You may encounter different types of debt in your life, student loan, house loan, mortgage debt etc. and in between you decide to put off travelling till these loans are cleared. And, you have countless people sailing in the same boat. They wish to travel but find it impossible because they still have to clear out their debt. However, here is a plan through which you can turn your dreams to reality without waiting for your debt to get clear.
If you’re planning to travel for long term, then do not worry about your per month loan payment. It is certainly not impossible. All it takes is a little bit of discipline and planning and you can travel debt free.
Save money- it should be your first priority
Yes, it is the first thing that you need to do. Ensure you have savings account is fully cushioned before taking the decision to roll out for the big outing. Even though you have to clear out your debt, make it your priority to keep aside a small amount of money per month and secure for your goals.
You can achieve it by limiting your money on your spending. Try to avoid going out for bar, dinners and shows more often. However, you can certainly make occasional trips. It is a smart way to change your lifestyle and save some good amount of money for your future travelling.
Constraint your urge to purchase
Along with looking out for affordable entertainment, try to ignore purchasing all the recent gadgets released. Do not replace your car or purchase a new house in between. However, you can always opt for purchasing used items.
Second hand purchases
You can secure a big sum of money by buying things which are just a few months old. It is also true for furnishings and electronics. It is a remarkable way to save chunk of money.
Some money saving guidelines
- In order to feel right about quitting your job and going out for travelling, you need to draft your travelling budget from before.
- You need to be disciplined enough to keep enough money aside for the loan payouts other than travelling expenses.
- Try to pay out a little more towards your loan till the time you have your job. This way you get the liberty to skip a payment during your tour.
Work when travelling
If you stay at a location where you like to spend a few months during your travel, then look out for little work and spend some time there. It will make your monthly expenses cheaper and cut down your transmitting expenditure too. By opting for slow travel, you can add more to your budget. You also have the option of online working while travelling.
These are some of the solutions that can help you travel with debt. What’s important is that you have to make sure that you have saved enough money before making your trip. Checking out and going for the best way to consolidate credit card debt can be a smart move. It can solve your debt issues easily and can keep you tension free and with your free mind you can plan your trip.