Long term strategy: Move to a less expensive location/country
When I graduate in August I will have some money left in the bank. This money could last me perhaps 6 months to a year in the US, but much longer outside of the developed world, so I'm moving to Costa Rica for at least six months. I'll be volunteering at a political internship for that first six months, but I may stay there if I can figure out some good ways to make money via the internet. Most people in Costa Rica live on less than $5000 a year so my my money will last a lot longer there, and I'd need considerably less income to stay. Moving can be a great long term strategy for people whose income is not tied to their geographical location -- retirees, disabled, freelancers, self employed, etc. There is a lot of variance in the cost of living within the US, and even more worldwide if you consider your international options.