Saving Money to Travel

We’re taking off to travel the world, but do we have enough money?  The honest answer right now is…not really.

Our goal is to be debt free while we’re traveling.  Since we currently have some debt, we are nowhere near our goal of having “enough” money to travel.

So in order to save money to travel, we’re starting with paying off all of our debt.  A few things aren’t really cause for concern.  For example, we’re selling our house before we go (we’ll actually make a profit!) and we’re selling the car too.  The amount we owe on the car is about the same amount it’s worth, so we’ll break even on that.

The biggest debt we have that isn’t so easily conquered is our credit card.  We used it a lot when we bought our house for upgrades and such.  Then we were hit hard with tough life situations and had to rely on it to help us pay our bills.  So the balance racked up quickly.  

 

wallet

How are we paying it off?  Well, we’re spending every dollar we have after bills and groceries on paying it off.  That means that we’re currently living on a very tight budget.  However, we are trying to save money to travel and we are very aware of the fact that we can do that faster according to how fast we pay off that credit card.

My husband has been working several hours of overtime and is doing any other “odd job” he can find.  I now have two remote jobs.  So working and paying off debt is the main thing we’re doing with our life right now.  But again, if we keep doing this for just a little bit longer we’ll be debt free and actually start saving money.

We made rules to help us save money. 

Saving money to travel is our primary focus right now as we prepare to leave with our kids and travel the world.  We don’t want to travel on a super tight budget so we made rules that we’re following before we go in order to help us reach our goal.

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No eating at restaurants

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Only pay cash

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If it can't go with us abroad don't buy it

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No buying gifts-for anyone!

checklist

The rules might seem a little strict, but we don’t care.  We have a goal and we’re working towards it.  If it’s your birthday we’ll address it but you aren’t getting a gift from us this year.  We can’t afford it.  We’ve decided to take our debt very seriously.  I’ll say it again, we do NOT want to travel with debt!

Saving money while traveling is something else we’re preparing for.

Saving money now is important, but we’re also already being mindful of ways to save money while we’re traveling.  If we don’t absolutely need it we won’ t be buying it.

So yes, that means not a lot of souvenirs.  But at this point we’re going to be on the go so much that this wasn’t really a hard decision to make.

travel money

We also won’t be staying in a lot of hotels.  That’s the quickest way to burn through your money.  I’ll write another post soon about the alternatives we’ll be taking advantage of.

If you’re going to travel-make money a priority!

People sometimes act as if money is a “touchy” subject.  But without money you can’t actually do anything.  That’s not a secret.

Maybe it’s weird to write a post discussing our debt and how we’re tackling it.  But I want to be very honest and transparent about what it takes to travel full time as a family.  It would be nearly impossible to travel while paying off a credit card and other small debts.

We considered renting out our house while we’re gone.  We’ve rented out properties in the past and had a lot of success with it.  Instead, we’ve decided to sell our house, as I mentioned before.  We want our time away to be a stress-free as possible.  This means no worrying about whether or not the tenant is paying rent on time, wondering if the utilities are in good working order, etc. 

Whenever we make our way back to the states we’ll buy another house then.  Because of my time in the Marine Corps we qualify for the VA loan which makes buying a home relatively easy for us.  For now, we aren’t even thinking about it.  We want to travel.  That’s more important than owning a home right now.

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