Saving money and becoming financially responsible takes patience, diligence, and organization.
For some, that skill comes easy, while for others, it's an ongoing battle for years.
To be honest, I have a fairly low paying job in comparison to how high the cost of living is in the bay area. It's just barely over the minimum wage, but somehow still provides me with the funds necessary for saving; little by little. Fortunately, I don't pay rent which already gives me a huge advantage.
I do however, pay for my gas, phone bill, textbooks, and leisure activities.
Not everyone is fortunate enough to have cheap rent, or live with their parents.
I recommend, for financial purposes, to stay with your parents or other roommates as long as possible if you're truly dedicated to saying the money it takes to be an avid traveler. This doesn't mean you should plan on living there until you're in your forties; just until you finish school or establish financial stability on your own. There are many young adults who are eager to rush out of their house at the age of 18, and are rudely awakened to the harsh reality of how difficult life and expenses actually are.
As I mentioned, I don't pay rent, but I do spend approximately $300 a month on a combination of other expenses. Here are some of the ways I save money:
1. Eat out less, and eat cheap.
I always try my hardest to set aside time to pack myself a lunch for my eight hour work shift. That way, I'm not tempted to spend too much money in one of the many food outlets available to me in the shopping center where I work. I do like to eat out with friends and what not, but try to avoid pricey places like ones at Santana Row, unless it's for a special occasion.
2. Shop Cheaper
The mall is a great place with so many options, but every purchase from each store adds up to a ridiculously high amount at the end of the day that takes a huge chunk of savings out of your bank account. I recommend Ross Dress for Less, DD's Discounts, or even Savers(a high end second hand store). And only shop when you find it NECESSARY. I used to feel the need to buy a cardigan in every color, and realized I usually end up wearing the same outfits all the time. Do you really need a pair of new shoes? Is $50 for a dress you'll only wear once even worth it? Think of how many hours you had to work to make that purchase, that's what gets me to think twice before buying something.
Also, instead of shopping at Safeway or Whole Foods, you can shop at supermarkets like Mi Pueblo or Fresco where the food is drastically cheaper.
3. Limit your Alcohol.
Beers are usually decent priced, but cocktails and well brand liquor can get pretty pricey; especially in night clubs. One or two drinks with tips on top of that can be over $20. It's ok to indulge once in a while, but going out for drinks every weekend can financially drain you.
4. Drink coffee at home.
This is a HUGE one for me that probably saves me a lot of money. I am a huge caffeine addict and can drink coffee like there's no tomorrow. I choose to buy the Nescafe instant coffee which is really convenient when I'm on the go -- just stir it in some water or milk, add a little sugar and cream, and you're good to go. I can't imagine how much money a month I'd waste on coffee if I wasn't making it at home.
5. Cut down on unnecessary luxuries
I'd love to get my nails and hair done more often, but that just won't fit into my budget. I try and only get my nails and hair done for special occasions.
6. Reuse gift bags
This is such a small task, but a very effective one! Gift bags can get expensive, especially during the holiday seasons. Try saving your Christmas and birthday bags so you can reuse them for other holidays, as long as they're still in good conditions. This sounds very stingy, but it actually saves you a lot in the long run.
7. Cancel subscriptions you don't need
Newspapers, gym memberships, cable, Direct Tv, and get rid of your home phone if you're not frequently using it.
8. Spend your gas wisely
Try to get multiple things done in one trip or try to get a car that spends less gas.
9. find a job as a server.
Many restaurants allow room for growth and opportunities. Serving and bartending tend to be very convenient jobs for students who want to make more pay with less hours. While it is a stressful job, which I can say from firsthand experience, it is worth it if you're working at an upscale busy restaurant.
10. Purchase airline credit cards or sign up for sites like Expedia and Orbitz. Airline credit cards give you points and credit for each transaction you make and how many miles you fly. You can redeem these later for future flights. Websites like Expedia also allow you to rack up the points each time you book though their website which are redeemable for future vacations.
LAST BUT NOT LEAST: CONSTANTLY CHECK ON YOUR BANK ACCOUNT BALANCES.
Not checking your account balances on a regular basis can keep you blindsided from how much you spend each month, including all those monthly subscription transactions that sneak up on you; those ones you never cancelled that you didn't even realize were still charging you.
These are some the few suggestions I have for saving money. I'd like to follow up on a future blog about how to save money once you're abroad. Recently, I started watching an adventurous traveler named Gabriel on Youtube. He's gone to over twenty countries and has a variety of videos about his experience in each country and how he has saved up the funds to travel to so many of them.
Here is the link to his channel: https://www.youtube.com/user/gabejedmo
Below is one of his most helpful videos that explains how he is able to afford his travels.
Great tips! Love the video.
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