Having a loan to pay really puts a damper on your travel plans. Seeing pictures of your friends traveling to far parts of the world probably makes you wonder when you would be finally free of your student loans and get to tick off items from your bucket list.
Well, here’s some good news for you. You can still travel the world with your student loans if you play it smart.
How to travel when you have student loans to pay
Here are some ways you can fulfill your travel dreams:
Rethink your budget
Most times when we imagine traveling, we think of luxury hotels and five-star experiences. If you are interested in traveling the world, you’d probably enjoy it more if you explore the vernacular of the area. Stay at a small hotel that reflects the culture and beauty of the area. Shop in the local places. Visit the natural spaces. Tourist attractions don’t really give you a complete picture of the area’s natural self.
Another way you can cut down on your travel budget is by planning your travel to not coincide with the tourist season in that region. For instance, winters is the tourist season in Dubai because otherwise, the area can be hot and sunny. Book your hotel during mid-February or March. That way it won’t be as hot, and you can avoid the high-priced crowded attractions easily.
Negotiate the terms of your student loans
If you have been punctual with your student loan payments, you could visit your bank and ask them to negotiate on the terms of your student loans. Often, loan providers bring down the interest rate. This could lower down your payment amount.
Another thing you can do is apply for student loan forgiveness. In this case, all your remaining loan amount will be entirely forgiven. Visit Crediful to learn more on the topic.
Invest in a second- or third-income source
Traveling will require extra money. The bulk of this will be spent on plane tickets and accommodations. While you are rethinking your travel budget, come up with a rough figure. Now work towards earning that extra money. A good way to do that is to get yourself a second or a third job.
Put all the money you earn from this job into a savings account. Sit back and see the money grow in your account while you make your travel plans.
Open A Saving Account for your travel plans
If you have student loans to pay, we recommend reconsidering your immediate travel plans. Instead, plan to travel in the next few months. Meanwhile, get some extra income and put them in a savings account. Look for a high yield savings account. These will give you more return for your savings.
Become an Influencer
If you manage to become a famous influencer, you might even achieve your travel dreams without having to spend thousands of dollars. Start by visiting and reviewing your local places. Put these reviews on your social media accounts, or a blog if you can manage that. Start building your followers. As you start growing followers, you can get in contact with local brands to sponsor your reviews. Get in touch with local hotels and restaurants and see if they are interested in any collaborations.
Influencers with a huge following get big brands to sponsor at least part of their travels. But it won’t happen in a day. It takes around a year, even more, to catch the attention of bigger brands.
Live frugally
If I was to mull over my monthly expenses, I am pretty sure there will be big holes in my account. I sometimes lose hundreds in a month if I don’t keep my accounts in check. Keeping accounts in check also helps me analyze my budget.
When you start planning for a world tour, make a spreadsheet of all your daily expenses. Find out the extra expenses. Cut them out for a while. Create your meals at home. Cancel the gym membership you haven’t used in months. Budget shop your grocery. You might even end up saving a thousand dollars at the end of the year. It has happened, believe me.
Get a Job Abroad
It’s a little unconventional way of traveling the world, but there are a few doing it. You could teach English to Chinese or Indian students. Even the Middle Eastern countries would welcome you. Hop around the world while teaching skills or language. List down your travel itinerary and start applying for jobs in your favorite travel destinations.
The money you make from the jobs can also be used to pay back your student loans.
These ideas are just inspirations to help you actualize your travel plans. All of these might not be suitable for you. Choose the methods that make the most sense to you.
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