View Full Version : How did YOU save up funds?
omegaman13
04-21-2010, 16:31
Just wondering if anyone out there who has thru-hiked could give me some insight on how they saved up the necessary funds to get out on the trail? Looking to try and hike one of the big 3 in the next few years and I think this is my only reservation I have.
I see a lot of college kids out there getting on the trail right after graduation, I wonder how some of them get the money or if they even have the money to attempt. So whether it was being frugal, investing, landing a decent job, or just your method of saving it would definitely be helpful if I could have a few tactics in mind to chip away at this thing.
Figure out how much you want to save, then look for places to cut back and funnel the funds to a regular old savings account so it'll be in one place.
There's no magic, just spend less and save more.
safn1949
04-21-2010, 16:41
No car payments,no credit card payments,stop spending money on foolish toys like Iphones and Ipods.I saved $11,000 in a year doing this,all it takes is some restraint and personal responsibility.Oh...and a job.:D
Back when I was prepping for a long hike shortly after college this is what I did starting about 6 months prior:
1) Let apartment lease expire, moved in with friends (paying a portion of rent) and later with relatives.
2) Sold the little furniture I had
3) Sold car early on, used public transportation or walked
4) Got second job
5) Lived very frugally
Worked for me.
Slo-go'en
04-21-2010, 18:09
o A job (or two) helps a lot.
o Live a frugal life style.
o If you live alone, find a roomate to share expenses with, or move back into your parents basement.
o Buy everything you can at thrift stores.
o Buy everyday stuff with cash and put the loose change in a jar every night - amazing how much that adds up after awhile. Never carry change in the morning and never spend what you get during the day - always break a bill.
o Start a savings account and put as much as you can into it as often as you can.
o Hope a close relative hits the lottery and will give you some of it. However, don't ever buy lottery tickets yourself - thats a loosing bet.
Stir Fry
04-21-2010, 18:11
Stared an account 1 1/2 years ago,$25 a week from pay check, never miss it. Over $2,000 in account now still 3 yr. from my thru. I should be well funded.
Mrs Baggins
04-21-2010, 18:25
We sold our house and about 60% of the contents (I later regretted that - - a whole different story).
kayak karl
04-21-2010, 18:32
Just wondering if anyone out there who has thru-hiked could give me some insight on how they saved up the necessary funds to get out on the trail? Looking to try and hike one of the big 3 in the next few years and I think this is my only reservation I have.
I see a lot of college kids out there getting on the trail right after graduation, I wonder how some of them get the money or if they even have the money to attempt. So whether it was being frugal, investing, landing a decent job, or just your method of saving it would definitely be helpful if I could have a few tactics in mind to chip away at this thing.
just save, the same way you paid for college, first car, first house. its all the same.
to start, list every penny you spent for a whole month. every penny. when you review it you will see where you can save. i saved $100 a month brown bagging my lunch and $50 not renting videos.
Toolshed
04-21-2010, 18:34
You don't want to hear this but I find that many under 35 have no idea of what it means to "Not Deserve" something. It seems inherent in these folks nowadays that they should have everything. New cellphone every 2 years, new car every 2 years. New laptop upgrades every couple of years, 2-4 expensive coffees a day, $10-$15 lunches every day, $40 haircuts every other week and nights out having dinner, full wardrobes of fashion clothing and the like.
Quickest way to become a millionaire or just save for your future is to recognize what is needed for happiness and what is not and live well below your means. Most seem to be trying to fill a gap by constantly buying stuff to make them feel better.
I will also admit there are folks in their 40's and 50's that do this as well, but I see a lot more of it in the younger folk these days
apudreamer
04-21-2010, 18:50
I made my 'hiking account' a non-uncompromisable 'bill' that I had to pay every month. I only get paid once a month, so that day a set amount would get transferred into my hiking account. By putting it in a separate account immediately (ING works well- you can't take it out immediately), I avoided the temptation to spend it on other things. Now that my balance there is ok I am using my "extra" money to buy one piece of gear per month. Last month was my tent, this month the pack. Sleeping bag will probably need to be a couple months'.
I haven't done my hike yet, and had planned to NOBO in 2011 when I started saving. Life has recently become more complicated and I don't know if it will happen, but the funds will wait.
safn1949
04-21-2010, 18:53
You don't want to hear this but I find that many under 35 have no idea of what it means to "Not Deserve" something. It seems inherent in these folks nowadays that they should have everything. New cellphone every 2 years, new car every 2 years. New laptop upgrades every couple of years, 2-4 expensive coffees a day, $10-$15 lunches every day, $40 haircuts every other week and nights out having dinner, full wardrobes of fashion clothing and the like.
Quickest way to become a millionaire or just save for your future is to recognize what is needed for happiness and what is not and live well below your means. Most seem to be trying to fill a gap by constantly buying stuff to make them feel better.
I will also admit there are folks in their 40's and 50's that do this as well, but I see a lot more of it in the younger folk these days
Exactly...I am a big fan of Dave Ramsey and if you just learn some self control and work hard it's no big deal to save enough to do the trip.:D
You don't want to hear this but I find that many under 35 have no idea of what it means to "Not Deserve" something. It seems inherent in these folks nowadays that they should have everything. New cellphone every 2 years, new car every 2 years. New laptop upgrades every couple of years, 2-4 expensive coffees a day, $10-$15 lunches every day, $40 haircuts every other week and nights out having dinner, full wardrobes of fashion clothing and the like.
Quickest way to become a millionaire or just save for your future is to recognize what is needed for happiness and what is not and live well below your means. Most seem to be trying to fill a gap by constantly buying stuff to make them feel better.
I will also admit there are folks in their 40's and 50's that do this as well, but I see a lot more of it in the younger folk these days
And then there's me. Currently I have the behemoth task of saving up for study abroad in New Zealand and my thru after graduation. I am well on track for both.
- No credit card
- No car payment
- No student loans (scholarship)
- Basically no debt whatsoever
- Get a job; I'll have around four money-making ventures this summer
- Don't buy new stuff unless absolutely necessary. Find dual purposes for stuff you already have. Don't try to keep up with the Jones's; you'll be well ahead of them with all your awesome memories while they'll be scratching their heads wondering why their new Beamer isn't making them happy.
- Sell (or donate) everything you have not used in 6 months to a year
- Buy groceries rather than eating out
- Live with parents/friends
- Get rid of cable while living by yourself, you can watch anything online
- Walk/bike rather than drive
- Yard sale
- Play the stock market
- If you're really desperate turn in cans and bottles for $
In summation, be as frugal as possible. If doing something different than usual saves you $0.10, do that instead. Hope this helps, and good luck.
Oh I forgot, I recommend using Mint.com (http://www.mint.com). You can really streamline your finances, and it's free! And 100% safe.
Sorry, not really sure how to edit previous posts.
I seem to recall when I was 21 or so I got some kind of life insurance money. Perhaps some people fund their hikes with similar money.
I saved 60K by living below my means. I didn't even try to save. I was always happiest when poor living on the $5 a day plan. I had $5 I could spend each day on whatever I wanted. (This didn't count rent and bills, just spending money.) If I didn't spend it all, then I could add the remainder to the next day. You'd be surprised how easily it is to avoid spending $5 a day even eating out once a day (soup and bread, taco bell).
Other than my $5 a day plan, I have never bought a car, I only use my credit card for certain kinds of online bills and then if I do use it for other things, I always pay it in full. I pay cash for most things. I do not use a debit card. I am not married. I have never had kids. I shop at thrift stores. I engage in simple pleasures like reading the newspaper at a coffeehouse or riding my bike or hiking of course. I cook simple food. I grow a little produce. If my SO hadn't given me a cell phone, I wouldn't have one. If he didn't pay for TV I would use an antenna. I might be able to do internet cheap by relying on coffeehouses, but I do splurge there.
You just have to set your priorities and understand that the whole world is out to get your money. They are trying to trick you out of it. Don't fall for any of it. It won't make you happier.
garlic08
04-22-2010, 14:30
Hard work with smart and disciplined saving, like most. Ditto what's been mentioned above about determining what expenses are going to rule your life.
By the way, the exact qualities that will allow you to save for a hike will help make the hike itself successful. And vice versa.
centsless
04-22-2010, 15:04
start by having a plan/goal.
target to reach this goal each month by varying ways
like many have said, live WELL below your means. Works for me, and i save a lot too.
* Some may not agree with this, but you can increase/add extra to your federal withholding by updating your W-4 (to include additional) to a level that will be comfortable to you. In the end, your refund will reflect those savings.
www.irs.gov/pub/irs-pdf/fw4.pdf (http://www.irs.gov/pub/irs-pdf/fw4.pdf)
* Also, save your money via a high yield savings account (ING Direct, Capital One Money Market etc)
* If you or know anyone that can help with you with investing, open a stock brokerage account and invest some money in there too. I'd recommend Scottrade for their multiple benefits (plus $7 trades).
Point is to have a plan and go at it.. you'd be amazed and what you thought was impossible turned out to be a desciplined routine more than anything else.
Good luck!
This topic comes up frequently. You've got some good suggestions already, but a search would produce lots more.
Here's an example (http://www.whiteblaze.net/forum/showthread.php?t=33968).
If I knew a year in advance that I was going to hike, I would not file my income taxes that year. Of course, I was to receive a refund, I would not recommend not filing if you owe. Then the year of my hike, I would file two years worth of returns. This would usually total between $1500 and $2000. Then, I would schedule my departure for the day after payday. I would then completely use that check and the next check to come for my hike. That totals between $2500-3000 without any other savings you can do up to that point. I have done 4 long-distance hikes and have used some variation on this technique every time.
Good luck.
Tuckahoe
04-22-2010, 16:09
If I might add my own two cents on how to save money for your goal.
1) Start a money diary. Record every single time that you spend money. What you spent it on and how much. And keep this record going for atleast 30 days. You will be surprised where your money goes and its not the big expenses and bills, its always the little stuff. That $6 combo meal for lunch during the work week (lets say 20 working days a month) is easily $120. Or, the 1-2 bottles of Mt Dew each day is easily $45-90 a month.
2) Be honest with yourself about your expenses. Do you really need things such as cable tv? Or the premium cable package? Just basic cable is $50 a month here from Cox, that is another $600 a year. Cox even offers a limited basic package that is about $12 a month. How about your food bill? learning to actually cook can save you a lot of money over the use of pre-packaged sorts of foods.
3) Once you know where your money goes, it makes it much easier to save. I find it easy to save for retirement because the money comes out before I get the paycheck. I never actually got it so I dont miss it. Can you do something similar saving for your thru?
4) Now this is just personal, but I wouldnt use tax withholding as a way to save money. Why would you give the federal government a interest free loan (yeah on the other hand its money you wont miss, but its your money nonetheless and should be working for you). Instead, be disciplined and take the difference and put it into savings. Interest paid on savings might be small but its more than you will get on your no-interest loan to the government.
5) Same with investing. Saving for a thru is a short term goal while investing must be seen as saving for a long term goal. The issue with saving and growing your money with investing in stocks, bonds, markets etc., is that you dont have the time to ride out market changes. With certain mutual funds, your pay the expenses and fees up front, and so you have to stay with the investment longer term to make it profitable. As explained a couple weeks ago when I talked to a broker 7 years is ideal. One option may be certificates of deposit as some mature in a year.
Something else to think about those is that many brokerages do require minimum deposits. Scott Trade is the cheapest at $500. Others, require minimums of $2000. While other securities have minimums of $5000-10000. When I last checked, with Scott Trade, CDs were a minimum of $5000. But if you have that amount already, dont you have your thru already funded?
As others have said, be disciplined and save your money. Determine your legit expenses and where you waste money and then put it away.
On frugality, there are sites such as www.garynorth.com (http://www.garynorth.com), with a refundable $15 for the first month who has specific advice on saving money, survivalism, and so forth.
I met a fellow from England named "griffin", finishing at the big "K" who hiked the AT in 2001. He did it on a shoe-string, less than $400, eating the perfectly good food in hiker's discard boxes. He had travelled around the world like this. He was then heading for New Zealand where he had a WWOOF job lined up.
I have been de-hoarding lately, liquidating valuable bags of coins for cash, and giving away things I do not need. There was a critical point in the life of Francis of Assisi where he gave away all his goods to the poor to become a mendicant. He was quite poor, but also quite happy.
Toolshed
04-22-2010, 19:01
And then there's me. Currently I have the behemoth task of saving up for study abroad in New Zealand and my thru after graduation. I am well on track for both.
- No credit card
- No car payment
- No student loans (scholarship)
- Basically no debt whatsoever
- Get a job; I'll have around four money-making ventures this summer
- Don't buy new stuff unless absolutely necessary. Find dual purposes for stuff you already have. Don't try to keep up with the Jones's; you'll be well ahead of them with all your awesome memories while they'll be scratching their heads wondering why their new Beamer isn't making them happy.
- Sell (or donate) everything you have not used in 6 months to a year
- Buy groceries rather than eating out
- Live with parents/friends
- Get rid of cable while living by yourself, you can watch anything online
- Walk/bike rather than drive
- Yard sale
- Play the stock market
- If you're really desperate turn in cans and bottles for $
In summation, be as frugal as possible. If doing something different than usual saves you $0.10, do that instead. Hope this helps, and good luck.
Sounds like you are light years ahead of thsoe your age....
If I knew a year in advance that I was going to hike, I would not file my income taxes that year. Of course, I was to receive a refund, I would not recommend not filing if you owe. Then the year of my hike, I would file two years worth of returns. This would usually total between $1500 and $2000. Then, I would schedule my departure for the day after payday. I would then completely use that check and the next check to come for my hike. That totals between $2500-3000 without any other savings you can do up to that point. I have done 4 long-distance hikes and have used some variation on this technique every time.
Good luck.
I'd strongly recommend not doing this. File your return annually, but rather than let the government take your money, calculate your witholding and adjust your W4's so that you break even or end up owing slightly every year. Never give the government your money for free.
I have co-workers and employees that argue the reverse as it is their only way to save for vacation or whatnot, but then these folks fall into the group I was describing in my first post on this thread.
BTW, I explained the value of a dollar and the time value of money to my 9 YO son today, as well as the concept of the "millionaire next door" He picked up the concept easily. I still have co-workers scratching their head and saying "Huh..? A dollar is a dollar regardless of what year it is..":D
Windcatcher
04-22-2010, 20:30
How did I save the money for a thru hike, hmm...
I've worked for 28 plus years, about 47 months left until retirement & T-Day (first day on the AT). During that time, I've budgeted all my activities, choosing wisely sometimes and not so wisely others.
Pay your bills on time, don't make trouble for yourself, take care of business, don't splurge, get your gear together a bit at a time, plan your hikes to fit a budget, develop a plan & stick to it.
Some people don't have to worry so much about cashflow. For others it's a major consideration. For me, it's about getting out on the trail so the first step is about finding a way to get there.
stranger
04-22-2010, 22:51
The key to saving is to perform an honest and realistic analysis of your spending habits and income, then figure out what you can realistically save per week, then set a budget to 80% of that number.
Things will go wrong, I rarely save my initial target, but I have exceeded it more than once as well. Sh#t happens, and it cost money.
Two words that will see you well when saving:
- discipline
- consistency
Toolshed, I have no doubt everything you say is sound. However, many of us could give two ****s about money management on any long-term level. We simply want to know where we are getting the money for our next hike.
Toolshed
04-23-2010, 01:53
Toolshed, I have no doubt everything you say is sound. However, many of us could give two ****s about money management on any long-term level. We simply want to know where we are getting the money for our next hike.
.....and that is the problem....
Toolshed
04-23-2010, 01:54
The message you have entered is too short. Please lengthen your message to at least 10 characters.
Work harder and spend less. Maybe a little cigarette smuggling or moonshinin on the side. On spend less...have a jar, and every morninng put the cash you would have spent that day on the things you have given up (starbucks, skittles, sausage buiscuit, cigarettes, booze, you know what, soda or vending machine goodies at the office or whatever,) your daily tally of un-necessaries, if you keep track of it, is way bigger than you think most of the time, especially if you have a vice like drinking or smoking you can eliminate or reduce. At the end of the week deposit that jar in the savings account that is for trail only and doesn't exist as far as other spending. I'll bet you an imaginary cigar that your jar is way bigger than you thought it could be at the end of a week. The small stuff is where the savings are at, cuz you cant give up the big stuff (usually) like your insurance payments or what have you...the other way is to do what kids do, look for something they can whip up easy and sell...the grown up version of a lemonade stand. Like go to price club and buy bulk sodas for 25 cents a piece and then hit a concert or something and sell em for a buck, and grill cheese sandwiches (put a lil something special in em to differentiate yours from the rest....bacon and tobasco are always good...). One thing that has always been good for me is if you have a decent ladder and gas powered leaf blower put some signs up in neighborhoods whose roofs you aren't afraid of for gutter cleaning. Charge 60-100 bucks (don't do those huge houses, they're too difficult for this 1 man technique) drive up to the house, pop up the ladder and go up there with the leaf blower and walk a circuit around the edge of the roof and blow out the gutters with the leaf blower. When the lady opens the front door and asks if you're going to clean that stuff up ask her if she will pay you if you don't, and when she says no, laugh and say I guess so, then. Then run around the house with a trashbag for wet chunks and blow the rest into the most convenient place, Only occassionally is there no woods or street you can blow a few leaves into, in which case you just bag it all. In many cases it takes a half hour or less, and the neighbors come out and ask you to do theirs too. One record setting fall day day a buddy and I made 1200 dollars doing this. In one day, no joke. It was two of us but still...
If I knew a year in advance that I was going to hike, I would not file my income taxes that year.
I don't think that's legal. You have to file every year whether you owe or not.
Panzer
I have to add that the first few will blow gutter juice in your face till you get the technique down, angle low and blow under the chunks. Occassionally tou'll have a terrible case where you have to get your hands in and dig out 3 years of accumulaqtion. You explain that to the customer and charge double. Believe me, they don't want to do it themselves.
I don't think that's legal. You have to file every year whether you owe or not.
PanzerThey're not like going door to door busting people for this, you can get away with it almost indefinitely. Unless you're wealthy, it's very unlikely someone will come knockin. Just ask Mathewski.
double d
04-23-2010, 02:53
Lots of good advice here (except not filing your income tax, Uncle Sam might give you a free room and board for that little oversight for about a year or so), but I would suggest selling unused items on ebay. You will get rid of some things you don't need, someone will buy them and you will make some extra money. But as others have said, get rid of the all the debt you possibly can before your hike. Better to have no debt then to have some money saved and alot of debt. Good luck.
peakbagger
04-23-2010, 07:24
For those who cant or wont put in place some basic financial planning, one method is to have uncle sam do it for you. Change your W-2 form to have the government take an extra amount of money out of each paycheck. When you file your taxes you wll be owed a refund whihc you then wil have to sock away. If you have a definite date for the hike, you can use the check to by CD's (certificates of deposit) which have a penalty if you cash out early. There are better ways to do this, but this is about the best way for those who just cant get self control.
IMHO, if you cant make a commitment to save for a hike by managing your money, you may have a tough time completing a long distance hike as budgetting your money so it lasts to Maine requires the same skills.
I don't think that's legal. You have to file every year whether you owe or not.
Panzer
Yeah, I used to think that was true, too. That's what has been pounded into our heads. Don't mess with the IRS.
However, there is no penalty for filing late, when one is entitled to a refund.
~
I'd strongly recommend not doing this. File your return annually, but rather than let the government take your money, calculate your witholding and adjust your W4's so that you break even or end up owing slightly every year. Never give the government your money for free.
~
Absolutely! I can't understand why anyone would deliberately allow the IRS to take more of their paycheck each week, and not give it back until the following year, without paying a dime in interest.
Tuckahoe
04-23-2010, 08:25
Absolutely! I can't understand why anyone would deliberately allow the IRS to take more of their paycheck each week, and not give it back until the following year, without paying a dime in interest.
Maybe because people dont realize its their money in the first place. They see that nice big refund check somehow as free money from Uncle Sugar.
Maybe because people dont realize its their money in the first place. They see that nice big refund check somehow as free money from Uncle Sugar.
Yes, I think you're right.
garlic08
04-23-2010, 09:33
Maybe because people dont realize its their money in the first place. They see that nice big refund check somehow as free money from Uncle Sugar.
And have you seen interest rates lately? Might as well give it to the gov't for free. REI gives a better dividend rate.
Hey, that's an idea. If you get an REI credit card (and don't carry a balance!), they give you 1% refund on everything you buy with it. If you wait till July, you can cash it out. For me, that's over a hundred bucks every year that seems like free money. If you have some big expenses like (hopefully reimbursed) air travel, it can really add up. One year I had over $800, mostly from reimbursed work expenses. Nice chunk of change.
~
Hey, that's an idea. If you get an REI credit card (and don't carry a balance!), they give you 1% refund on everything you buy with it. If you wait till July, you can cash it out. For me, that's over a hundred bucks every year that seems like free money. If you have some big expenses like (hopefully reimbursed) air travel, it can really add up. One year I had over $800, mostly from reimbursed work expenses. Nice chunk of change.
For those in the habit of paying their credit card debt every month, using Cash Back cards is a great idea!
But if you're going to do this, shop around. Some credit cards will refund up to 5% on many items. The REI card only pays 1%.
Other credit card options here (http://www.creditcards.com/cash-back.php).
garlic08
04-23-2010, 11:35
...But if you're going to do this, shop around. Some credit cards will refund up to 5% on many items. The REI card only pays 1%.
Other credit card options here (http://www.creditcards.com/cash-back.php).
Thank you for that link.
double d
04-23-2010, 11:49
For those in the habit of paying their credit card debt every month, using Cash Back cards is a great idea!
But if you're going to do this, shop around. Some credit cards will refund up to 5% on many items. The REI card only pays 1%.
Other credit card options here (http://www.creditcards.com/cash-back.php).
The rate is higher if you buy from a REI store using their credit card.
This won't fund a thru, but will put more in the pocket for your trip.
Keep a pair of wire cutters in your car. When your driving down the street pay attention to the trash piles. Sometimes people throw out old fans, microwaves, t.v."s..ect.... Get out and cut off the electric cords. Take the pieces home and throw into a bucket. It doesn't take long to get. And it doesn't take long to add up in weight. I brings more money if you burn the coating off the outside. So once your bucket is full, burn it and knock the coating off. Throw the wire back into a different bucket.
kayak karl
04-23-2010, 12:36
This won't fund a thru, but will put more in the pocket for your trip.
Keep a pair of wire cutters in your car. When your driving down the street pay attention to the trash piles. Sometimes people throw out old fans, microwaves, t.v."s..ect.... Get out and cut off the electric cords. Take the pieces home and throw into a bucket. It doesn't take long to get. And it doesn't take long to add up in weight. I brings more money if you burn the coating off the outside. So once your bucket is full, burn it and knock the coating off. Throw the wire back into a different bucket.
the day after earth day we're burning plastic.....LOL
No, save it in a bucket and do it about a month or two later..:D
However, there is no penalty for filing late, when one is entitled to a refund.
I didn't know that, but I think your right.
Of course there's no reason not to file if you think you have a return coming.
If you owe and don't file then there are penalties.
But if you in the military and in a combat zone you don't have to file.
Panzer
many hikers will never be able to save up enough money to thru.
Panzer
omegaman13
04-23-2010, 16:57
All sound ideas. I think I'll probably opt to being a little more frugal in conjunction with having another bank account that I put a certain % of income in every week no matter what. I actually want to thru the CDT, but it might make more sense to do the AT or a smaller long trail first(CT, LT, JMT, BMT, etc.) to see if I have the gusto and constitution to pull off the CDT. I've compiled all of the ideas that I've been given so far to see what makes more sense to me in the end.
On my generation:
A lot has been said so far on "my" generation, which I refer to as the "entitlement generation" and the "what's in it for me? generation". Just for the record, I don't really count myself as belonging in this group just based on my birth date.
The Solemates
04-23-2010, 17:29
I'm at a different stage in my life now than when I hiked the AT, but my current list still applies somewhat:
- work my anus off (3 jobs)
- no car debt - pay cash for cars
- no credit card debt
- no student loans
- no internet bill
- minimal cell phone bill ($70/mo for 2 people)
- no house phone bill
- no gym membership bill
- never buy things I can do without (many examples, one that comes to mind is paper towels...just use a rag that can be washed, or any other cleaning supplies for that matter...use soap and water)
- dish washing - do much of it by hand
- do not turn lights on in the house during the day at all (we have LOTS of natural light in our house)
- feed our dog table scraps rather than buying dog food
- do not use the heat hardly at all
- only use the AC June - Sept, and keep it set around 80
- limit myself to one restaurant a week
- only spend $300 per month on groceries for a family of four
- buy generic brand everything
- coupons
- do not drink/buy alcohol
- havent bought new clothes in at least 5 years (luckily we get hand me downs from family members for both us and our kids)
- fuel efficient car (well at least one of our cars is...I drive a truck)
- save more than I should sometimes
- eat at least 5 free meals a week (work meetings, social get togethers)
- sell junk on craigslist monthly (my goal is every time I get something new I sell something else)
- lived below our means mortgage-wise for 6 years (just recently got a new house)
things we plan to do next year full scale:
- garden
- compost
we're not yet 30 years of age and since we've been married we've saved right at $90,000 in 5 years doing these things
The Solemates
04-23-2010, 17:31
- no cable as well
Early Bird
04-23-2010, 17:48
I opened up an ING CD and deposited my entire federal tax return into it for 1 year.I have been saving $85 a week and am planning to thru hike 2011 with 6 months paid ahead on all my bills. i will have over 10k
The best money saving trick I ever did was get a vasectomy. Raising children is EXPENSIVE.
Gleaning is also a great way to save money. You'd be shocked to see how much perfectly edible food goes into the dumpsters. I DO NOT do this on trail, but in my hometown between hikes, and I eat quality food for free.
Ride your bicycle for transportation as much as you can, live in shared housing with friends, put on a sweater instead of turning on the heat. Use your local library computer so you never have to buy one! I make less than 10k a year, but by living within my means, I can afford to thru hike a trail every single year and still have a fun life of urban adventure in between.
Railroad King
04-24-2010, 15:03
Worked through college stocking groceries, graduated with 0 debt. Went to a state school so it was relatively cheap. After paying off my last semester the money piled up in my bank account. Worked 3 more months after graduating in December and started the thru in March.
I also lived at home, had a paid off car, hate paying ten bucks for a movie ticket to what very well may be a mediocre show, paid off lifetime gym membership, not much of an alcoholic, try not to pay full price for anything... think I bought a lot of gear at rei-outlet if I remember correctly. Not terribly fashion conscious. Oh yeah I was the weird guy without a cell phone. Non-existent Starbucks addiction, don't even drink coffee. Pretty much the only thing I wasted a lot of cash on was food, friends always wanna eat out.
I went to a talk the other day, a guy who rides his bike all over the world. When asked how he affords his adventurous lifestyle he said to ride his bike for 5 months in India cost only $1000. He once was talking to some guy who wanted to do something like that so he asked him some questions. How much is your mortgage? How much for your car each month? How much for this and that? He tallied it all up and told him that before he even leaves his house his trip is going to cost $17,000.
It's the same for anything like that, a hike on the AT or whatever. If your expenses for five months are already $17,000 without even factoring in the AT trip, then it's going to be more difficult. But if you have few or no expenses, then it's easy. It's all about your regular lifestyle, not about how much the trip costs.
garlic08
04-25-2010, 10:02
I went to a talk the other day, a guy who rides his bike all over the world. When asked how he affords his adventurous lifestyle he said to ride his bike for 5 months in India cost only $1000...It's all about your regular lifestyle, not about how much the trip costs.
That reminds me, this should be required reading: "Vagabonding" by Rolf Potts. http://www.vagabonding.net/
double d
04-25-2010, 10:03
My wife and I have no kids, so we have saved alot of money in that regard. The biggest waste of money is going out to eat, even to a fast food joint, save your money and always eat at home. But..lots of good advice here, as its better to make $35,000 a year and have little or no debt then it is to make $75,000 and have lots of debt (car loans, credit cards, misc. bills, etc.).
Here's another way to save some money. Get a sewing machine. I recently bought one for $35 at an estate sale (you know, where some old lady dies and their kids just want to get rid of all her junk). It came with needles, bobbins, thread, pins and everything I need. It's old and industrial strength and she took really good care of it. This afternoon I brought back to life a pair of hiking pants, a hiking skirt and two pairs of casual pants. Considering that I'd have to spend hundreds to replace these new, the $35 for the sewing machine paid for itself easily after the first repair.
DocHolliday
04-25-2010, 22:27
Move to the middle east for a year. lol
The best way to save money is to keep on working instead of going hiking.
Panzer
fiddlehead
04-26-2010, 04:20
Sell your car. buy a cheap one at an auto auction.
Sell many of your possessions on ebay.
Work another job and save ALL the pay from it.
Start eating trail food and dehydrate foods to practice eating the good, cheap foods.
Stop spending money. (no bills is a good goal)
If you don't have kids, what's so hard about THAT?
Life is priorities. What is yours?
double d
04-26-2010, 11:06
Just remember, your own death is very expensive, because the only asset you have (your life) is gone! Hows that for saving up for an AT hike!
garlic08
04-26-2010, 12:00
I just noticed this in my AT journal, the very last paragraph:
And one final reflection: On the train ride I took from Boston to Chicago, I met a group of Amish farmers from Minnesota. We shared a table in the cafe car and got a chance to talk a bit. One man asked me what I did for a living. I get that a lot on the trail, other hikers wondering how a 51 year-old could take the time for a through hike. My stock reply is that I figured out a way to live with very little income. I live in a very small paid-for house, drive a very old car (never had a car loan in my life), don't have a cell phone or DSL bill, don't have a TV or cable bill, heat mostly with wood, carry my garbage to a friend's dumpster in return for some work so no garbage bill, etc. It's a pretty simple, low-expense life. The Amish were smiling indulgently, before I figured out I was preaching to the choir. We all had a laugh about that. Then I wondered, is my life possibly closer to theirs than it is to my neighbors'?
double d
04-26-2010, 12:49
I just noticed this in my AT journal, the very last paragraph:
And one final reflection: On the train ride I took from Boston to Chicago, I met a group of Amish farmers from Minnesota. We shared a table in the cafe car and got a chance to talk a bit. One man asked me what I did for a living. I get that a lot on the trail, other hikers wondering how a 51 year-old could take the time for a through hike. My stock reply is that I figured out a way to live with very little income. I live in a very small paid-for house, drive a very old car (never had a car loan in my life), don't have a cell phone or DSL bill, don't have a TV or cable bill, heat mostly with wood, carry my garbage to a friend's dumpster in return for some work so no garbage bill, etc. It's a pretty simple, low-expense life. The Amish were smiling indulgently, before I figured out I was preaching to the choir. We all had a laugh about that. Then I wondered, is my life possibly closer to theirs than it is to my neighbors'?
Yea, but.......how many Amish farmers from Minnesota hike the AT on a regular basis? Amish culture usually has far more social pressures to conform to their values-lifestyle then even modern American life does.
Rotten Rob
04-27-2010, 14:10
Live like your going to live on the AT!
Wasting money on shelter? Sell it! Live in a tent, good practice for the real thing;)
Don't waste money on water bills, just stop paying it and eventually they'll shut it off. Once that happens take baths in city fountains, or ask car owners washing their cars to spray you down. This is great practice for the real thing as ell :D
Don't worry bout food. I believe Jesus said that man can live off the word alone, so bring a Bible and maybe some BBQ sauce.
Do this and you'll be hiking the AT in Gold Plated Diapers!!!