Friday, March 7, 2008

The Outback Fund

I know people who read my post about spending one year in Australia must have a lot of questions.

How are you going to pay for this?

Once my debt has been paid off completely and my EFund goal is reached I will start another savings fund for the trip.

How will you save enough to stay a whole year?

We plan to buy a van to live out of and to work odd jobs through out our entire journey to pay for day to day expenses as much as possible. We will have one backpack each for personal items.

What if you decide you don't like it there?

I don't expect this but if it did happen we would continue traveling somewhere else.

What if something unexpected comes up and you desperately need funds?

I plan to bump my EFund up a few grand before going. Ideally $5000.

What about money for when you return?

I will have some cash put aside for when I return, a great EFund, some GIC's, and of course I'll have my RRSP's working hard for me. :)


debtfretter said...

You should do this - you will have a great time and see some amazing things. Being Aussies, my hubby and I have been to some amazing places in remote locales. We drove a 700km dirt road to get to one town in Central Australia - every now and then we'd see an Aboriginal man or woman wave as they walked off the road into the bush - this was hundreds of kilometres from any town.
Save up for this and enjoy it. Renting or buying a van to camp in over a year, you won't spend any where near as much on a weekly basis as a regular tourist would, and most of the great things to see in Oz are relatively cheap or free (oceans, creeks, rock formations, national parks).
For us, our big trip would be 2-3 weeks in Italy - including a week in Tuscany or Umbria - with a week in Egypt before we head home.
That is our big thing to save for ... but we have to get some other goals out of the way first!

Canadian Saver said...

I think you're planning this out extremely well... with goals written down like that, they're going to be attainable a lot quicker than if they were just dreams in space!