Great way to save billions of dong of a girl who used to be in debt
*The article is the story of a girl currently living in Indianapolis (USA).
In 2017, I first learned about FIRE – the movement “financial freedom, early retirement”. At that time, although I was very excited, but because I still had to pay off student loans, I could not achieve this goal right away.
It wasn’t until 2019, when I completed my master’s degree, that I paid off my $50,000 in debt by working one full-time job and two part-time jobs. Then I started making efforts to save for the future.
My goal is to retire at 32. From 2020, I have saved up to 86% of my monthly income. To date, I have accumulated more than 100,000 USD (more than 2 billion VND) for retirement account.
I have saved money in the following ways to realize my early retirement goal:
Stay with parents
After finishing school, I decided to move back to live with my parents to save money on rent. I buy groceries for my family and it’s not too much of an expense. I rent a car for $240/month plus gas for about $150/month.
Besides, I also minimize going out, gathering with friends and colleagues. Instead, I usually spend most of my time with my family and boyfriend. Thanks to that, I have saved a considerable amount of money. In terms of clothes, I only buy simple, affordable things that are enough to go to work.
Split all expenses with your boyfriend
After getting a full-time job at a university near the apartment my boyfriend rented, I left my parents’ house to move there. We split the monthly living expenses in half. This saved me thousands of dollars over several months.
In total, I pay 512 USD/month for rent and about 60 USD for electricity, water, Internet. Even without living with my parents, I keep the cost of living as low as possible.
When the car rental contract expired, I did not renew it because I could hitchhike with my boyfriend. We share the same commute to and from work so that saves me some money. We split the premium ($341/year) and $75 monthly gas bill.
Cooking at home
Illustration: Internet.
Since moving to Indianapolis in February 2021, I’ve been planning my meals in detail. Usually, I go to the Costco supermarket and buy enough food for a whole month, mostly frozen food. As for vegetables and fruits, I go shopping once every 1-2 weeks at Whole Foods.
For lunch, I prepare the same dish, almost every day, of salad, lettuce, onions, sardines, cheese, and homemade sauce. This meal is very easy to prepare, full of quality and does not cost much.
In total, the cost of meals for me and my boyfriend is about 300 USD/month. Thus, I spent 150 USD. We very rarely dine in restaurants or coffee shops.
Discover savings
After moving to our new place, we were just exploring around the city, participating in some events like concerts, exhibitions. Besides, to save money, we just walk around the streets to see the scenery.
We don’t feel the need to travel long distances to relax. For us, visiting the places of the city was more than enough.
Source: BIEN
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