Summer International Job Wisdom: Start Saving!

Posted on July 13, 2010

The number one reason that people don’t work, study or travel abroad is because of their fear of not having enough money. “I could never afford that.” “I don’t have enough money saved up.” “How can I afford to work abroad when I need to pay my bills now?” The reality is that it is never too early or too late to start saving for your trip abroad.

The biggest mistake is to think that you are wasting your money. On the contrary, you are investing in your future, especially if your end goal is to have an international career. Having enough money for these international opportunities has more to do with how you spend your money rather than how much money you have in this present moment.

We have outlined a 5-step process to get you on saving for that dream international opportunity. With the right planning and making slight adjustments to your everyday spending habits, that dream will turn into a reality.

1. Get organized

Sounds simple right? Well it is. Start by looking at how much money you have at your disposal today. Sort out your expenses and what you need to leave covered for your temporary hiatus.

2. Figure out how much you need (comfort is not expensive)

How much money do you need to cover your expenses abroad based on what you are making at your international job? Your expenses will be pretty straight forward (e.g. accommodation, food, entertainment, transportation & travel). Calculate your monthly cost of living and make that your magical ‘savings number’.

3. Go on a spending diet

There are two best spending diets to go on…before you leave and while you are there. Before you leave, cut the extra spending areas that are unnecessary. Whether it is the Starbucks, the late night partying or Netflix, the long-term international reward will be higher. On the other spectrum, the best way to cut spending while abroad is to eat in, stay with roommates and use public transportation.

4. Get a job

With your magic number in mind, the next step is to start making money. The type of job is irrelevant to your long term The two essential elements here…what is your timeline and how much are you setting aside every week? Essential number 1: Timeline – How much time do you to work in your home country to reach your magic number? Essential number 2: Setting money aside: No matter what, stick to a weekly plan to set money aside (even if it is only $20). If you only save $20 a week for 4 months, you have already saved $320.

5. Track your progress

Your plan is set. You know your goal and are working to get there. Now it’s time to watch your savings grow. As you start gaining traction and realizing that your trip is a reality, it will motivate you to keep saving more and more. From my experience, I started little and as my pot of gold became larger, I saved more.