Like many of us, I often have more ideas on where to spend money than ideas on how to acquire it. Saving up for a work-from-abroad stint hasn’t happened overnight. It has required planning, changes in spending habits, and budgeting.
Life’s basic necessities consume the majority of my paycheck
I work five days a week, totaling 37.5 hours per week. My annual net income (income and capital gains after taxes) in 2023 was 51,100 euros. My largest expenses include:
| share of net incomes | amount annually | |
| Retirement savings (investments) | 10.9 % | 5,569 euros |
| Mortgage | 13 % | 6,643 euros |
| Mortgage interest | 8 % | 4,088 euros |
| Other living costs (food, public transportation, electricity, housing costs, insurances, etc.) | 44 % | 22,484 euros (1,874 euros/month) |
| Savings for trips and major purchases in the future | 24 % | 12,264 euros |
Based on this calculation, one might assume that the over 12,000 euros saved for future purchases and trips would cover the travel expenses for a winter trip down south. But unfortunately, the situation isn’t quite that simple. What makes it more complicated?
Am I investing in myself or for us? Now or later?
As I save, I often ponder whether it’s selfish to spend thousands of euros on a few weeks’ trip. Wouldn’t the family need a car more urgently to ease everyday commuting? Or should money be set aside for future home renovations?
And even if I manage to convince myself that I can use the money I’ve earned on myself and to fulfill my own dreams, I still hesitate about how much money is okay to spend now and how much should be kept in reserve for potential unexpected expenses and future costs. It feels like running back and forth on a seesaw, trying to keep both ends up in the air, never quite succeeding.
However, I have decided to go ahead with this trip. Deliberately and deservedly. For someone who values security, it wouldn’t have been possible without making my financial situation and plan visible to myself.
Of course, my future dream is also to repeat this wellness-boosting work-from-abroad stint annually. Achieving this requires me to increase my income. If you have any tips on how I could do that, all advice is welcome!
Ps. If you wanna check my budget for the upcoming trip to Portugal, you can find it here >>
