If you are holding down debt, then you’re in the good company of 80% of Americans. In this day and age, debt is a normal, if inconvenient part of life. It is understandable to feel guilty about jetting off around the world when you have financial commitments to deal with at home. However, you may still have years before you pay it off and not traveling could deprive you of an enjoyable and potentially life changing experience. If you’ve taken on a loan, can you still afford to travel?
Can You Stick To Your Repayments?
Deciding whether you will be able to travel the world will vary between individuals. However, if you have a repayment plan and you’re confident you can stick to it, then that’s all that matters. If you normally repay $100 a month, then only travel if you can continue to do so. Otherwise, you may have to consider lowering your debt and saving some more funds before setting off.
Reduce Your Debt Quickly
If your repayment plan is too expensive to achieve while traveling, then you need to take steps to reduce your debt quickly. Fortunately, wanderlust is a fantastic motivator. Taking a good look at your debts beforehand is an important step in improving your finances as you travel, while other loans could be consolidated to reduce overall costs. If you condense your debts into one payment, it will be easier to track your progress and stick to a repayment plan. Put in some extra hours at work if you have to and cut down on unnecessary expenses. Being serious about traveling means making sacrifices now in order to achieve your dream life. If debt is the only thing keeping you from booking that trip, then focus your time and energy on paying it off. Do some financial research and dedicate yourself to reducing debt to the point where travel becomes affordable.
Remember: Travel Can Be Cheap
If you think you can’t afford to travel, then consider designing a new plan. Maybe you’ve been dreaming of backpacking across London, Paris and Rome. While this might be great for the future, you should reconsider if you have financial commitments. Switching plans and heading to Bangkok, Siem Reap and Hanoi will save you a fortune of accommodation and other living costs. You will experience a whole new adventure, while still having the funds available to pay off your debt. Stay in cheap hostels now, then you can have a more luxury trip once you are financially free.
Financing a trip is one of the top concerns among people looking to travel. If you are in debt, guilt about spending money on a flight might make you uneasy. Budget for a trip carefully and see if you can stick to a repayment plan. If not, use your desire to travel to motivate you into paying off that debt, so that you can pursue your dreams.