The steps on saving money can become big ones. The strategies can be downright radical.
You might adopt that kind of approach when you realize that your current modus operandi about savings will never generate the funds you need. That money might be for quitting a job to open a business, paying a child’s college tuition, or retiring. Often those initiatives involve more emotional upheaval than they do actual financial risk. That is because you frequently will be leaving your comfort zone. However, a growing number of people are leaving their routine behind in order to achieve their financial goals through saving. Here are 4 examples of big steps forward in saving.
Some locations in the U.S. impose a high cost of living. That ranges from the percentage of income spent on the mortgage or rent to the price of food. An option is to research locations in the U.S. and abroad where those costs could be halved or even reduced more than that.
Since an increasing number of jobs and types of self-employment can be done totally through telecommuting, this has become a viable option for some. Those relocation destinations include domestic spots like parts of Arizona and Florida, and foreign locales like Ecuador and Mexico. As everywhere, those overseas nations have both upscale and affordable sections. That is why research is necessary.
More income can mean more money available to save. Sometimes it could be substantially more if a job is taken overseas. That could provide free transportation and housing. Those with the appropriate skills, for example, can coach students in China about applying to American universities. They could also teach English as a second language. Forensic experts in construction have myriad opportunities in foreign settings. Some contract college instructors find better paying jobs in foreign universities.
Another type of job change yielding more income is the shift from non-profit to profit, with essentially doing the same job description. There is also the freed-up funds from a job which pays the same but does not entail the extreme commute.
Two, the old saying goes, can live as cheaply as one. Several generations of families and even people who are not related to one another are finding the huge savings from living together under one roof. The cost to individuals for keeping a roof over their heads can plummet beneath that one-third of income recommended by personal-finance experts.
Large and extended families who produce much of what they eat could reduce the fixed cost of food. In addition, they could sell any surplus, adding to the possible amount they can save. The group would not necessarily have to become residential farmers. They could lease the space or arrange a barter relationship. Also, some communities and housing complexes are providing free farming space as part of the Living Local movement.
Taking big steps on saving money can represent a whole new way of life. Or, they can be temporary initiatives. Once the goal, such as the children’s education, is achieved then you can return to what your comfort zone had been.