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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 07-11-2008, 10:34 AM   #1
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Default saving for travels!

hello all!

i am planning a trip for next summer, destination undecided.

i have a mutual fund set up for travel savings. money is removed from my chequing account every week, and deposited into the investment account.

it's building SLOWLY...way more slowly than i'd like to see. so i've decided to put myself on a budget between now, and the beginning of june, 2009.

i am going to allow myself $400 a month for groceries (for a family of four), and spend only $20 a week on take out food (this is a big problem area for us). i'm allowing $40 a week for gas (we don't drive much at all). and $20 for miscellaneous, like taking the kids for ice cream or something. if, at the end of the month, i haven't spent the money in every category, i'm going to add it to the travel fund.

so, hopefully i can stick to this budget, and any time i'm having difficulty, i want you all to remind me how it will be so worth it in the end when i can take a kick ass trip with my husband!
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Old 07-11-2008, 11:01 AM   #2
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Very awesome of you to be so precise and clear on your travel budget ! Thanks for posting this. It's a great thing for other travelers to see how budgeting in advance will help them realize their dreams, and not wait for last minute.

I have a pending article on this subject for the TPunk blog as one of the 5 Steps to Get in the Game.

Aside from the budgeting of current income, are you also doing things to increase the income to surpass your travel fund goals (ie, part time job, eBay, home business, MLM, etc...)?
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Old 07-11-2008, 04:32 PM   #3
 
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i agree with the eating out portion of savings. i am amazed at how much mulah i have by not eating out at all. i have my budget setup so that every couple weeks i have to have what i had set in mind previously weather it be 500 or 250 more dollars. week by week works the best for me. and with the exchange rate so crappy we need to save even more!
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Old 07-11-2008, 05:21 PM   #4
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Very nice, PB. It's amazing when you see how much money you would have spent just eating out. Crazy...

Great to hear your travel fund ideas, gang. Awesome job !
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Old 07-12-2008, 02:52 AM   #5
 
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Cool 10 Simple Living Tips to Help You Make Travel Dreams a Reality

( OR aka 10 Simple living Tips to Help You Live Your Dreams )

Below is how I answered a woman who wondered how could we take a year to travel around the world.

My wife and I grew up with very modest financial backgrounds; guess you'd call it "blue collar" families. So we realized at a young age that not just making money was necesary to become free of the society tied to their jobs but SAVING money was important to reach financial independence. An old Chinese equation for financial success is: live on one third of your income, invest one third conservatively and invest or take a chance with the remaining third with higher investment returns. The "GROSS SALARY" is one of American society's "Brainwashes" on the American people and the other are MENTAL IMAGE TRICKS of what possessions you need to live the "good life".

We didn't really have to save up for a long time but did plan the trip over a year ago because of our 12 y.o. daughter's school and activity schedules. Tips to be able to make your dreams a reality are as follows:

1.) No impulse buying or consuming

2.) Live modestly

3.) Pay cash for your car not installments

4) Pay all credit card bills monthly with no remaining balance

5.) Share rent or live with your parents until your savings allow you to buy or rent a private living space

6.) Work more so you don't have the time to go shopping and to spend

7.) Know that traveling around the world is cheaper than living in the States and many other developed economies

8.) Love yourself so you don't need to buy something to"improve your self image"

9.) Be active with hobbies that don't cost much money like taking long walks, exercise, reading or educating yourself and lovemaking.

10. Realize that you're only human and all the above "tips" will be broken but try your best.
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Old 07-12-2008, 01:06 PM   #6
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regarding eating out:

i added up my restaurant transactions for the past week, and almost cried! $80 on just a few dinners with my husband. $80 is a big chunk of change....it's really sad that i could have put that away for our travel enjoyment instead.

i'll have to reflect on this and remember how i felt about it next time i get the urge to have dinner out. it's such an immediate enjoyment but it definitely doesn't last, and then i just wind up feeling guilty afterwards for spending the money on something so foolish!

to quote the above poster:

8.) Love yourself so you don't need to buy something to"improve your self image"

9.) Be active with hobbies that don't cost much money like taking long walks, exercise, reading or educating yourself and lovemaking.

i absolutely LOVE these two pieces of advice. i think i'll print them off and hang them on the fridge where i can be reminded every day, lol.
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Old 07-12-2008, 02:21 PM   #7
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Great tips, Phil! I'll share this with the readers of of the blog so they can also learn .

I like number 7 too. Wish I had heard and researched that 10 yrs ago !
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Old 07-12-2008, 06:47 PM   #8
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My situation is different because I'm still "saving for life" instead of travel (damn 6 month contract positions). I'm waiting on a job that will be hell but rewarding when I get it (hopefully soon) so I opted for a sanctuary one-bedroom apartment instead of a studio this time around. I've decided to keep myself on the straight and narrow by employing "the envelope system."

I'm putting a $20 in an envelope for groceries every Monday. Two $20 in for "other" which will include emergency stops to the grocery store to get stuff for a meal/date (hubbs and I like to cook for each other) or a sudden craving and entertainment/shopping. I figure things like clothes or "luxury" goods (books, DVDs, etc.) are not optional right now, so if I need/want to shop I can wait until I get a new job. I will put the change back from any purchases in the marked envelope and when she's gone, she's gone! (Until next week...)

It helps that I'm a vegetarian. And also that I was recently dead unemployed and not hunkering down like I am now. These same tactics will prove very very nice when I am fully, permanently employed and looking to leave the country!
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Old 07-12-2008, 07:29 PM   #9
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hi there,

is eating vegetarian a ton cheaper?

i'd like to incorporate some vegetarian meals for that reason, to hopefully lighten our grocery bill.
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Old 07-13-2008, 05:26 PM   #10
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Eating a diet derived from produce and whole grains is THE cheapest way to live. Balanced, of course. Veggie diet of Mickey-D's french fries is cheap, but mostly because you won't have to pay to feed yourself too long because you'll be dying an early death.

Tofu is a little pricey, but not necessary if you're eating the right beans (beans in a can = so cheap and so nutritious!!). And you can comparison shop to see what's the best/cheapest fresh or frozen, and what goods are worth the splurge. I'm sure if I had to eat some sort of meat/meat product every day, my grocery bill would skyrocket.

Good site: http://www.theppk.com/
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Old 12-16-2010, 08:02 AM   #11
 
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The first step in choosing the perfect travel destination is settling on a date.

1) You have to pin down the date of your travel so as to check whether or not that would be a peak travel season in the place youíre visiting. Also, it will let you know whether the place would be in winter season or summer. Although it could be summer in your place at the date you planned, the country youíll be visiting might have winter, and this could ultimately destroy your plans.

2) Once you got the date settled on, you can then look into your travel destination options. Donít just choose the first destination that pops into your mind. Sit down and think about where you really want to go.

3) Consider the place, people, food, culture, language, and the activities you can do at your travel destination once you get there. For example, if you love the beach, then you can go to places that offer scenic beaches.

4) This way, you can have a more detailed idea on what each place has to offer. You can read information and view pictures on the travel destination attractions, and this will give you a clearer picture of what to expect.

5) Once you have gathered as much information as possible on your choices of travel destination, itís time to go over your research and analyze which one is perfect for you. Think about what interests you more, and what suits your hobbies and lifestyle.
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Old 03-03-2011, 01:53 PM   #12
 
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I agree that eating out part of their savings. I was surprised at how much I mulah nothing by not to eat. I have set my budget, so every two weeks I must have my heart has been set up in the weather before it is 500 or 250 dollars.
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Old 01-19-2012, 07:01 AM   #13
 
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Hi, all I dont know if u still need this but I guess other ppl would do so, here's my point you don't have to do much savings if you find a good offer, I did a trip across Europe by train it wasn't really planned but when I find a tempting offer I said why not! there's a lot of websites that offers good deals u need to be always logged in so you can jump in the opportunity when it comes, here's a site if u want to check it (www .raileurope .com .au)
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Old 01-20-2012, 07:05 PM   #14
 
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just wanted to add a couple of tips on lowering grocery bills, which maybe everyone already does, but it's something my husband and i have worked on in the past six months. the biggest change we made is to find a cheaper grocery store. you can try it by comparison shopping (buy what you normally would one week in a different store). secondly, another big change we made is to buy the store brand, unless we are completely dedicated to the original product. we started doing this and save approximately $80-$100 a month. also, you can substitute treats from the grocery store for take-out; you can get a frozen pizza instead of ordering out, and save $12! if you do buy things like soda and snacks, you can think about cutting some of them out. we don't buy soda anymore. and we cut out coupons religiously, and actually use them! you can look up your store circular online and see what's on sale and plan your shopping list around that. lastly, i have found we save money by planning out menus for the week. this has the advantage of helping you re-purpose stuff you already have in the pantry and also allows you to plan for using leftovers. for example, we are a couple, and instead of planning one different meal for every night, we usually make 3 or 4 different meals a week and eat leftovers. this way, you don't have to buy lots of different spices, meats, sides, veggies, etc., and can keep your shopping list shorter. it has been a surprisingly easy and painless way to save some money!
good luck!
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