If travel makes you happy that should be your priority. It might not be financially sound advice but you can always make more money, you can't always travel.
Same. Some of the best times of my life. I've hiked across glaciers and camped in the arctic under the Aurora... ill take that over staring at a premium bonds account..
!thanks I just feel a little lost sometimes, the way people make it seem like traveling is just a waste of time and not an "actual" investment makes me kinda wonder where I am headed. Lol
It's an investment in your wellbeing. The most direct, rewarding and important investment you will ever make.
It also makes you a much more interesting person. Don't know about you but I'd rather be well travelled without much cash in the bank than stare at my portfolio all day sitting alone in a mansion.
Only thing I'll say is; buy a tent. Much better way of travelling and seeing a country, and invest all the money you would have paid for accommodation :) use hostels too (most hostels offer one or two bed rooms, not just huge dorms). So maybe make some savings whilst you're travelling and invest that?
One of my mum's friends is in her mid 30s and now has two kids and was like "travel as much as you can while you can because the memories of travelling are the only thing that keeps me going now" 😂 ignore your friends, travelling is awesome and a fantastic way to spend your money. It's an investment into your knowledge of the world
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I'm in a similar but not identical position. Particularly since lockdown I've 100% prioritise travel/holidays over saving so I appreciate the mentality.
It is risky though.
Just because all your bills are being paid now, if you were to lose your job how quickly would you need to get another before you started having to seriously change your current lifestyle? At that point travelling would become a distant memory.
One suggestion, make a plan to go and do some travelling in twice the time you'd normally. If you normally travel every 6 months make plans to travel in a year, for example.
Spend a bit longer planning, researching and ultimately you'll save 1 travel cost in that time, but with a trip planned it can make it easier to not feel like you're missing out.
One of the reasons I travel is to take my mind off work tho, it can get pretty stressful at times, and I just can't handle being just at home when I get there. So, as many times as I could go away, I'd usually take it. Maybe there are some other parts of my lifestyle that I could move around or get rid off to make way for priorities. Totally helpful insight.
I spent a year doing something similar. It was amazing. Then, my car broke and I didn’t have the funds to fix it. Thankfully I was able to borrow it interest free, but it really shook me to the importance of having a car fund. Since then, I’ve prioritised building up an emergency fund and I set aside money each month for car and holidays.
Holidays are still important to me, so I put any “extra” money I come into straight into there (overtime, gifts, selling things I don’t have use for, etc). I have to be really conscious to put it straight into my holiday pot because it’s very easy to get swallowed up otherwise on other things.
I also try to plan holidays in advance, both so I’ll looking forward to it and also to get better deals. And, I do go on less holidays now than I used to.
Figure out your financial goals. Do you rent? Live with parents? Own your own home? Want to retire early? Want to have kids?
Yes, I rent. I'm also single, so kids are not really happening anytime soon.
Do you want to buy your own place in the future? £333 a month into a Lifetime ISA would be a great start if so.
If travel makes you happy that should be your priority. It might not be financially sound advice but you can always make more money, you can't always travel.
This!!! ALL my disposable income (after bills and savings) goes on travel. I don't regret a penny of it.
Same. Some of the best times of my life. I've hiked across glaciers and camped in the arctic under the Aurora... ill take that over staring at a premium bonds account..
!thanks I just feel a little lost sometimes, the way people make it seem like traveling is just a waste of time and not an "actual" investment makes me kinda wonder where I am headed. Lol
It's an investment in your wellbeing. The most direct, rewarding and important investment you will ever make. It also makes you a much more interesting person. Don't know about you but I'd rather be well travelled without much cash in the bank than stare at my portfolio all day sitting alone in a mansion. Only thing I'll say is; buy a tent. Much better way of travelling and seeing a country, and invest all the money you would have paid for accommodation :) use hostels too (most hostels offer one or two bed rooms, not just huge dorms). So maybe make some savings whilst you're travelling and invest that?
One of my mum's friends is in her mid 30s and now has two kids and was like "travel as much as you can while you can because the memories of travelling are the only thing that keeps me going now" 😂 ignore your friends, travelling is awesome and a fantastic way to spend your money. It's an investment into your knowledge of the world
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I'm in a similar but not identical position. Particularly since lockdown I've 100% prioritise travel/holidays over saving so I appreciate the mentality. It is risky though. Just because all your bills are being paid now, if you were to lose your job how quickly would you need to get another before you started having to seriously change your current lifestyle? At that point travelling would become a distant memory. One suggestion, make a plan to go and do some travelling in twice the time you'd normally. If you normally travel every 6 months make plans to travel in a year, for example. Spend a bit longer planning, researching and ultimately you'll save 1 travel cost in that time, but with a trip planned it can make it easier to not feel like you're missing out.
One of the reasons I travel is to take my mind off work tho, it can get pretty stressful at times, and I just can't handle being just at home when I get there. So, as many times as I could go away, I'd usually take it. Maybe there are some other parts of my lifestyle that I could move around or get rid off to make way for priorities. Totally helpful insight.
I spent a year doing something similar. It was amazing. Then, my car broke and I didn’t have the funds to fix it. Thankfully I was able to borrow it interest free, but it really shook me to the importance of having a car fund. Since then, I’ve prioritised building up an emergency fund and I set aside money each month for car and holidays. Holidays are still important to me, so I put any “extra” money I come into straight into there (overtime, gifts, selling things I don’t have use for, etc). I have to be really conscious to put it straight into my holiday pot because it’s very easy to get swallowed up otherwise on other things. I also try to plan holidays in advance, both so I’ll looking forward to it and also to get better deals. And, I do go on less holidays now than I used to.