Interview by: Prime Sarmiento

  You've been fantasizing about going on a yoga retreat for years and yet until now, you’re in your cubicle, in front of your computer, and reluctant to click the Buy Now! button for a roundtrip ticket. Your dilemma can be summed up in one sentence: “Can I afford this ?"
 
  In this interview with The Gypsygals, Nora Dunn, financial planer turned Professional Hobo, gives some money saving tips to help you finance that fabulous vacation:
 
Q: Do you think you're good in saving money?  Can you cite a couple of instances which will show that you are one money-savvy traveler?
 
A: My traveling financial prowess (if you will) is a function of two things: an ability to travel and live on very little money, and an ability to earn and save money.
 
  As a former financial planner, I have the knowledge and discipline to save and invest my money wisely. And for the first couple of years of travel (while I built up my location independent writing career), I was lucky to have a small income from the sale of my business to rely on as a buffer.
 
  But I also had savings; I had money from the sale of everything I owned, money saved for (my eventual) retirement, and a slush fund (which incidentally, continues to increase in value even now while I travel despite a very modest income). Starting my travels with money in the bank made things much easier than if I were trying to make ends meet with no assets – or worse yet, debts to contend with.
 
But remember, it all boils down to cost of living on the road in conjunction with savings and ability to earn money. Just look at my Taco Tuesday experience to illustrate how different travelers choose to spend their pennies on the road.
 
Q: What do you think is the best way to save money to finance your travels?
 
A: The best way to save money is to stay focused on your goals. If you want to travel, then every time you whip out your wallet, think about what you're spending money on and ask yourself if it's necessary or getting you closer to what you really want in life.
 
  There are heaps of regular expenses we bear that we don't actually need to. All it takes is some mindfulness, discipline, and a firm attention to our goals.
I've always had a relatively low cost of living in relation to my income. In my days when I was a starving artist (a.k.a. professional actor/singer/dancer), I perfected the art of eating meals that cost less than $1. Even when I owned businesses and earned considerably more, I was picky about how I spent my money, ensuring that my expenditures enhanced my quality of life in a way that was worthwhile and helped me to reach my goals.
 
  This is not to say that I was (or am) a scrooge; in fact, far from it. For many years, I enjoyed skydiving, which is far from an inexpensive sport. But since it was a priority for me, I always found the money for it (despite an income at the time of less than $24,000/year) and I made according choices in other areas of my life to enable it.
 
Q: How can you resist the shopaholic  urge when traveling?
 
A: The shopaholic urge is an easy one to resist while traveling, since everything I buy has to fit into my bag! And since I find the weight of my bag is directly linked to my happiness on the road, I tend to be a minimalist of sorts. (Still, my bag weighs in at 18kg, so I'm not as minimal as other travelers are).
A big way I save money on the road is by traveling slowly. When I stay in one place for weeks (or even months), I'm not spending money on buses, trains, and planes to stay on the move. I often settle into a place for a while, and sample local life by shopping, cooking, and eating like – and with – locals.
 
  I also save massive amounts of money by volunteering in trade for my accommodation; another slow travel tactic and one that deepens my travel experience.
Lastly, I save money by using frequent flyer miles to fly for a fraction of the regular price, and often in business class no less!
 
Q: I spend too much on books and dining out. A lot of women I know spend too much on shoes, makeup and even gadgets. What do you think would be the best way to save money on that so that we can  channel these funds to traveling more and perhaps become a professional hobo in the future?
 
A: It's all about priorities. I like books too, but I only buy them from the second-hand store, or better yet – I borrow them from the library. Eating out is great, but I limit it to special occasions or I choose inexpensive places to eat (picnics are great). And if impulse shopping (for shoes, etc for example) is a problem, then freeze your credit cards, or otherwise develop a system to conquer impulse shopping.
 
  Ultimately if you have a specific and passionate goal (like becoming a Professional Hobo!), then you'll make decisions accordingly. Just keep your eye on the ball. Creating a vision board is a great way to remind yourself of what you want.
 
Q: Do you have a budget? If you do, how do you do it?
 
A: I track my expenses on a number of levels; many of my travel expenses are tax deductible, so it pays (literally!) to keep good records of the money I spend. But I also like to track my expenses to gauge how much my cost of living on the road is in various countries and circumstances. I've been known to record expenses with a spreadsheet this way, and for travelers I've found a few cool tools and applications for estimating and tracking your expenses on the road.
 
Q: Do your friends and provide financial/moral support in your travels?
 
A: My mum back in Canada is a great help for me; keeping the official documents I don't travel with, receiving what little mail I still get and notifying me of it, and taking care of whatever logistical errands I can't do abroad (like depositing cheques to my Canadian bank account). Although there are location independent services that you can subscribe to that do many of these tasks, it's wonderful to have somebody at “home”, keeping an eye on things and being on-call to help me if I need it. Here's an article I wrote about some of the logistics of full-time travel, and how a designated representative can help.
 
  As for moral/professional support from family and friends as a travel writer, that's another matter. A hard lesson I learned a few years ago was to determine who in your life is best for moral support, and who is best for professional support.
 
Q: Do men and women handle money differently?
Although I think men and women do handle money differently, it's not a clear-cut formula. Women are typically more effective savers than men, but I've seen enough women (and men) who break the mold that I'm hesitant to paint with too broad a brush.
 
A lot of our financial habits are ingrained from childhood and how we're raised to look at money. One of my first memories is of my parents fighting about money (sadly), but their opposite views towards finance gave me a great sense of balance in my own approach to financial planning; something I'm incredibly grateful for.
 
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About Nora Dunn: In 2006, Nora sold her financial planning practice in Toronto to live her dream of traveling around the world. She has since traveled to 20 countries, enjoying a fulfilling career as a location independent writer. She blogs at The Professional Hobo.
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