Saving On A Low Income
Hey Taran here, I wanted to share some info on my savings and how they have been coming along over the past half a year. Maybe this page could also help you reduce your outgoings and put a little more towards your next adventure!
So for almost exactly a year now me and Hannah have been saving all we can towards our big adventure, both of us have had a hard time,
Hannah had a debt she needed to clear before she could start saving so this a was very uninspiring way to start saving as it was almost like throwing money into a black hole..
I on the other had had no debts, but I have been on quite a low income for years now. I have been earning around £400 a month which at the start of my saving venture was very annoying; I had my car, my phone, rent and then food to cover! Which left me with very little to put into savings.. I was maybe saving £100 a month at best :(
But as time went by my savings slowly grew, and I made some pretty big changes to help them out!
Firstly my phone had just come to the end of its contract and so I ended that, saving me £40 a month! I found it quite easy to do that as I had never really been a big texter/caller I tend to use 'watsapp' to contact my friends anyway, and now I just rely on Wi-Fi to use my phone.
Then my car insurance/tax/MOT ran out about 4 months ago, I decided I didn't need my car anymore as I was able to cycle to work. So I sold my car for a small sum of £150 (not many space art fanatics out there I guess) and I have found that I feel quite free with out the car surprisingly! Avoiding traffic and getting exercise at the same time is great, and public transport really ain't that bad :P
On the subject of Space art, selling my paintings also helped put a little extra dollar into my pocket which really helped me out, even if I was only selling the majority of my work to family/friends :P
I also tried my hardest to make presents for my family for Xmas and birthdays; I've made custom mp3 players out of old car speakers and metal boxes, a memory box for when I am away, awesome tie dye clothing And special one off paintings!
And so with only 2 months left to save, I have now managed to reduce my outgoing bills to.... ZERO! Which I am really proud of, no contract phone, no car and my dad has refused to take any rent for these last few months before we leave. Couple that with having great friends who know that we are saving every penny and are more than happy to buy us a drink down the pub, meaning very nearly every penny that comes in, goes towards our adventure!
Here's to an awesome 2015 in Oz!
Check out Hannah's '40 ways to Save Money Every Day' for more tips!
Thanks for reading!
Hannah and Taran here. We hail from Southern England, where we met online and are now realizing our mutual passion for travel here at NomaderHowFar. We discuss Nomadic Living, Simplifying your Life and Long-term Travel, to empower, motivate and inspire our readers. Get to know us here!