If your exploring the idea of living a van dwelling nomadic life, or your already a van dweller. This article has been written for those that are thinking about exploring nomatic mobile living.
If you haven't started living the nomadic life, and are still living in a sticks and bricks. Here is the first thing you need to do.
Try To Get Out Of Debt As Much As Possible
Put together a list of all your debts, credit cards, medical bills, mortgage, vehicles, household things and so on.
I Recommend Using The Debt Snowball Method
(Whether you’re carrying credit card debt, personal loans, vehicle loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment. Doing so will not only help you save on interest throughout the life of your loan, but it will also speed up the payoff process).
If you can, try to pay more than the minimum monthly payments on your credit cards and other debts, consider using the debt snowball method to speed up the process even more and build momentum.
As a first step, you’ll want to list all of the debts you owe from smallest to largest. Apply all of your excess funds to the smallest balance, all the while making the minimum payments on your larger loans. Once the smallest balance is paid off, start putting that extra money toward the next smallest debt until you pay that one off, and so on.
Over time, your small balances will disappear one by one, freeing up more cash to pay to your larger debts and loans. This “snowball effect” allows you to pay down smaller balances first, while letting you save the largest loans for last. Ultimately, the goal is snowballing all of your extra money toward your debts until they’re paid off, and you’re finally debt free.
Pick Up A Side Gig In Addition To Your Regular Job
Going at your debts with the debt snowball strategy will help to speed up the process of paying off debt, but earning more money can increase your efforts even more. Almost everyone has something they can do, a talent or skill they can use to make money. Whether it’s babysitting, mowing yards, cleaning houses, bookkeeping, consulting or becoming a virtual assistant, and so on.
Local retailers are always on the lookout for flexible, seasonal workers who can keep their stores operational during the busy, holiday seasons. If you’re willing and able, you could pick up one of these part time jobs and earn some extra cash to use toward paying on your debts.
Even outside of the holidays, plenty of seasonal jobs may be available. Springtime brings the need for seasonal greenhouse workers and farm jobs, while summer calls for tour operators and all types of outdoor, temporary workers from lifeguards to landscapers. Fall brings seasonal work for haunted house attractions, pumpkin patches, and fall harvest. The thing is, no matter what season it is, a part time temp job without a long term commitment could be within reach.
Sell Household Items & Everything You Don’t Need
If you’re looking for a way to find some some cash quickly, it might pay to take a look at your belongings first. Most of us have stuff lying around that we rarely use and could live without if we really needed to. Why not sell your extra stuff and use the cash to pay down your debts?
If you live in a neighborhood that permits it, a good old-fashioned garage/yard sale is normally the cheapest and easiest way to sell your unwanted belongings for cash. Otherwise, you can consider selling your items through a consignment shop, or one of the many online sites out there such as Craigs list or Facebook Marketplace.
Think About Starting And Keeping A Budget
If you want to pay your debts down faster, you’ll need to cut your expenses as much as you can. One option you can create and use is a bare-bones budget. With this strategy, you’ll cut your expenses as low as they can go and live on as little as possible for as long as you can.
A bare-bones budget will be a little different for everyone, but it should be free of any “extras” like going out to eat, cable television, or unnecessary spending. While you’re living on a strict budget, you should be able to pay more considerably toward your debts. Keep in mind, bare-bones budgets are only meant to be temporary. Once you’re out of debt, or a lot closer to your goal, you can start adding discretionary spending back into your monthly spending plan.
Stop Those Expensive Money Spending Habits
Here's one of the things you can do if your constantly coming up short each month, thinking about and reevaluating your habits might be the best idea yet. No matter what, it totally makes sense to look at the small ways you’re spending money daily. In that way, you can evaluate whether those purchases are worth it, and come up with ways to minimize them or get rid of them. If your expensive habit is smoking or drinking, that’s an easy one to quit. Alcohol and tobacco do nothing for you except get between your goals of lowering your debts. If your expensive habit is slightly less spontaneous, like a daily latte, fast food during work hours, or eating out at restaurants. The best plan is usually cutting them down with the goal of eliminating those behaviors or replacing them with something less expensive.
Start An Emergency Fund
Before starting an emergency fund (AKA a rainy day fund), you may need to set rules for yourself on how, and when, this account will be used. Think of your emergency fund as money that’s set aside in a separate account to be used for emergencies. Managing this account requires discipline, it needs to be used for true emergencies. It may take some time to build an emergency fund, but there’s no need for the process to feel stressful or overwhelming. It’s all about having a plan. When you start an emergency fund, the purpose is to have quick, easy access to your cash. To accomplish this, keep your money in a savings account so that you can access it at any time.
OK now that you’ve got most of your debt and money issues solved, and you've got a plan that's working. After some time and you get your debts knocked down or even eliminated. Also while your working on building up your emergency savings, start looking for a vehicle (unless you already have one) you can live in. I recommend a minivan, but any vehicle can be used, with creativity and imagination, you can build out a mobile habitat to live in.
Just Go For It, A Life Of Travel Adventure Awaits!
~Chaz~
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