You only live once. This motto is quite popular especially with the younger generations or millennials. This is the time that they live the most of their lives – partying, going on vacation and buying whatever they want. It’s a challenge to live by this mantra though if you are still paying student loans.
You need to be wise in budgeting your funds just so you won’t be buried in debt. Paying off loans does not mean that you have to spend your entire time working and paying your hard-earned money toward your loan though. You can still enjoy and take a vacation even on a tight budget.
How can you afford a vacation while still paying back on student loan? Follow these tips below to get your dream vacation:
Start Saving
Your first step toward your travel destination is opening a separate savings account solely for your trip. Check your local banks and see which ones have the biggest interest rate.
Evaluate your monthly income and your total expenditure. Allocate a certain percentage that you need to deposit into your savings account every month. Put this toward your savings account diligently instead of just saving whatever’s left of your income. Remember, this savings account is exclusively for your travel funds only. You might be tempted to use this and buy that new designer bag, but always stick to the purpose of this funds.
Start choosing your destination and make an estimate of your total expenses. Once you have these data on hand, calculate how much you need to save over the time left before your vacation date. Choosing a couples-only resort that offers all-inclusive services can help you a lot when it comes to budgeting your expenses for the trip.
Live Frugally
Being on financial debt can sometimes get the best of us. It creates a lot of emotional stress and can even put a strain on your relationship with other people.
One best way of making sure that we don’t bury ourselves with debt is by living within our means. Sure, it’s nice to dine in fancy restaurants and hoard all those limited edition Christian Louboutin. But if it means living the rest of your days being chased up by credit card companies, then it’s not worth it.
Find ingenious ways to save money yet enjoy a quality life. You can save a big chunk on your food budget if you cook your own meal instead of taking out. An occasional Chinese or pizza is good, but preparing most of your meals can save you tons of money plus you get all the health benefits.
Here are other genius tips that you can use in living frugally:
- Spend your money smartly. Get the best deal by going to yard sales, thrift stores, barter boards and clearance rack. Stock coupons and rebates and get the best price on your next grocery shopping.
- Harness your own creativity and do things on your own instead of buying. Every day presents countless of opportunities to reuse and recycle things.
- Sign up for free samples. You can even snag a free meal using free coupons.
- Our health is our wealth. By eating healthy and getting plenty of exercise, you live an optimum life and don’t get stuck in paying hefty medical bills.
Work While on Vacation
Millennials love to travel. Traveling and working at the same time sounds dreamy. Nothing beats the feeling of earning money and experiencing new culture and place at the same time.
Ease your mind of worry for your pocket money. Dig your hands on these gigs that you can do to earn cash while traveling.
- Street performing – If you have skills in music, dance or arts, find the right street venue and entertain locals and fellow travelers. They will give you hefty tip if they are amazed with your performance.
- Tutoring or freelancing – The world of freelancing is so vast. You can be a freelance social media manager, writer, web designer and earn while being mobile. You can also teach online from anywhere and get paid.
- Seasonal work – if you don’t mind getting dirty or being outdoor for long period of time, you can try seasonal works such as picking flowers, fruits or vegetables.
Don’t Stop Paying Your Student Loans
Though paying off debt is definitely not a happy thought to look forward to, paying it gradually is ideal. Think of it as your normal monthly bill, just like your electricity or water bill. If you allocate a portion of your expenses toward your student loan monthly, you’ll establish a routine and will pay it off eventually.
Being in debt should not stop you from living your life to the fullest. You can still have a ton of fun – you just have to do so in moderation. Be smart about the choices you’re making and if you can really afford the things you’re wanting to buy. Just because you can’t afford some things right now, doesn’t mean you won’t be able to in the future. It takes great discipline and being resourceful to live a happy and comfortable life while paying off your student loan.
