Is It possible to Travel and Pay Down Debt Too

Sometimes, planning a trip can seem impossible when you’re carrying debt.

A lot of Canadians have money on their mind. Following multiple interest rate hikes, many debts, like credit cards and lines-of-credit, have gotten more expensive to repay. Plus everyday expenses continue to go up. And while some people think you shouldn’t travel at all if you have debt or pressing expenses, there may be ways to still get to travel without adding to your debt.

One of the most important things for you and your family to do is to find your financial comfort zone when it comes to incurring traveling costs.

Before you start planning a travel itinerary, you need to make sure your finances are in order. Here are some ways to keep your budget balanced so you can afford to pay for any travel expenses:

1. Don’t sacrifice necessities – debt repayment, monthly bills, groceries, savings and transportation are necessities. Don’t sacrifice any of these categories in order to make room for a short-term goal.

Court proceedings

'The impact of this trauma will echo for generations': court case surrounding La Ronge woman's death reaches conclusion

22h ago

Going Global

P.A.'s Zablocki named to Team Canada for U18 Women's World Championships

22h ago

Election 2024

Birch Hills staff won't share election decision

23h ago

2. Treat your goals like a bill – each month, after you’ve met all of your financial obligations, delegate a certain amount towards your travel fund, or any goal you have in mind. You can set it up as a direct withdrawal into a savings account or you can go old school and put any extra cash in a “vacation savings” jar.

3. Be honest about what you can afford – if your bills are pressing and your debt balance is bulging, a vacation will add to your stress instead of relieving it. Delay your vacation until you can comfortably afford to save up enough money, get on top of your finances and travel without the guilt.

4. Deal with your existing debts – when you’re fighting an uphill battle against high-interest debt balances, it’s time to change your strategy. This might mean looking at your debt relief options such as consolidation or credit counselling. Or, you can book a free consultation with a Licensed Insolvency Trustee to go over your options and find a solution that works for you.

If you’re looking for ways to balance travel with financial security, you’ve already taken the first and very important step by planning ahead. Summer travel doesn’t have to include additional debt. Find some creative ways to cut costs ahead of time, budget efficiently, research savings, and reduce spending on the go so that you can achieve your summer travel goals.

For more ways to manage debt and stay on top of your goals, keep an eye out for my next column. #DebtSolutions.