War Two home front efforts, making these small daily sacrifices reminds you that you’re working towards something bigger. Every day you put away a little change and bring yourself a little bit closer to reaching your travel goals.
For lots of money saving tips check out:
What small things do you do to save money?
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Great post Steph. I do the coin jar thing as well and coinstar is GREAT! Banks charge way more to count your coins for you. I’d be interested to see you rewrite this from a #rtwnow perspective once you get on the road. I have a REALLY hard time saving money while I travel (I’m a spending machine, to be perfectly honest) and would appreciate any tips you can muster up!
Abbey Hesser´s last blog ..A Walking Tour of the Western Irish Countryside
or save even more and count the coins yourself! a great way to keep busy while watching tv.
That’s a great idea Abbey- I will file it away for later. Saving before a trip is easier to regulate than being frugal on the unpredictable road for sure.
Great advice for all ages! Totally agree with you about the library. I got a card for the first time in my adult life and felt like I had discovered the moon…I could hardly believe what they all had there – for free! Yes, buy generic – especially when it comes to drugs…really – they are the same – ask to any pharmacist! Plus I like your advice about quit the gym – when traveling you have to figure out ways to motivate yourself outside the gym. Take up running – it’s the cheapest sport there is and no real equipment is needed except shoes – and you were packing those anyway!
sherry ott´s last blog ..porters-9
Yes, I really love the library it can be such an amazing resource that people don’t take advantage of.
Stop paying for entertainment is a good tip that my wife and I have found useful. There have been so many times we’ve bought books unnecessarily. If we could have all that money back we’d probably have saved many hundreds of dollars. Before you buy a book, think: are you the type to re-read it? If not, hit the library instead.
Keith´s last blog ..The Drink Taxonomy of Guys
yup, books and movies are killer because $10 doesn’t seem much- but it adds up!
This was one of my worst indulgences for many years. Hundreds of DVDs, hundreds of books I’ve never read (and 500+ that I had).
I can’t even imagine how much money that would have been, even if I only bought ones that I read. Buying DVDs is screwy – how many do I watch more than once?
I am doing all of those at the moment apart from the one that costs me the most, the nightlife. I live we three friends and its so hard to say no when they are all drinking at home and getting excited about a night out. Luckily (for me anyway) they are all in debt and not going out as much anymore. Not buying books is tough as well but I have a friend whos into the classics as well so we just trade.
yea nightlife is killer and hard for me as well! Taking it weekend by weekend.
Good tips here! I completely forgot about the giant jar of change I have currently in my closet. Thanks for the reminder!
Suzy´s last blog ..To Travel or Not To Travel? That is the Question
awesome! found money!
Even better than Coinstar- roll the coins yourself! Get the coin roll wrappers for free from your bank, borrow a movie from the library on a rainy day and roll coins while you watch the movie.
In terms of selling stuff, stores like Crossroads and Buffalo Exchange are a great way to make some money on your clothes that will surely not be in style by the time you return.
Yay for saving!
I’ve been looking for a consignment shop in the DC area to unload some stuff. No luck so far!
Great advice, Steph. I have used every one of these at some point in my life, except the last one.
Gray´s last blog ..Recommended Reads, March 7, 2010
Right now I feel like my life is one big money challenge.
Great article! I already do lots of these but I do like the idea of a Savings Challenge. One thing I’ve completely stopped doing is buying books and DVDs – I can’t even bring myself to buy guidebooks anymore. And, I’ve become lamer as well! I’d rather spend my money going out while traveling than going out at home. It helps that some of my friends want to save money too so we can plan cheap things like hiking or movie nights at home instead of going out to the bars!
Laura´s last blog ..Istanbul (or, My First Trip Abroad)
Starting a blog has been the key to destroying my social life!
I think, going tough on food/drinks related luxuries (like icecream/chocolates for me, alcohol for a whole lot of people) can help save a lot!
Abhi´s last blog ..Why you should not travel the way a travel-writer would suggest.
It can save a lot of money but it’s also the hardest thing to do!
We had a budget, and every month we were spending no more than we were earning. Pretty good, right? But then we totalled up how much money we earned that *didn’t* go to basic bills/debts (mortgage, phone, electricity, his car, my student loans), and were aghast!
So we cut the number in half, divided it by 4 (weeks in a month, roughly). We take that much cash out at the beginning of the week (Sunday, the day we buy food for the week) and that’s what we have to spend. When it’s gone, it’s gone. Anything under $50 comes from the fund, including doc copays and those annoying kinds of things. Things like new tires go on the credit card, which is paid online as soon as we get home, so there’s never even a bill, much less a balance.
It has worked wonderfully!!
I give myself a monthly allowance (after I pay my bills) and force myself to stick with it. Very sobering!
My tip: Coupons. You can buy lots of the food you like for little to no money and with pharmacy loyalty programs like CVS’s extracare bucks you can get make up, shampoo, etc for free. There are tons of blogs and websites that help like moneysavingmom.com and afullcup.com. It does take extra time and effort, but if you want to completely cut that out of your budget it is worth it. I would also recommend using your local supermarkets loyalty programs to catch all their sales and to use the supermarket that doubles manufacturer coupons.
My problem with coupons is that they sometimes trick me into spending money on something I wouldn’t have before because it’s a “deal.”
I do however love my Safeway club card.
Great tips Steph! Especially the one about becoming a little lamer…nightlife is so expensive, and they’ll be plenty of that once you get abroad!
Yup, it makes people laugh but it’s true! I’ve been trying to find cheaper nights out.
I think buying generic is a big one. We used to always buy “brand” name in the U.S., but when we started traveling, we couldn’t necessarily find those brands and are willing to use generic or equivalent alternates. They work just as well.
Akila´s last blog ..just another city: bangkok
I’m trying to get better about it. Shampoo I can do, toothpaste I need the real stuff!
I can never do the saving up change because I never use cash. When I use my card I’m apprehensive about every purchase, but with cash that stuff just flies away. I should see if my bank does that round up bit where they send the ‘change’ into a savings account.
Cornelius Aesop´s last blog ..2012 A New Beginning
It’s definitely different for everyone. I find myself more cautious with cash because I can physically see it dwindling away, where as plastic money just seems imaginary to me.
Great list! My secret to saving on entertainment is http://www.stagevu.com but shhhh, you didn’t hear it from me.
Great list, but why does everyone always pick on coffee? I’m a coffee shop owner and if people followed your advice here (and the advice of ever other financial consultant to cut out coffee shop spending), I would be put out of business . . . not complaining, just sayin.
Michael´s last blog ..Simplicity
ahh fair point- nobody ever things of the coffee shop owners! I think that coffee gets picked on but it’s really just representational of something people pay premium for when they could make their own for cheaper (same with smoothies, sandwiches, mixed drinks). Of course hanging out at a coffee shop has certain less tangible rewards that can’t be recreated in your kitchen.
I’m on a spending diet so I can comfortably move to Australia. I’ve started many of these things already – but love some of the things you suggest that I’m not currently doing. I have a mean impulse online spending habit that I need to curb!
Ashley´s last blog ..Passport Day in the USA
now that spring is kicking in I have to work hard to fight the urge to spring for a new wardrobe. I’m practicing a “just dont look” policy.