Travelling The World: Save Or Take Out A Loan?

You may have stumbled across many beautiful pictures of Daytona Beach on Pinterest, and pinned them to your bucket list board, only to daydream about the day you finally have enough money to take those pictures in person. A voice of reason then slips into your mind to tell you there are other, more important things to be spending your money on. Your first property, car or even continuing in education to do your Masters or PhD. Suddenly your dream of travelling the world slips between your fingers and feels impossible, and you think how on earth will I save enough money for all of this?

One expense has to go, right? Well if travelling isn’t necessarily at the top of your priorities it can seem like your going to be halfway through your life before you get the chance to go travelling. By then, your wants and priorities may well have changed - marriage, children, career - a number of things can get in the way. It can be difficult to way up what is the best option for you - saving up to travel or taking out a loan - below are the advantages of both option, to help you decide which option is best for you.

What are the advantages of saving up?

If time is on your side, and travelling is at the top of your bucket list, then you may have already started saving for the day you can pack your bags and step on a plane. There are some people that boast how quickly they saved up to travel the world, but the amount you need is subjective to the travelling experience you would like. Setting yourself a budget will mean you already have your route, your sight-seeing wants mapped out, and a goal to keep you focused. The time you spend saving will mean you feel the gratitude of being elsewhere in the world even more intensely and know that you earned it. This determination may also mean you pack your itinerary to the fullest and make your time count - since world travel for you is potentially a once in a lifetime opportunity - this is a good attitude to have.

What are the advantages of taking out a loan?

You may be thinking that you don’t have any collateral for a loan, or have a too risky credit score. However, you do have a few options to help you out if you decide you cannot wait until you’ve saved up. Researching into personal loans unsecured and other options could mean you can borrow a substantial amount, and get on the road straight away. You will be unlimited in your options, so you may be able to have a much more luxurious experience than if you saved up the money, and be able to see more places. You will, unfortunately, have to start paying the loan back straight away, but the pictures and memories you have may make the added monthly outgoing worth it.

This may have either given you some food for thought, or the right option for you may have been standing out all along. Either way, stay safe on your trip and have the time of your life wherever and whenever you travel.