When my husband, Andrew, and I got engaged, we knew two things for sure: We wanted to live debt-free and we wanted to travel.
We were lucky enough to have parents on both sides who could contribute to the wedding. Between that and careful budgeting, we avoided wedding debt.
Travel was a trickier matter. I dreamed of backpacking for months on end. I wanted to stay in a cave house in Santorini, tour the Alhambra in Granada, and drink wine in the south of France. All in all, the trip we imagined would cost $18,000.
Our plane took off on January 30, 2014. We traveled in India, Italy, the Netherlands, Spain, Ireland, Greece, Albania, Montenegro, Croatia, and France. When we touched down in the USA again on July 30, we were still debt free. Here’s how we funded the trip.
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1. Put goals on paper
Before we tied the knot, Andrew and I were already discussing the shape of our big trip. We figured out how long we wanted to travel and listed our must-see countries. I added notes to remind myself that I wanted to be in the Netherlands during peak tulip season, and in Paris on Bastille Day.
Seeing our goals written down motivated us to make them a reality. It also helped us understand why we needed to buckle down hard on our savings.
2. Move to a cheaper location
Rent is by far the biggest cost in most budgets, which makes it the biggest potential source of savings. Before marriage, we lived in separate one-bedroom apartments, and we wanted to save as much as we could when we moved in under one roof. Instead of looking for a rowhome in one of Baltimore’s trendy neighborhoods, we browsed options outside the city.
Cost of move: $400 (I hired movers. Andrew got rid of several redundant furniture items and enlisted friends and family to help move the rest.)
Rent savings: $580 x 14 = $8,120
Total savings so far: $7,720
3. Find free ways to have fun
Andrew and I became masters of the cheap date. You can spend $10 at the supermarket and enjoy a mountaintop picnic. Many museums are free, and in summer you can often find cheap or free concerts and outdoor movie showings. Libraries and grad schools host poetry readings (sometimes with free wine and cheese). Going out for ice cream instead of dinner can easily save $50.
We curbed personal spending to a strict allowance, too. By cutting $50 from each of our personal funds and replacing two dates a month with free or low-cost alternatives, we saved about $200 a month.
Discretionary spending savings: $2,800
Total savings so far: $10,520
See the rest of the story at Business Insider