2. If moving home is an option, do it
Obviously, even better than downsizing your rent is paying no rent at all. So if your parents are cool with it, and you’re cool with them for an extended period of time, this is a solid option. Plus, there’s far less stigma to “he/she lives with their parents” when you’re gearing up to live abroad for year.
“I moved home, sacrificed my ‘fun life’ -- when everyone is going out and partying -- to save money to do this. I was putting away every paycheck, and that was a conscious decision,” said Trevor Gribble, who moved to China after graduate school, traveled the globe off and on for years, and then finally launched his own yoga company.
“You have to be very honest with yourself about the money you need -- you need to evaluate a budget. It’s possible you won’t be earning a dime for a year; you need to tell yourself that a lot.”