China is a unique destination that provides the opportunity to save, live on the cheap, and still have fun! Only 3 months into our journey and we know that we can save over $15,000 during our year in Shanghai. So how are we able to do such a thing?
Our Money Saving Strategy
- Map out your finances. We chose a notebook, a pen, and a simple excel spreadsheet to write out our plan. See our template table below and fill in columns 1-3 with your own information.
- Set up a savings goal per month that you want to reach. We knew how much money we wanted to save for our post-China world travels and divided that out for a per month number. This can also include payments you make on debts like student loans and credit card bills. Fill this in to column 4.
- Add up all your necessary monthly bills. For us it’s rent, utilities, phone/internet, groceries, and transportation. Make your savings (or debt repayment) goal a ‘bill’ that you pay each month and fill this number in to column 5.
- Salary – Bills – Savings = $ for food and fun! The best part! Now that you have a plan, you know how much money you can spend on dining out and doing fun activities in China.
We hope this plan helps you set some financial goals for time abroad. Let us know if we left anything out and how you manage your savings.
Coming Soon: How to actually Stick to your savings goalHow to Save $15,000 by Teaching English for 1 Year by email@example.com