Making enough money to finance your backpacking trip to Europe can be quite a daunting task.The first $1,000 you save is always a doozy. It’s the hardest money saving psychological barrier to cross, especially if you have always been bad at managing your money.
If you are currently working, the golden rule to wealth is to pay yourself first. What this means is to set aside at least 10% of all you earn and don’t touch it! Master this throughout life. Period.
Next, set aside 10% or more of each paycheck and save it for your trip. Now hopefully you make decent money. If not, then either set aside a larger percentage of each paycheck to build up your backpacking europe fund quicker.
If the money you make isn’t cutting it and you’ll never be able to travel anywhere based on your current income and expenses, then you need to increase your income. That means that you need to find some part time jobs that will allow you to make more money.
Nowadays you don’t have to want from store to store to apply for jobs. For example, you can fill out a Mcdonalds job application online and submit it to your local Mcdonalds.
So, find another job and apply much more of that extra job income towards your backpacking trip.
You’ll see what I mean when you past the first $1,000 dollars in your savings account. It get’s much more easier to save the next $1,000 and so on.
Don’t be tempted to touch it! Many people procrastinate year after year on their trip because they can’t stop putting their hand in the cookie jar.
Try to save much more than 10% each paycheck, but don’t overdo it or you will crash and burn hard. Build your discipline. Create a good habit by forcing yourself to always set money aside and learn to invest it wisely.
Be different! Set your financial goals and stick to them and sooner rather than later, you’ll be off backpackin Europe
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