He's 23 and has already saved $35,000 to travel the world. Here's how
Name: Martin Jurak
Amount saved: $35,000
Reason: As a 23-year-old university graduate, Martin wants to go into the job market debt-free and save for a dream trip where he'll visit every country in the world by the time he's 30.
How he saved it: Martin went to Queen's University for their commerce program and used every summer to save up around $5,000 in internships and co-op opportunities. He would work full time Monday through Friday and then worked a part-time job on the weekends. He also gave up vacations in the summer and going out downtown during school (around $100 every outing). He also cut out buying daily coffee ($2-5 a day) to add an extra little bit to his savings. "You don't really go out on the weekend, or go on any trips, but I think it's worth it in the long run," he says. "Sure, you're missing out, but if you have a goal in mind, the short-term sacrifices are worth it."
How long it took: Seven years
What he would do again: Martin uses his credit card everywhere he goes and downloads his statement at the end of the month to see where he can cut unnecessary costs. He makes improvements month-to-month and puts money where he needs to based on his goals. He also splits his money into different accounts based on his needs while keeping a large chunk in an investment account.
Why was it important: "I think the freedom associated with it is worth it compared to always being stressed about paying a bill or meeting a monthly payment. Being financially free is an important goal for me."
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