In 2020, I paid off $30,000 in student loan debt. While there are no one-size fits all strategies for debt repayment, I was able to accomplish this with a mixture of increasing my income, decreasing my spending, and creating and sticking to a budget. One of my motivations for paying down my debt was so that I could travel more. And for the past year, I’ve been able to do that and have traveled from London to Dubai, all while working remotely and building a brand.
The holiday season is one of the tightest times for our finances. With all parties and presents, it’s easy to allow our spending to get out of hand. However, starting now, you can beat the holiday pressure to spend more. You can take control of your finances with a tactful plan and discipline.
When affording the dream holiday vacation, consider these tips below.
1. Be Flexible:
When looking at flight and hotel stays, be flexible with your dates. Certain times in the month are cheaper to fly, and the same for hotels. If a part of your holiday can fall on a few weeknights, you might find it a better rate than the weekend. Also, be flexible with your food choices as well. I usually book AIRBNB or vacation homes and shop at a local market to cook a few meals. You can also be flexible with the airport you fly in and out of. Try looking at the surrounding airport in your city so that you’re not flying from the main hub.
2. Set Boundaries
After lockdown, it seems like everyone wants to be “outside.” But you don’t have to feel the social pressure to go to events, especially if it’s not within your budget. It’s important to set boundaries with friends and family about what you can and can not participate in. Setting boundaries around your finances will allow you to stick to your budget and spend your hard-earned coins on things you value.
3. Get Creative
Instead of vacationing in popular destinations, try thinking of lesser-known places to travel to during the holiday season. Also, you don’t have to go far to have a good time. Look into destinations in your hometown for a fun staycation experience. Instead of buying many gifts for friends and family, think of valuable gifts that don’t break the bank, such as handwritten notes or acts of service. I personally love sending people postcards from my travels.
