Illinois couple saved $60,000 in one year with these 6 strategies to fund their dream life in Costa Rica — ‘I would do it all over again’

“We were exhausted every single day, and I sometimes wondered if it would actually work out, if we were truly going to be able to make the move,” Finn, 24, told Moneywise. “Now, I would do it all over again.”

Finn, who worked as an assistant property manager, chronicled her desire to move to Costa Rica on social media, noting that the cost of living in the U.S. “stopped making sense for [her]” because she was “working constantly and still felt like [she] was just keeping up.” Costa Rica, by contrast, “lets [her] actually live on what [she makes], while supporting a community [she is] proud of.” She also wanted to learn more about the language, culture and way of life.

The average cost of living in Costa Rica, meanwhile, is nearly 19% lower than that of the U.S., according to Numbeo. Grocery prices are 14% lower, while rent is a whopping 43% below U.S. rates.

As such, Finn and Luke, a lab scientist, got to work on an ambitious $60,000 savings plan to fund their dream move abroad.

The couple’s $60,000 savings strategies

The Illinois couple built their Costa Rica savings using six simple strategies that required patience, persistence and, often, a lot of sacrifice:

1. They paid off their student loans so they could go “crazy with saving.”
2. They sold one of their two cars, saving $700 a month.
3. They got second jobs working as servers at a restaurant, putting in 60-hour work weeks.
4. They meal-prepped as much as they could.
5. They asked their family to buy them things they needed for the move as birthday and Christmas gifts.
6. At a going away party, they raffled off plants, gave away belongings and received cards with gifts of cash.

Finn told Moneywise that the easiest strategy was giving up their second car while their “pain point in the savings department” proved to be the meal prep while working from 8 a.m. to 11 p.m..

“We would try to spend most Saturday or Sunday mornings meal prepping, but we couldn’t always keep up with every meal,” she said. “But we were able to find quick meal preps, easy breakfasts, and eat at the restaurant we worked at.”

By sticking to their plan, they managed to save the $60,000 they needed to move to Costa Rica. Finn said that she now works remotely as an executive assistant, while Luke tends to the house and their pets after struggling to find remote work as a scientist.

Finn noted, though, that life in Costa Rica “changed [their] strategies to save money moving forward.” Aside from the drastic change in expenses that allows them to save more naturally, the couple shops local, makes all their meals at home and forgoes gym memberships by playing sports or surfing each day. They also stuck to their one vehicle rule.

“We are now saving to eventually settle down and build a home, either in Southeast Asia or Europe,” she added. “We hit our goal, and we know how; now it’s time for the next one.”

Savings strategies to build your own nestegg

Finn’s advice to others embarking on a savings journey is to ask yourself how serious you are about the process.

“If you just want to cut back on your morning coffee runs, you may save a couple hundred a month,” she said. “But if you are looking to truly see a difference in your account, you have to make sacrifices you wouldn’t normally consider.”

She also suggests starting with small sacrifices like nail appointments or golfing, and working up to bigger ones like cutting out a car or taking a second job. It all comes down to, as she put it, “changing your lifestyle now to create the one you want.”

That advice, meanwhile, aligns with financial experts who recommend the S.M.A.R.T. approach to saving: Specific savings goals, Measurable amounts put aside, Achievable timelines, Relevant to your wider priorities and Time-bound deadlines to make it happen.

Once you identify a savings goal — be it for a home, car or moving abroad — it’s important to understand the total cost and add on a little extra to the total for any fees or taxes that could bump the final cost up.