How did YOU save up funds?

[omegaman13]

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.

[10-K]

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]

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.

[Lyle]

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]

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]

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]

We sold our house and about 60% of the contents (I later regretted that - - a whole different story).

[kayak karl]

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]

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]

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]

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.

[RGB]

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.

[RGB]

Oh I forgot, I recommend using Mint.com. You can really streamline your finances, and it's free! And 100% safe.

Sorry, not really sure how to edit previous posts.

[sbhikes]

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]

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]

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

* 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!

[Roland]

This topic comes up frequently. You've got some good suggestions already, but a search would produce lots more.

Here's an example.

[Yahtzee]

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]

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.

[Krag]

On frugality, there are sites such as 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.