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I personally stay away from loans. A car loan was all I ever had and I cancelled it as soon as I could, but personal loans usually have terrible interest rates and I think you’d be putting yourself in a bad position.
Situations like these suck but all you can do is push through until you are in a better place. I’m 34 and didn’t travel to Europe until last year. 30 is still young, you have time.
Girl.
Do not take a loan out to travel. Save a small amount from every paycheck you earn for the next few months/maybe a year. From the UK you can travel pretty cheaply (Ryanair or trains, hostels etc), so depending on how much you’re able to save each month it may not actually even take that long
30 is so young, you still have decades to travel. What happens if you take the loan thinking you can afford to pay it and you lose your job? Then you’re stuck with the debt. It’s not worth it
Also important to have some extra funds set aside in case of emergencies when traveling - for instance I was outside the US in early 2020 when covid was declared a pandemic, and I ended up needing to scramble to book last-minute flights (and had to re-book them multiple times as countries started locking down). If I didn't have some extra funding set aside I might have had a hard time getting home on such short notice.
Rather than taking out a loan it might be worth thinking about ways to overhaul your budget to, if possible, allow for both saving for longterm and saving for travel. Easier said than done especially in this current economic situation of inflation, etc., but if you've never sat down and made a spreadsheet of (1) your income, (2) your baseline essential living expenses, and (3) how much is left over, it might be worth doing that, and doing some math to see what you might be able to do to start putting a bit of money each month into both "longterm/emergency savings" and a separate "travel fund."
Yes, very stupid. If you can’t afford it now, how are you supposed to pay the loan + interest ?
wtf
Maybe if you have terminal illness with a few months to live, sure take out a loan, but If you have to take out a loan to travel for leisure, then you should not be traveling because you obviously can not afford it. Why don't you take out a loan to further your career to make more money then you can travel once you can afford it?
Was just going to add an edit, I do have a chronic illness that may limit my ability to travel once I'm older. Thanks for your answer.
I see. My husband and I love to travel and have been to many places. Even though our budget was tight, we didn't take out a loan. Maybe save as much as you can, and have a budget. Travel to cheaper countries first - you are in the UK? Maybe start nearby: travel around Europe, research how you can stretch your travel money. Get a travel buddy that you can split some of the travel costs with.
That's a good idea, thank you x
Taking out a loan to travel is like ordering a pizza when you're already full - sounds fun but your wallet won't thank you. Better to stash away a bit each month, and before you know it, you'll be packing your bags without the baggage of debt. Remember, even at 30, you're not racing against time, but making sure when you do travel, it's not the bank enjoying the trip more than you.
Very stupid. Now, you can totally get away with this in your early 20s - you have a lot of time in which to pay it back. Hopefully, career advancement too. The older you get, the worse idea this is. By the time you're 40, you could be taking on debt that you are never able to pay back.
If you do this, you may also have so much anxiety about finances that you won't be able to enjoy the trip.
Yes. Get a job or even 2 and save save save!
Why are you panicking over a WHV? Like why are you so desperate to work on your holidays? They're meant to be a break from work.
Also you are 30... not 90. You don't HAVE to travel whilst you're young, and you can continue travelling until you're no longer physically able to.
I don't recommend taking out a loan to travel, if your finances are that tight then you won't be able to afford the loan and when you default you will destroy your credit rating.
Your priorities should be your career right now, trying to improve your income. Then you will be able to afford these trips without taking a loan out. It doesn't matter if you're travelling at 40 or 30.
I am panicking because they have age restrictions. I have an illness so that makes me feel like I need to rush things. I want to improve my financial status but where I live, there are no good opportunities for that. I feel like I'm at a dead end and I don't want to end up here in 30 years time regretting not seeing more of the world.
Thanks for your answer.
You don't need a WHV though, just save up enough money to travel on a normal visa or tourist entry. Loads of people do that. I never travelled on a WHV.
I obviously don't know your situation but perhaps it is time to relocate for better work opportunities. I grew up in a sleepy town with no job opportunities and had to move closer to the city for work, it's quite common for younger people to do that.
You’re 30. Let’s get a grip here. How about you save for a year and when you’re 31, start freaking out.
Thanks 😂
Youth is NOT slipping thru your fingers. You’re just getting started. Going into debt to travel is a bad idea. If you have a travel itch, check out local day trips…walk, climb,crawl a new path…take weird pictures, eat weird food, look for weird perspectives.
All comments are great advice and I agree.
Adding to that maybe change/lower your expectations on your travel ideas. Research to get to some getaways in your country, hopefully not as expensive as traveling around the world. And get a bit ahead on your planning: budgeting, saving, investigating…
I am desperate to go, I feel like my time is running out, and my youth is slipping through my fingers.
I'm 10 years older than you and traveling 1-2 times a month, 35000-45000 miles a year, with no slowing down. Hell, doing it more now than ever. You've got heaps of time.
I'm with the others for the most part. Now if you did one loan like say affirm, where you see what you're paying, how much, and so on, and you can comfortably afford the payments - again comfortably- maybe not a big deal. But definitely please don't do more than that and certainly please don't make a habit, should you go that route.
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1mo
Thank you for understanding and not just calling me a dumbass x
You can’t afford to travel now that you’re working. What makes you think you’ll be able to not only survive, but repay that loan after all the money runs out? I understand the desperation and as someone of a similar age who absolutely loves travelling can relate to your feelings but m’am, watch less TikTok and rather figure out your life more, so you can actually afford it without putting yourself at such risk lmao. It isn’t that hard to find a job that will allow you to travel nowadays or worst case - allow building savings for it. There are other options too, like getting Australian visa and going for work there- loads of people explore it while working or only work part time, orrrr - first save their Australian salaries then travel around the country/South East Asia. Basically, there’s tons of option, and you’re only 30. You can make it work without the stupid idea of loan
Thank you for your advice. Much appreciated.
Since you're asking the question, this sounds like one of the dumbest ideas I've ever heard. Hope that helps
It doesn't but thanks xox
It should
Make up a budget with your income, if you can commit a certain amount per month to travel, you can start out by buying tickets one month, hotel the next month, tours and events the next month, etc.
This way you can plan in advance and pay a little bit per month before you even go. I plan all of mine 6 months in advance when I go everything is paid for and I have a little bit of money set aside for incidentals. That means when I return home I don't owe anybody anything and I can start planning my next trip.
Bad idea. Don’t put yourself in to debt for a vacation. Save up your money and go in a year when you can pay for it with cash,
Seventy year old over here LOLing at the idea that your youth is slipping away at 30.
Can't help the way I feel soz
Why don’t your get a TEFL qualification and then teach English abroad whilst traveling.
Only take a loan when you absolutely have to and you know how you will pay it back
Yup man terrible idea
I would like to do some travelling
Does that mean a short 1 or 2 week vacation with a job to return to, or are you thinking of quitting work for awhile? If the former, taking out a small loan to pay partially for the trip could be okay. But for the latter, that's like a big change in lifestyle question involving many variables.
Interest rates are high right now, not a great time to take out loans. I'd suggest to start a savings plan (send it to a different institution that you'll be able to forget about) and plan out how much you need vs your progress. Making a plan will help with the feeling of your youth slipping away. You can always take the loan later if saving fails.
Ultimately you're going to need to pay for the trip somehow, now or later. Later will be more expensive if you're borrowing.
BTW you aren't stupid.
No, going into debt to take a vacation is a terrible idea. Especially if you do not have a legit plan to pay it back. You are still young and have plenty of time to get a good job and travel but putting yourself in a hole that may be very hard to get out of for short term enjoyment is a bad call.
It is an absolutely absurd idea.
Not the best idea but as long as you are certain you can pay it back then go for it. I see people take out loans all the time for cars that will devalue as soon as it leaves the lot, homes they can’t afford ect. I think traveling is one of the more valuable things you can do in life and you will only be in a position to do so for so long.
This is what I thought, too. Thanks for your answer.
You’re welcome and best of luck on your adventures!
Unpopular opinion, but here it goes… When I read your rationale about taking out a loan to travel it seems like you feel like your outlook is limited. You’ve crossed off things that for most people are the true life-goals. Taking out a loan for traveling is something you deep-down know is not a great idea, but you’ve come here asking for it anyway. Traveling is not just for fun, it can be a life-changing experience. Why not take out a loan and explore a different environment and culture, get to know the true you. A journey might transform you for the better and can make you realize things that haven’t manifested in your life yet. So, I would argue do it! On a budget, with a backpack.
That is exactly what I want to do. I want to explore and discover cultures, etc, like you said. I also have a chronic illness, which might affect my ability to do this in a few years, and I don't want to look back and be like, "Why didn't you just go?". Thank you for your answer.
Most of us go into debt while travelling using our credit cards, we just have a plan to pay it back. What's your plan to pay your loans?
The loan would be over 7-8 years and not an absurd amount either. I was hoping to pay it back in that time.
Yes, going into debt to travel is not a good idea. You have plenty of time to travel. The key is to save money before you see it. I have an amount that comes out of my direct deposit into an account that has no debit card or checks to access it. The money is saved and I don't miss it. Then I go traveling on it.