HOW TO GO ON A VACATION WHILE IN DEBT?
HOW TO GO ON A VACATION WHILE IN DEBT?
One of the most common question asked by people who want to go on a vacation is, if it is possible to go while owing some money. If you find yourself asking this question, it is important to know you are not alone. The hardest thing about paying debts is starting. It might seem impossible to pay off, but with proper planning, you can pay off debts and still have fun.
Paying off your debt can take time, especially if you have a lot to pay. So, it is vital to allow yourself to have new experiences, to avoid getting burned out. Planning a vacation can be the right motivation most people need to continue saving as they pay their debt, especially if they have months or years before paying it.
Owing can have a lot of effects on your mental health. Spending a small and wise amount of money on vacations can help with the mental motivation required to push through and pay off the debt. Getting out of a debt is mainly associated with your hustle.
The truth is, it greatly depends on your financial status. If you go seeking for advice from anybody, they would ask some questions, to know if it is possible. These questions include:
· Can you afford to travel? This is the first question asked when planning a vacation.
· How fast do you want to pay off your debt?
· How many people are you owing?
· How much is your debt?
· How long before you will pay your debt?
These questions help to know if it is actually possible to go on vacation while in debt. In this article, I will be discussing essential things people that have debts and want to go on a vacation should know.
Make a budget for the vacation
This is the most important step to take, if you want to make going on a vacation possible. It is imperative to plan for and save some cash, while paying off your debt. You should have a mindset that says “I am trying to get rid of my debt, not increase it”. The word budget and enjoyment are not enemies, you can have fun in a very creative and smart way.
Firstly, choose where you will be going, then do some research online to find out about the approximate price of hotels in that area, cost of transportation, sightseeing excursions and meals. When making a budget, you should consider doing it with a scale of preference (it helps you to focus on what is more important and put them first). You will still have to “spend money” on other things; it should be added to the budget.
Your income is a major factor when making a budget and the style of vacation to go on. It is unwise to go to places as expensive as Dubai. Avoid using credit cards to fund your vacation, pay for the trip with cash (money you have saved). Making a budget helps you save and plan ahead of time.
Always be realistic about the costs
most people fail to understand that, the key to making a successful budget is its realness. It is unwise to budget 0 dollars for eating out during the vacation.
A realistic budget gives room for some fun excursions, recreational activities, special treats and other new experiences you don’t get to experience daily. If you know when you will be going, it is important to start saving monthly (so you can have the budget). Saving is easier if you break the costs into a monthly savings goal ($55 dollars a month for 12 months or $660 dollars).
If you do not know when you will take the vacation, it is important to know how much you can possibly save and put away that amount of money every month. People are advised to wait until they have the entire budget ready before going for vacation.
Think about the food
One of the most expensive things while on factions is food. Removing a lot from the cost of food, can make the vacation more affordable. You can take a cooler or picnic baskets that contain snacks and drinks, if you are driving. This will erase every form of temptation, that can make you stop to buy more snacks. Having healthy foods also help to cut cost
You can consider cooking your own food; visit groceries to buy food items if you will be staying for a long time. This is better than buying junks every time you want to eat. There are restaurants that sell foods at very cheap prices, you can eat there to cut cost. Most people also cut costs of feeding by eating lunch in a cheap restaurant and cooking for breakfast or dinner in their room.
Make sure it is affordable
One of the greatest things about vacation is visiting new places for the first time. It is important to do some research and try locations within driving distance. A very affordable way to experience new places is a staycation (you don’t need to go far, to experience the fun of vacations). Staycations are a great way to give yourself a small R&R without spending too much. You can go to national parks, if there is one in your area. You can also visit places close to where you live.
People think vacations must be done in far places, there are some local locations that tick all the boxes, such as a water park not too far away and a camping site you have always dreamt of experiencing. However, people can choose where they want to go to; it should also be affordable.
Vacations are about seeing new places and spicing up your daily schedules. It is also about having adventurous experiences. It does not have to be on an island far away from your home, what matters is you experience something new that makes you happy or fulfilled.
The most important question asked when trying to make a vacation affordable is “how long before you pay off your debt” if you have a long time, you can decide to go on an inexpensive vacation. Stay focused and do not stop working towards paying your debt.
Vacation smart while paying off debt
It can take years to completely pay off your debt, so it is important to vacation wisely while having fun. It is possible to owe a huge amount of money and still have fun. However, you must plan appropriately and save for it.
It is important to not lose motivation while on vacations. You need consistency to pay off debts; it is almost impossible to see how much progress you have made without consistency. Vacations can serve as a way of rewarding yourself, when you reach a great milestone. For example, after paying off $2,000 dollars in debt, you can take a weekend trip for $400 dollars or less. And after paying off a $20,000 dollars debt, you can go on a vacation that costs nothing more than $1,500 dollars.
You don’t have to go to expensive places to create lasting memories. Spending a Friday or Saturday night camping with your friends or family can also be fun. People with debt need time to cool their heads; this is what a vacation offers, but it must be done wisely.
Sources — Become Debt Free
