Is my plan doable? Help!

[fromnewyorkwithlove]

Hey guys! Nice forum. I guess I just need a little reassurance and/or some practical tips.

I am moving from New York to Italy at the end of September 2012. That's approximately 8 months away. At the moment I work as a full time freelance translator. This means I can earn anywhere from $1,000 to $3,000 a month (my earnings fluctuate). At the moment I have about $2,500 in the bank. I live at home with my folks so have no expenses besides school (I'm in my last semester and still owe $1,000).

I want to save $20,000 by the end of September. In addition, I am starting work as a waitress full time at a restaurant/night club in New York. I expect to earn at least $2,000 a month doing this (it's not uncommon to make up to $250 just in one night at a place like this).

Do you think this is doable? I'd have to put away about $2,500 each month to get to my goal. It's not a big deal if I don't save the full $20,000 but the more I can put away the better. I'm comfortable moving with anything over $10,000 but I like to plan and be really conservative, money-wise. I will always be able to translate anywhere I have a computer so I don't need to find work right away in Italy. Also, if necessary I can leave for Italy at the end of October, not September.

I'm going to Italy for M.A. at a business school in case you're wondering. Any practical tips on saving also?

Thanks!

[MonkeyMama]

Yes, it sounds very doable. I think you will have a better idea once you work the waitress job a bit and see how much you are actually taking home. If school is out for summer, may also be a good time to pick up more work to achieve your goal. I am not much for working 3 jobs *forever*, but have certainly done so in the short term to achieve a financial goal. & it can make all the difference.

Good Luck!

[fromnewyorkwithlove]

Hey! Thanks for your response. It gave me some hope for sure.

I should have clarified that those earnings are AFTER taxes. I earn quite a good living doing translations/transcription but the caveat is the earnings fluctuate.

You would be surprised how much it costs to move to Europe. I've done it once before. Just to get in the door in an apartment in Italy you need three months' rent, plus commission for a broker and then you pay the first month's rent (first, last, security). That's five months' rent, essentially, to move right in. I know, it's really weird and seems unfair. I plan on finding a place without a broker though.

Also keep in mind I will be studying full time so I won't have the ability to pick up anything more than part time work besides my translations. I need to save as much as I can now! At the most, the only work I would be able to do would be weekend work at a bar or private English lessons. This should offset my costs a little.

I lived in the town where I am moving again for two years from 2009-2011 so I am really familiar with how much it costs. These were my costs, in euros:

Rent: 430/month (including water)
Gas/Electric/Heat: 70/month
Internet/Phone: 50/month (this is indispensable as I need it to work)
Food: 125/month
Monthly all-in-one train/bus pass: 55/month (also non-negotiable as I need to get to class)

I'd like to have cable there but it's not necessary. That's an extra 22 euros a month. I do not drive nor own a car even here in NYC so that's an expense and a headache I thankfully don't need to worry about!

So we're looking at a budget of around 750-760 euros. Coming from NYC that is a HUGE bargain, but I need to put enough money away to comfortably live off some savings and translations for a year while I'm there.

[snafu]

Will you consider an apt share? Is there a site like's Dave's Internet Cafe to link with others planing a similar stint? Does the school help students obtain homestay? Being immersed in local culture often quickly boosts language skill levels. Can you post an ad online or in a local paper seeking homestay or share?

Our western culture/space expectations is quite different than those in Europe or other regions. Which is the largest foreign student group in your particular program? Can you ask in Lonely Planet forum for example for contact suggestions?

I too believe your plan is do able. Good wait staff in a restaurant with good food can do very well after tip out if they have the skills to up-sell without the client recognizing the ploy.

[fromnewyorkwithlove]

My university is in a pretty expensive town where a shared room in an apartment could cost the same amount as a whole apartment in the town I'll be living in. In other words, Italian university towns are pretty expensive to live in (understandably so), so where I am moving is much cheaper for me even in terms of day to day living expenses. I will be moving to Reggio Emilia, where I lived for two years, so I already know how to budget there.

The no roommate thing and the internet are the ONLY non-negotiables I have. I had roommates before and did not really feel safe sharing my home (one of my roommates would set fire to stuff in our apartment as well as trash cans on the street and do HARD drugs in our home. Think heroin hard. I had to leave). I could find an apartment in the town where I'm moving for actually a bit cheaper and cut it off at 400 euros even, but I'd rather cut back on the food and cable (first to go!) than the rent.

Thanks for all your replies, everyone! You really think saving 20k is doable? I can also leave at the end of October if I need to instead of September.

[esb3357]

Personally I think anything is doable if you put your heart into it. For example, if you give up going out to dinner, work so much that all you are doing is eating, sleeping and working yes you will make your goal. If you decide to still have a life it will be harder.