Planning my departure. How much money should I have saved?

[lschmidt]

I'm turning 26 in a couple weeks, live with my mom, and work full time as a programmer. I've been toying with the idea for at least a year now, and the time has come to make a change in my life. I lived on my own for 6 years during college, moved home upon graduation, and I've been living here for a year and a half now. The plan is to travel to an area and stick around for 2 - 3 months at a time. So, anyways...my question is regarding finances.<br><br>I am planning to pitch the idea of remote work to my current employer. If they won't allow it, then I'll be without an income for awhile. I have about $10,000 saved up but between car payments (I have an 08 chrysler pacifica which is what I'd be living in) and student loans I spend $500 / mo. alone on those expenses.<br><br>So I'm looking for some advice on putting together a basic budget, and then figuring out how long I could last on the road with $0 income -- and then figure out a plan for earning money on the road.<br><br>How do you guys do it?

 

[VanLifeCrisis]

How much do you owe on the vehicle?&nbsp; It might be better for you to pay it off early and save on interest (to an amount you're comfortable, having emergency funds is good).&nbsp; You pay 6000 in loan payments in a year...that doesnt leave you much to work with ($4000=$333/month for 12 months) if you have no income coming in.&nbsp; $333 is doable in a van setup but it will be lean and you can not sustain it after a year (travel would be extremely limited too).&nbsp; Bob broke down a 500/mo budget and a 1000/month budget on the main site.&nbsp; Some people have done cheaper than 500/mo though (i've gotten down to a 300/mo budget before in a cabin).&nbsp; <br><br>With those debts you must have work/income.&nbsp; As a computer programmer, the likely hood that you can find telecommute work or even freelance work (elance, etc) is higher than most.&nbsp; I think someone here makes a living off creating video classes.<br><br>Here are two very successful programmers who live this lifestyle:<br><br>http://www.technomadia.com<br><br>I am sure they are willing to give you some good advice.&nbsp; Im not sure what all they do for income but i know they run their own company, create iphone apps, and build custom software.<br><br>Is it possible you could dwell in your vehicle while continuing to work your current job until your debts are paid&nbsp; (putting extra money toward that goal...afterall interest paid is greater than savings interest earned)?&nbsp; Just park nearby and go into work none the wiser.

 

[Kimbopolo]

Agree that the best use of your $ is to get out of debt first.&nbsp; Then save for on-the-road expenses.&nbsp; Figure out what your living expenses would be per month and save 6 - 12 months worth.&nbsp;&nbsp;<br><br>This method&nbsp;will take longer, but ultimately will give you <em>much</em> more freedom.&nbsp;

 

[Rob S.]

Taking debt along for the adventure is going to drag you down....However since you plan to get a job at some point.&nbsp;Your actual expenses really depend on how creative you are. In my expiremental trips I found I was able to get by on $50 a day but I was feeding my daughter on than as well and gas was already paid. <BR><BR>A good ballpark estimate on park rents or hotels is going to be about 30 percent of whatever you&nbsp;have to spend. For instance if I had $100 then $30 would go on park rents $30 would be for gas and $30 would go on food. <BR><BR>great topic for everyone

 

[kwest]

I'm in the same boat as you, I'm 26 and ready to go. But i have 8,000 in student loans. I plan to work two jobs and try to find gigs like help people move on craigslist to get money debt paid off. I already live in s RV and have minimal expenses, besides the loans. I'm planning to be debt free and have $6-8k saved by summer. That's when I'm going to go. After that i will try to find internet work our stop and work in a city until i save enough to go. I know it's hard to pay down the debt. I'm young and like you i just want to go, but that debt is going to follow you. Take advantage of not paying rent and pay those bills

 

[papas34]

Welcome...<br><br><br>I once rented a <span id="post_message_1276647868">chrysler pacifica and loved it.....great car.<br><br>I drove from L.A. to Salt Lake and pulled over to rest about half way......one of the most uncomfortable nights of my life......<br><br>Why not trade it for something that has some room to build a bed, have a sink, heater,some place to store cloths etc.<br><br>Lots of nice vans big and small....Volkwagon makes a nice travel van that sells for less than $8k from what I've seen.....<br><br>If you move around from place to place, but stay put for a few months at a time.....gas would be minimal even in a large unit and a bike could work out very well.<br></span>

 

[ccbreder]

I guess you could sleep in a pacifica, but not live there. When I was 29 I drove off in a Chevy panel truck and one weeks pay check. From South Jersey I got to Denver with breakfast money left. Got a job, then a room and six months later&nbsp;toured&nbsp;california mexico and texas. Lived on the dunes at&nbsp;padre&nbsp;island got a job, got a room, then went to mardi gras. Keep moving. That is the picture. no debt no bills but travel stuff.