If You Consider Quitting Your Job-Have A Money Plan!
There are many people that are fed up with 9-5 office work and want to explore the essence of life more, but to do so, they have to have a good money plan ahead.
How does this wish comes along?
Well, by working all day in a box office, they feel suffocated and unable to do and explore life as they would like them to.
Young people are usually the ones who take these risks of quitting their jobs, and pursue their longtime desire to travel and discover new things in life.
Many, just jump into it without considering the money issue, and some, are cleverly cautious. They don’t make ad hoc moves just like that.
They think it over thoroughly and then decide what they are going to do.
How To Save Money?
Well, if you have a long period of inner-going battle about saving money, I hope that you’ve found your way of doing it, or if not – you can read how to save money following these tips here.
Initially, you should make a list of all the things you are buying throughout whole month and start from there. You’ll be surprised how much money you are wasting on things that you rarely use.
Yet,spreading your wings isn’t such a bad idea, still, you need to have well developed money plan to make your dreams come true.
If you have learned how to save money by cutting on too much coffee, or buying un-necessary things, even fancy yoga retreats – you are on a good way to do what your gut is telling you.
Calculate Monthly Costs Of Traveling
Before you decide to travel, you need to calculate monthly costs of all your travels. It depends where you want to go, will it be van-travel or you will use other ways of doing it.
You have to calculate:
- accommodation expenses
- vehicle insurance
- repairs and servicing
- hygiene items
- health insurance
- travel insurance
- some extra’s for un-predicted situations
- small pack of handy cosmetics
- vehicle licence fees
- breakdown cover
- train, bus, air and taxi fares (depending the nature of your trips)
Don’t forget about foreign money exchange, which usually is the last thing on your mind when you’re planning all the amazing things you want to do on your trip.
If you’re travelling on your own, you just have yourself to worry about, and it should be easier to account for what you want to spend on.
But, if you’re travelling with your partner or a friend, you can consider costs split and make your travel more relaxed and money stress free.
If you decide to quit your job, to start a travel blog and share your experiences – be well prepared upfront with some extra money savings, as you will not have steady income monetizing your blog and covering all expenses.
Bottom line: before you decide for a such drastic life measure – you should definitely have a money plan up front.
Although, you probably have a few income-generating ideas as a reserve before you start traveling, don’t assume that you’ll be so lucky to actually make a living while cruising down the road.
It is difficult. And it takes time…
You better have a good back up plan – just in case.
Calculate Unexpected Costs
Before you decide to start your traveling quest, save enough money so you can handle unexpected situations like flat tires, a tetanus shot maybe, some health emergency situation etc.
You should have at least 3 months back up financial plan – such as emergency cash in a bank account. Let us say that your monthly van life budget is $2,000, that means $5,000 would be your emergency savings target.
But, once you are on the road and sticking to that tight budget and money plan you’ve made – you can treat yourself with the famous Mexican burrito, or your favorite band concert down the road.
Before Any Drastic Decision Taken
If you are in your 20’s or 30’s and have a wild spirit – nothing can hold you back. Still, think it over, what will you gain, or lose, by deciding to quit your job and pursue your teenage dream.
Any successful planning process must balance your current financial status with your future goals. Living in the moment is one of the keys to a happy life, but so is financial security.
You have to ask yourself:
- How will you get from where you are – to where you wanna be in 20 years from now, if you take this short term life detour?
- What benefits (such as health insurance or retirement) will you leave behind? Is it worth to let go all of those things just for one short term fun?
- What impact will driving away from them today – will have on your future?
Before you start your youthful journey, trying to find all the answers you seek – ask yourself these things just in case to prevent a lot of unnecessary frustration and possible disappointment when you reach the end of the road.
Sometimes it is good to jump into the unknown and explore – but sometimes, it is better to think it through: what will you gain or what will you lose.
Your life isn’t something you should experiment with.
And if you still want to do it…try to do it without any consequences or regrets!
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