Disclaimer: This is my personal experience and opinions. The information contained on this Website and the resources available for download through this website is not intended as, and shall not be understood or construed as, financial advice. I am not a financial advisor. The information provided is not a substitute for financial advice from a professional who is aware of your circumstances. I recommend that you do your due diligence and seek advice from a professional to address your circumstances.
I’m sharing some savvy, non-traditional, and creative tips to help you reach your savings goals. These aren’t your typical everyday money-saving strategies. By no means, am I telling you to ditch the traditional saving methods.
There are no affiliate links and I’m not getting paid for any of the recommendations I’m sharing. One of my most asked questions is: “how did I save for my sabbatical?” I’m just sharing the cool saving methods I use.
Susu:
Ever heard of a susu? It’s a savings club, popular in the African Diaspora. Other minority communities may call it a different name.
Here’s how it works: you gather a group of friends or family, and everyone chips in a set amount of cash for a set period. Every week someone in the group gets a payday. For instance, there are 10 people in the susu. Everyone contributes $100 weekly for 10 weeks. Each week one person will receive a “draw” (aka payout) of $1,000. At the end of 10 weeks, everyone will receive a “draw” of $1,000.
One person is the banker. The banker collects the money and sets the distribution schedule. You can let the banker know when you would like to receive your “draw.” Often people may choose their draw based on when they know they’ll need their money – vacation, house down payment, or any expense.
Trust is necessary! It’s important to do this with people you trust.
Five Dollar Savings Challenge:
Every time you come across a $5 bill, save it. Easy, right? Whether you’re paying for groceries or grabbing a coffee, if you get a $5 bill, it goes into your savings. Trust me, every little bit counts!
Savings Challenges:
Who doesn’t love a good challenge, right? Please tell me, I’m not alone.
Here’s how it works: you set your goal – whether it’s $500 or $5,000, and then you break it down into bite-sized chunks over a set period, 6 months or 1 year. If your goal is to save $5,000 in a year, you can challenge yourself to save $105 each week.
Plus, there are tons of fun worksheets on Pinterest to keep you motivated and on track. There’s something satisfying about checking off each week and being one step closer to your goal.
Opportun, formerly Digit app: There’s an app for everything now, right?
Here’s how it works: Opportun (formerly known as Digit) connects to your bank account, analyzes your spending habits, automatically withdraws, and saves money for you every day. The withdrawal can be as small as a few cents to hundreds of dollars. Don’t worry, you can set limits on how much it saves each day or pause your savings.
I used Digit for several years and stopped using it around 2021 or 2022. I think Opportun is a great option – set it and forget it – if you find it difficult to save money. Opportun offers a 30-day free-trial period and $5 per month after.
It doesn’t matter what method you choose to save – savvy methods or traditional methods. The most important thing is that you’re saving. Kudos to you! It’s important to find and do what works best for you.
So, what do you think? Are you planning to try any of these savvy methods? I’d love to hear about your savvy money-saving tips, so drop a comment below and let’s swap stories.
Until next time, Let’s Wander!
50 Little Acts to Save For Your Sabbatical
These 50 little acts can add up and really make a difference, helping you save a bit more for your sabbatical fund. It’s all about those little steps that, when combined, can put some extra cash back in your pocket.
These 50 little acts together can make a difference to put some money back into your pocket for your sabbatical fund.
Here are 25 ways to save for your sabbatical:
1. Cancel unused subscriptions or memberships.
2. Cancel streaming services you don’t use or need.
3. Cancel your gym membership and work out at home.
4. Try no-spend days, weeks, or even months.
5. Avoid impulse buying by setting a 24 – 48 hours waiting period.
6. Sell items you don’t use or need.
7. Negotiate bills like cable, internet, credit card, and phone services.
8. Reduce your energy bill by unplugging electronics and turning off lights.
9. Comparison shop to find the best deals.
10. Bundle insurance policies (home and car) for discounts.
11. Buy in bulk for non-perishable items.
12. Use coupons whenever possible.
13. Use cash-back rewards.
14. Use credit card rewards.
15. Avoid ATM fees by using your bank’s ATMs.
16. Collect any money owed to you.
17. Take lunch to work instead of buying it.
18. Buy generic brands instead of name brands.
19. Make your own coffee instead of buying it.
20. Save in a high yield savings account.
21. Take public transportation.
22. Use reusable shopping bags to save money and the environment.
23. Double check your tax deductions.
24. D.I.Y. (Do It Yourself).
25. Skip the fast fashion and invest in quality pieces that will last longer.
Here’s a closer look at 25 little things I did to save money:
1. No frivolous purchases – I asked myself, “Is it a want or a need?” Stick to getting only my needs!
2. Unsubscribed from store emails to avoid temptation.
3. Stopped falling for sales – just because it’s on sale doesn’t mean I need it.
4. Avoided Marshalls and other stores where I overspend.
5. Stopped buying decorative items.
6. Stopped buying books and got a library card.
7. Cut out my Prosecco budget.
8. Drastically reduced Amazon shopping.
9. Downgraded my Netflix subscription.
10. Used up freebies like perfume samples.
11. Used everything I had at home before making a new purchase.
12. Sold clothes I didn’t need or wear on Poshmark and Mercari.
13. Donated clothes to Goodwill and Green Drop for tax receipts.
14. Paid off my credit cards to avoid interest.
15. Used my health insurance benefits and got all my check-ups.
16. Saved my tax refund.
17. Free or low-cost hangouts with friends – picnics, walking, or just chilling at home.
18. Created a grocery list.
19. Cooked at home instead of eating out.
20. Did my own pampering – no more manis and pedis.
21. Switched to a cheaper phone plan.
22. Cut back on Uber.
23. Got reimbursed for any health insurance and job-related expenses.
24. Limited gift spending – set a budget, get creative, and offer acts of service instead.
25. Took advantage of credit card rewards.
Every little thing adds up! These actions on their own won’t be enough to get you to your sabbatical dream, but they’ll bring you one step closer to your dream.
Until next time, Let’s Wander!
What’s In My Wallet? A Peek Inside My Debit Card Collection.
Disclaimer: I’m not a financial advisor. What I’m about to share isn’t financial advice. I’m sharing the secrets of what’s in my wallet.
You’ve asked, “what’s your secret to getting cash and foreign currencies while wandering the world?”
Let’s talk about it.
Now, maybe you’re exchanging your USD for foreign currencies with your local banks. Maybe you’re stopping by the Cambio and exchange spots abroad.
I’m not a lover of either of these methods.
When you exchange money, you worry about:
⦁ How much cash do you need?
⦁ What if you run out of cash mid-trip?
⦁ Which bank exchange currencies? All banks aren’t created equally. Not all banks exchange currencies.
⦁ What’s the foreign exchange fees?
⦁ Where is the nearest exchange place?
⦁ When do I find time to stop at the bank or cambio?
Fun Fact: Did you know that every country has its own set of rules about which bills they’ll accept? For example, Thailand and Zimbabwe, your old, torn, and worn-out bills won’t be accepted.
My go-to is always to get foreign currency at the ATM at my destination abroad. It’s the best bang for your buck!
First, it saves on any foreign exchange fees my bank may charge.
Second, let’s talk safety. Do you really want to travel with a big stack of cash? Not me! Anything can happen while traveling. I’m sad if I lose $20. So, let’s not even have to worry about losing that stack of cash. I mitigate the risk of the unknown and travel with less cash.
Third, I never worry about finding a bank, Cambio, or foreign exchange near me. ATMS are super convenient. You’re bound to walk past an atm while you’re out and about exploring.
Tip: Are you worried about landing abroad without any local currency? You can always google “is there an atm at (insert airport name)?”
How to pick the perfect travel debit card?
The most important thing – no foreign transaction fees. A foreign transaction fee is charged by your Bank for using your debit card (and your credit card, but we’re focusing on debit today) abroad for any purchases or ATM withdrawals.
These fees are around 1% – 3% of the value of each transaction. Yes, that 1-3%% of the total cost of your lunch, souvenir, or atm withdrawal.
Now, let’s peek into my wallet:
First up, I’ve got my Schwab Bank Visa® Platinum Debit Card. The holy grail! The MVP of debit cards.
Why I love this card?
⦁ No foreign transaction fees.
⦁ No monthly fees, no minimum balance requirements, and no direct deposit requirements.
⦁ The Bank automatically reimburses any ATM fees. Yes, you read that right! The bank reimburses any ATM fees, both international and domestic. Yes, Schwab offers unlimited reimbursement for ATM fees. At the end of the month, your ATM fees are reimbursed.
This is what your statement will show at the end of the month with your reimbursed ATM fees. Yes, for September alone, that’s almost $50USD in fees! Can you believe it? Instead of wasting $50 on fees, that’s $50 back in my pockets to enjoy.
Things to know:
⦁ Charles Schwab is an online bank account. All your banking is done online. Link your primary bank account (ie where you bank currently) to your Schwab account to complete transfers online.
⦁ Bank transfers can take between 2 – 3 business days. Transfer your money a few days ahead of time. Don’t wait until the last minute to avoid any stress.
⦁ Want to skip the waiting game for bank transfers? Sign up for Zelle for immediate access to your money.
⦁ If your phone number is already linked to your primary bank account, you’ll need to use a different phone number or email Zelle for your Schwab account.
⦁ Signing up for a new account is easy! It takes about 5 – 10 minutes to open a new account.
⦁ When you open your Schwab Bank Investor Checking™ account, Schwab will automatically open a brokerage account for you. It’s completely free! Add money or don’t. Your choice. But if you’re interested in investing, here’s a chance to get started.
Finally, I’ve got my Capital One 360 Debit Card.
Why I love this card?
⦁ No foreign transaction fees.
⦁ Capital One doesn’t charge a fee for ATM withdrawals. While Capital One doesn’t charge an ATM withdrawal fee, those foreign ATMs might charge a fee. And let me tell you, those fees are no joke! Imagine my surprise when I was in Thailand and found out ATM fees were between $4-$6 USD. Maybe $6 doesn’t sound like a lot. If you’re long-term traveling, traveling on a budget, or just anti-ATM fees like me those fees add up and make a difference. I mean, $6 is a whole meal in Thailand.
⦁ No monthly fees, no minimum balance requirements, and no direct deposit requirements.
Things to know:
⦁ Capital One 360 is an online bank account. While Capital One has physical locations, there are some things you can’t be done in-person in the bank.
⦁ Transfers between your primary bank and Capital One 360 may take 1 – 3 business days. So, plan ahead!
⦁ Or skip the waiting game for bank transfers and sign up for Zelle.
⦁ If your phone number is already linked with your main bank account, mix things up a bit use a different phone number or email when setting up Zelle for your Capital One 360.
⦁ Signing up for a new account is easy! It takes about 5 minutes.
Tip: When using your bank card abroad, always choose “continue without conversion.” Your bank will apply their conversion rate instead of the foreign conversion rate. Your bank may have a better conversion rate, saving you a few extra bucks!”
So, there you have it! These are my debit cards that help me wander the world.
Now it’s your turn! What’s in your wallet? How do you handle cash when you’re out there wandering the world?
Until next time, Let’s Wander!
