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Should you save to travel the world?

We’ve all got those destinations on our bucket lists that we just have to go to. But how often do you find yourself saying ‘when there’s time’ or ‘when I can afford it’? You keep putting money into that savings account to have a nice big fund to travel the world, but life has a way of draining your funds quicker than you thought. Whether it be a weekend break because you really deserve a break after how hard you’ve worked, or some new clothes because despite having two full wardrobes, you still have nothing to wear. A whole year goes by, and you’ve only managed to save a few hundred to go toward your travels. At this rate, you’ll be forty before you can properly go travelling. But that won’t work, the time to travel is now, while you’re young, energetic, and able to learn from your experiences. There is another way for you budding globetrotters out there. You could take out a small personal loan to fund your travels and be at the airport ready for your new adventure tomorrow. This may sound like a bad decision; after all, aren’t we told that you should avoid loans and debt at all costs? Well, below are a couple of reasons as to why this could be the best financial decision for your travels.

Should you save to travel the world?

Time is of the essence

The time to travel the world is when you’re young, no one will deny that. Many people who wait until retirement to go on their travels say that they wish they’d gone when they were younger. Travelling is a great way to broaden your horizons, experience new things, and meet new people. The sooner you go, the more time you have to benefit from the enriching cultural experiences you will encounter. You may even meet the person you spend the rest of your life with on one of your many adventures. Some of the sights you really want to see, like the Lost City Of Machu Picchu in Peru, may be difficult to get to and appreciate when you aren’t as young and fit as you are now. Seize the opportunities that being young gives you.

Repayments vs savings

Saving is a lot more difficult than loan repayments. It’s the psychology behind having money available to you. You will quite likely have a budget in place for your daily life. You work out how much all your bills come to, the rest of your paycheck is yours. Savings cut into that expendable income, and quite considerably if you are saving hard for travelling. You likely want to travel as soon as possible, which means you may have set yourself unrealistic savings targets in order to avoid waiting. You don’t want to wait two years to go travelling, but you can’t afford to save the money you need in six months. By being able to travel now, and pay the money back in more manageable amounts over a year or two, you actually make it easier to fund your travels, and still enjoy them while you’re young and active.

Hopefully, this has given you some food for thought as to the benefits of being a bit impatient when it comes to your desire to travel and see the world. However, you should always remember to think carefully as to whether you can afford to make the repayments before agreeing to any loan.

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