11-21-2019Here are a few things I do to stay out of debt on regional FO pay:
- Bring food for ALL meals on the road. Its a lot to lug around but its well worth it.
- Take full advantage of all free hotel food/gyms/entertainment.
- Pay cash for everything.
- Never hold a balance on my credit cards.
- Don't have a TV or cable service. Most networks allow you to watch TV shows for FREE over the internet now with little to no commercials. Between that and Netflix I will never go back to paying for cable again.
- Live in an apartment with a roomate that costs less than 1/4th my take home pay.
- Saving eating out for special occasions.
- Planning meals at home so that I don't overspend at the grocery store. I try to buy less than I think I need to avoid wasting food.
- Buying and paying off a car you can afford, avoiding a monthly payment.
- Living in an urban area to cut down on driving distances.
- Rewearing clothes and reusing towels to cut down on laundry costs (within reason).
- Cutting down or eliminating drinking at bars. Drink at home or not at all.
- Limit "vacations" to visiting family and friends and taking full advantage of jumpseating.
- Drinking coffee provided by the hotel or airplane. Its not Starbucks but its FREE.
- Having an everyday emergancy fund (car breaks down, ect.) Also having a furlough/strike emergancy fund.
- Forcing myself to live on a conservative budget and learning to tell myself NO (LIVING BELOW MY MEANS). Its hard to say NO when your impulses say YES. But its so worth it when you have money at the end of the month.
I recommend www.daveramsey.com. You can stream his radio show for free off the website. His program has forced me to rethink my actions time and time again and has kept me motivated to be financially responsible! I've been able to stay out of debt through flight training, college, and first year FO pay while putting back 15% of my income for retirement and saving for a house. Its not easy but I think its well worth it in the long run.
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