Why You Shouldn’t Put Off Traveling

Should I pay off debt or travel first?

There’s a narrative we’ve all heard at some point on financial blogs like this one: Pay down what you owe, then you can enjoy experiences like travel and dining out. On the surface, the stance seems clear and undebatable.

But life is not black and white. In my personal opinion, I’d recommend you don’t wait too long to travel and enjoy yourself – even if you have debt and other financial obligations.

I know this view is controversial but I want to explain why I think that seizing certain opportunities you value right now is just as important as managing your finances well. Perhaps, you can even do both at the same time.

4 Reasons Why You Shouldn’t Put Off Travel

If you’re wondering whether you should pay off debt or travel, you’re not alone. I started this blog nearly a decade ago to discuss my passion for achieving a debt free life. However, I’m still in favor of traveling and enjoying certain hobbies and experiences during your journey. Here are 5 reasons why.

Tomorrow Isn’t Promised

This is one of my biggest reasons for traveling while still working on improving my finances. Tomorrow isn’t promised but this also isn’t an excuse to spend all your money frivolously. I think if you really want to go somewhere and you have a budget and debt management plan, it’s an option.

Yes, it’s a tradeoff as well since you could have used the money spent traveling to save or pay off debt. But so many people put their lives on hold for years and anything can happen to your health, job, or living situation in that time.

It Creates Priceless Memories

I have a hard time remembering the gifts I receive from loved ones or what I buy them, but I never forget my experiences from traveling with friends and family. I recently went on a cruise with my sister for my son’s birthday and we had the best time.

All-in-all, we maybe spend around $1,000 each on the cruise, flights, and extras. To me, that money wouldn’t have made a huge difference financially but the memories we got from that trip are priceless.

Traveling Can Be Done Frugally

Most people think that you have to spend a ton of money traveling but this isn’t true. There are several ways to travel frugally and still save money and pay down debt. You can use a budget airline like Spirit or Allegiant or track flight prices ahead of time.

You can also use credit cards rewards to supplement your costs, book an Airbnb or stay at a hostel, and cook some of your food during the trip. Road trips, day trips, and camping are also very affordable.

Related: Best Tips and Tricks to Plan a Frugal Last-Minute Vacation

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It’s Motivating

Traveling always motivates and inspires me. I love to see new places and experience how other people live and enjoy their area. I often return home with a burst of motivation and energy to improve certain areas of my life and work hard so I can travel again.

This motivation gets channeled into making progress with my financial goals too. For example, I went on a retreat to Puerto Rico with some of my freelance writer friends last month and would love to make the next one. I returned home feeling refreshed and eager to throw extra money at my car loan to pay down most of the loan this year. Doing this will free up more money that I can use for more exciting goals and expenses that I value.

Pay Down Debt or Travel: How to Do Both

Having debt or financial problems doesn’t automatically mean you shouldn’t travel, but I believe it’s crucial that you don’t create more financial stress by taking on extra costs that you truly can’t afford. The solution? Make traveling affordable and less of a financial strain.

Start by assessing your financial situation to get a clear picture of what’s going on.

• Take a close look at your debt so you know exactly what needs to be paid off. Calculate your monthly income and expenses to determine how much you can allocate towards debt repayment and travel.
• Next, evaluate your income and expenses. Determine how much money you have available each month after covering your essential expenses like rent, utilities, and groceries. This will give you a better understanding of how much you can allocate towards debt repayment and travel.
• Remember, being honest and realistic about your financial situation is essential. It may require some sacrifices in the short-term, but the long-term rewards of debt freedom and travel experiences will be worth it.

Creating a Budget For Travel and Debt Repayment

You may not have to decide whether you should pay down debt or travel right away. It could be helpful to spend a year or two focusing in on your finances and debt repayment. Once you get a system down, then you can consider budgeting for frugal and realistic travel opportunities.

Personally, I wouldn’t recommend spending several years neglecting yourself from traveling if that’s an important desire. It may just make you feel deprived and unmotivated.

Instead, consider creating a budget that allows you to travel while still making progress on your debt repayment. A well-planned budget will help you allocate your funds efficiently and stay on track with your financial goals.

• Start by categorizing your expenses into fixed and variable costs. Fixed costs include things like rent, utilities, and loan payments, while variable costs include groceries, entertainment, and travel expenses.
• Be sure to allocate a portion of your income to debt repayment and savings for travel.
• Consider using budgeting apps or spreadsheets to track your expenses and monitor your progress. These tools can help you identify areas where you can cut back and save more money. My favorite budgeting tool right now is Simplifi by Quicken because it helps me realistically track every dollar we earn and plan how it’s used in our budget.
• Remember, every dollar saved can be put toward debt repayment or funding your travel adventures.

Maximize Savings Through Frugality

Traveling on a budget doesn’t mean sacrificing experiences. With careful planning and a frugal mindset, you can maximize your travel savings and still have incredible adventures.

• First, research and compare flight prices. Use flight comparison websites and sign up for fare alerts to stay updated on the best deals. Be flexible with your travel dates and consider flying on weekdays or during off-peak seasons to save even more.
• Accommodation costs can also be minimized by considering alternative options. Look into staying at budget hotels, hostels, or even renting a room through platforms like Airbnb. Additionally, consider house-sitting or volunteering opportunities that provide free accommodation in exchange for services.
• When it comes to dining, explore local markets and street food stalls for affordable and authentic culinary experiences. Avoid touristy restaurants that tend to be more expensive. By immersing yourself in the local food scene, you’ll not only save money but also get a taste of the culture.

Other tips to help you save while traveling include:

1. Travel off-peak: Avoid peak travel seasons when prices tend to be higher. By traveling during off-peak times, you can often find discounted flights and accommodations.

2. Use public transportation: Opt for public transportation instead of taxis or private transfers. This can save you a significant amount of money, especially in cities with efficient public transportation systems.

3. Cook your own meals: If you have access to a kitchen or kitchenette, consider cooking some of your meals instead of eating out for every meal. Visit local markets and supermarkets to buy fresh, affordable ingredients.

4. Take advantage of free activities: Research and explore free attractions and activities in your destination. Many cities offer free walking tours, museums with free admission days, and beautiful parks and gardens to explore.

5. Travel with a group: Consider traveling with friends or joining group tours to split costs. Shared accommodation, transportation, and food expenses can significantly reduce your overall expenses.

Related: 9 Ways to Make Money While Traveling

Pay Down Debt or Travel: Earn Extra Money to Fund Both

If you’re looking to accelerate your debt repayment and travel savings, consider finding ways to earn extra income. There are countless opportunities available, both online and offline, that can help you boost your finances.

One option is to take on a side gig or freelance work. Use your skills and expertise to offer services like graphic design, writing, or consulting. Platforms like Upwork and Fiverr can connect you with clients from around the world, allowing you to work remotely while traveling.

Additionally, you can monetize your hobbies or talents. If you enjoy photography, consider selling your photos online. If you’re a talented baker, offer custom-made cakes or pastries to friends and family. Get creative and think of ways to turn your passions into profit. I have a friend who loves making macarons and just created a business selling her delicious treats and it’s growing fast.

Related: 15 Side Income Ideas You Can Start (With No Special Skills)

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By earning extra income, you won’t necessarily have to decide whether you should pay down debt or travel. You can speed up the debt repayment process and fund your travel adventures simultaneously. If you’re able to earn an extra $500 per month, that’s $250 that can go to debt repayment and $250 that can go toward travel.

Balancing Travel Experiences and Debt Repayment Goals

While it’s important to stay committed to your debt repayment goals, it’s equally essential to enjoy your travel experiences without feeling guilty. Finding the right balance between the two is key to making the most of your adventures while staying financially responsible.

Set realistic expectations for your travel experiences. You may need to prioritize certain activities or attractions based on your budget. Focus on experiences that align with your interests and make the most impact on your journey.

Remember, travel doesn’t have to be extravagant to be fulfilling. Sometimes the most memorable moments come from immersing yourself in the local culture, connecting with locals, and appreciating the beauty of your surroundings.

What are your thoughts about traveling while working toward other financial goals?