Financial Analysis-Italy or Bust

Italy or Bust

An incredible sunset etches St Peter’s Basilica and the Vatican with a warm golden glow. Rome, Italy

St. Peter’s Basilica at sunset. @EliaLocardi 2014

I grew up on a dirt road about 5 miles west of McMinnville. It is a small rural community, where everyone knew everyone. When I was 16 some neighbors we had never seen came down the hill, looking for some kids to play with. Turns out they were from Rome, and spent the summers at their house on top of the hill. We have been good friends ever since. Their kindness, generosity, and desire to consider us family inspired me to want to visit Italy. They told me many stories of what Italy is like, and invited me multiple times, but I was unable to afford such a trip.

One of the daughters, Laura, taught me many things about cooking Italian food, and we would often take trips to the beach with our children and enjoy our friendship. Once she gave me a small sculpture of La Pieta, and told me I needed to see it in person. Sadly, she passed away this last January from pancreatic cancer. My plan had been to stay with her when I was finally able to go to Rome. Obviously that detail has changed, but my desire to take my daughter to Italy when she graduates high school in 4 years has not changed. That is my dream.

michelangeloe28099s-la-pieta-blog

La Pieta inside St. Peter’s Basilica. @RonSoliman, 2008

Italy, it turns out, holds more than a mild fascination for me. I recently found out that we have Italian heritage as well. It was a bit of an “Ah-ha” moment for me, as Italian food has long been my favorite, as well as my desire to learn Italian and people constantly asking if I am Italian. Not that this is necessarily and indication of genetics, but I thought it an odd coincidence.

Art is another passion of mine. I spent 4 years teaching art literacy at my kids’ elementary school, where I was able to learn as much as teach about different forms of art as well as artists from many countries. When I went to New York in 09, I was able to spend one day at The Metropolitan Museum of Art, and spent quite a bit of time in the Italian sculpture and art sections. This is another reason I want to go to Italy: to experience the art and culture of the country.

How other people did it:

In the article How To Save Serious Money For Travel, Alexandra Talty give some good advice. From withdrawing cash at the beginning of each week for weekly expenses and not getting more out when you run out, getting a part time job specifically for saving for a trip, she has some good ideas. For me what would work is selling things I don’t need, or my kids don’t need, through a sales website and having a garage sale, and possibly adding another part time job. With my being in school and a full time mom, I have to be careful not to over extend myself or I will miss these next few years of my daughter’s life, trying to save for a trip.

In the blog How I saved $13,000 For Travel In Just Seven Months, Adventurous Kate, as the author is known, gave some advice that I could use. First she budgeted her expenses, to see how much she could save, then changed her lifestyle. Dropping gym memberships, shopping at less expensive stores, and changing social habits from dinner out to just coffee or hanging out at home are some things that I can tweak to fit my lifestyle. As I don’t have a gym membership and don’t drink coffee, those things aren’t much help to me. But things like limiting takeout food would work, as well as saving money in an account specific for the trip that you don’t withdraw from.

Much of the advice online is what to do in order to save money when you are in Italy. The Maremma guide gives advice on how to travel while there, and what to do in order to prepare. First, she suggests brushing up on Italian, and gives a couple of sites that you can learn on for free. Getting discount airfaire by flying in to the less popular airports and having layovers will be less expensive in the long run. Using Eurail and InterRail to get around over using cabs or buses over trains is also suggested.

Options for lodging include CouchSurfing, where people allow travelers to stay the night in their homes, and home exchange- where people stay in your home while you stay in theirs. Hostels are also a good option over expensive hotels. Free tours are offered by licensed guides with degrees in Fine Arts or Archaeology. The final piece of advice is to eat cheap, not always opting for expensive restaurants, or getting groceries and cooking in your lodging. Apparently a ‘bread and cover’ charge is common among Italian restaurants, which adds to the cost of the meal. You can opt to stand at the bar or get take out to save yourself some money.

I will be using this advice as well, since I have never been there, and want to make the most out of every penny I save.

I surveyed some friends on their money saving techniques. The answers varied. Saving change, stashing money out of sight, putting aside 10% or more each month, selling items that are no longer needed, not eating out, getting an extra job, were all suggestions. I am going to use as many as I can.

 

Barriers and support systems:

While I have the support of my family, life is never guaranteed to go one way or the other. I am still in school, working part time, and my husband is barely making enough to cover the bills. While we don’t live an extravagant life, emergencies pop up from time to time and force us to spend whatever we do have saved. My job is in a bit of jeopardy right now, because of issues with the owner being unwilling to fix problems with the building, which has caused a downturn in our customer base. So I don’t know if I will have a job by the end of the summer that gives me the flexibility that I have now. I think if I ask my sister to go with us, she will be my best support system for not letting anything derail this goal.

Monthly Income/Expense Report:

budget2

My monthly income and expense report looks pretty bleak for saving. However, after I am done with my degree and get a job I will be making much more than I am now. In the meantime, I will be selling off items that we don’t use anymore, picking up odd jobs, saving every penny I find, and keeping change in a jar to cash in and add to the savings account.

 

 

 

 

Dream Budget:

italy trip2

I went with two different scenarios, low budget and mid budget, as I don’t feel that we need to spend a fortune to have a good time and enjoy all Italy has to offer. Since my plan is to go in 50 months, the 48 month plan is the most reasonable to try to do, and as I sell and earn money I will be able to adjust the monthly need. It may even be that as things change and get better for us financially, we can splurge in certain places to make the trip all the more memorable!

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