Yahoo Finance 5 Ways to Save by Getting Rid of Your Rent
The quickest way to start building up a nest egg when you don't have a large income is to slash your expenses the best you can. While couponing and forgoing lattes may be enough for some, some frugal folks get bitten by the savings bug and really want to bank a nice nest egg in a short period, no matter what it takes.
Common budget busters that are difficult to get rid of include housing costs, utilities, food, car payments and gas. That first one, whether it's rent or mortgage, is often the biggest expense. Getting that monkey off your back often frees up a large chunk of cash that can be used to pay off debt much faster or get a jump start on saving.
Let's face it, though, you've got to live somewhere, right? The following are a few choices for those willing to make extreme choices to get their finances in order. I'm not saying they are easy. I'm not even saying they are fun, but they are jobs that will let you bank the vast majority of your pay.
Enlist in the military:
Yes, this option carries large risks and is not an option that's available to everyone. If you are eligible and willing to serve, though, you will have access to a range of benefits, including housing. It's something to consider if you're at a certain point in your life.
Become an au pair:
If other people's children don't make you want to tear your hair out, this option could be for you. Au pairs live on site with families and take care of the children. Room and board are usually part of an au pair's payment and many times, you can work for families abroad. However, the hours are long and living with your employers can be stressful. But if you can handle it, the job will help your bank account by reducing your spending.
Run away with the circus:
When you think of the circus, you may think you need to be an acrobat or tightrope walker to go work for them, but the circus is actually its own little city. Aside from traditional circus skills, major circuses also employ cooks, accountants, teachers, welders, salespeople, veterinarians, bus drivers and many other types of workers. Different circuses house people different ways, but the vast majority of them do cover housing. That means you can take your paycheck right to the bank.
Sail into the sunset on a cruise ship:
The hours are long and you go months without a day off, but it's always an adventure and your bank account can boom working for a cruise line. Not only is your room covered onboard, but so is your food. It's actually possible to go for weeks at a time without spending a penny. (Even if you hit the bar, you can still save by paying crew rates.)
Wondering what kinds of jobs there are onboard? Well, you do have your typical cabin steward and restaurant service jobs, although often these are outsourced to companies in places like Indonesia, Jamaica, India and the Philippines. Don't despair though, most ships also have doctors, nurses, hostesses, cruise directors, child care, future cruise salespeople, shore excursions teams and many other positions that utilize skills you already have.
Go green as a park ranger:
By all accounts, the hours are long and the work can be completely thankless, and you do have to pay a small stipend for housing, but this lifestyle still allows you to save most of your paycheck and spend months at a time in a place people pay a lot of money to experience for a day or two.
Keep in mind, jobs that cover aspects like room and board are almost always the types that become life encompassing -- you will work, live, eat and play with the same folks. Sometimes this can create bonds that last a lifetime and sometimes it can become the most miserable aspect of a job. Additionally, if you require clear lines between work and home, these jobs are not for you.
All that being said, if you're young or even just young at heart, taking a year or two off from the rat race and taking on a job like this will allow you to pay down debt much faster or kick start your savings.
Mel Bondar blogs at brokeGIRLrich, where she explores topics including how not to totally panic over adulthood, working in the arts and retirement strategies that don't involve living in a cardboard box under an overpass.
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