Image Source: herztravel.com
Student loan debt is a common reality for recent college graduates, akin to the certainty of rising gas prices. Yet, many young adults continue to harbor dreams of global exploration and leading a worry-free life. After all, who aspires to spend the best part of their lives confined to a mundane 9-5 desk job? But, is it practical to travel while weighed down by debt?
Over the previous two years, my spouse and I have managed to clear an impressive $20,000 of debt. We still have another $20,000 remaining in student loans. In our quest to achieve this milestone, we have made significant sacrifices including downsizing from a one-bedroom apartment to a single-room shack and engaging in several side jobs to earn additional income. But, one indulgence we have adamantly maintained is our love for travel.
In the span of our two and a half year marriage, we have immersed ourselves in majestic experiences such as swimming in the Kauai oceans, indulging in hot air balloon rides at Temecula, feasting in San Francisco, partying in Las Vegas, enjoying a scenic road trip up the California Coast, hiking on Catalina Island, relaxing in Monterey, soaking up the sun in Palm Springs, and most recently, planning to embark on a river rafting adventure in Costa Rica.
You must be wondering, how does a debt-laden couple manage to fulfill all these travel aspirations? Contrary to popular belief, and despite a four-month spell as a single-income family, relocating from our small shack to a two-bedroom townhome, and managing an emergency hospital visit that led to five weeks without income, we successfully managed to pay off debt and travel.
Our secret? We prioritized the joy of traveling, something I hope to relish as much as possible before starting a family. Therefore, I am comfortable postponing our debt payments if it means embarking on journeys filled with enriching experiences. You can always earmark funds for other life events, whether it’s for your child’s tuition, home repairs, or retirement savings. But, if you don’t prioritize travel, it will invariably take a back seat.
Here are some tips we can offer on managing vacations despite having debts:
1. Avoid sinking further into debt. For each of our trips, we saved money beforehand. Even if that meant reducing our debt payment amounts, we deemed it acceptable. We managed to pay an impressive $10,000 towards our debt annually, no mean feat. We made several sacrifices like restricting eating out and shopping, curbing our social life, and opting for more frugal entertainment like hosting friends at home.
2. Utilize your network and keep an eye out for deals. We frequently availed of travel deals and tapped into our network of family and friends to diminish our travel expenses. We stayed at timeshares owned by our families during our trips to Kauai and Palm Springs, and I bunked at a school friend’s place while visiting Australia, thereby saving significantly on accommodation expenses.
3. Earn what you yearn for. A big chunk of our travel expenses were covered by income from our side jobs. We found it more enticing to work harder for our travel dreams rather than merely clearing off debt. Our regular nine-to-five jobs catered to our basic needs and debt repayment, while any discretionary income fueled our travel aspirations.
