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My Finances is Holding me back

Travel Forums General Talk My Finances is Holding me back

1. Posted by tomm35 (Budding Member 47 posts) 10y

How do most people handle their finances at home while they take a long time off to travel?
I really want to go on a rtw trip for about half a year, but I'm a single guy with a fairly large mortgage. I have no car so no car payments/insurance etc.
But 6 months travel will cost me another $6000 in mortgage payments while having no income coming in.

So basically a 6 month trip would cost me $12,0000.
Should I just work my tail off, pay off my mortgage then travel? Thats another 7 years :(

Mortgage is my only major expense besides cable/internet/phone bills.
I'm independent, i would never ask my family for financial help.

So how do some of you manage to travel for so long?

2. Posted by Twinkle (Travel Guru 1112 posts) 10y

Hey!Can you not rent off your place for the time you are away???Good way of getting a regular income whilst you are away and being able to keep up with mortgage repayments?
The only problem Ive had like this was when I went away there was still 3 months remaining on my rent...I wasnt meant to but I sneakily sublet the place whilst I was away...I got the girl to organise a standing order at the bank for her rent to go into my bank a couple of days before I was due to pay my rent so that way the money was always there for it to pay when it was due..
so maybe if you got someone to move in???

3. Posted by vange (Budding Member 43 posts) 10y

Sad but real. who ever said that the best things in life are free? (does any one said that here?).

Like you, I am also in a dillemma how to make my dreams of travel come true. But being my optimistic me I know I'll just find myself out there soon. With or without money i'll be touring the world.

I'm making plans everyday. I have savings to start with. I intend to sustain myself overseas by working. On the side, i'll study and travel.

im sorry if i wasn't any help to your query, guess i just like to let you know that i share your sentiments and that you are not alone on this situation. Others are also kinda broke, you can see them around here. But what is inspiring is that most of them are genuine travellers, not that kind of fancy, rich tourists. Rather, they're the ones who just fell in love and made a commitment of living a fully realized life. Sharing and experiencing things to the fullest.

Also, in immersing yourself with the views in here, somehow you'll get a brighter picture, you'll get a different perspective. helpful indeed.

4. Posted by Peter (Admin 5807 posts) 10y

Renting out your place seems like a good option to me as well. Help reduce the cost somewhat. Some people also increase their mortgage to fund a trip. Or even sell their house, then just travel for a while (with plenty of cash in reserve) and find a new place when they get back. There's a few people around here who have done that kind of thing :)

On our last long trip, we just ended our lease and started a new one when we got back. So we weren't paying any rent for 4 months. That was roughly an extra $4000 in spending money. And on the trip before that, our car had been totalled, so we decided to spend the insurance money on a trip rather than a new car - we just lived without a car for 8 months or so. I do have the benefit of being able to work while travelling, so my situation is a little easier than most.

I wouldn't wait till you've paid off your house though. Houses don't generate nearly as interesting memories as 6 months of travelling would.

5. Posted by Juliet06 (Inactive 33 posts) 10y

My friend had the same problem before she went away last year. she is going to be away for another year, so didn't feel compfortable leaving the flat totally unattended for 2 years. She rented it out, but did so through an agency, who took responsibility for paying her mortgage, bills, council tax and sorting out any problems with e.g. the plumbing or electrics. That means that she won't be left high and dry if the people it was rented to moved out or didn't pay up, and that there's someone there for the tenents to call in case of emergencies, instead of calling her and expecting her to sort it all out from across the globe. Of course, they take a cut, but it means you can go away stress-free about the whole situation.

The last thing you'd want would be to come home to a wrecked house, or for someone to move out without notice, so it's an attractive option if you can deal with losing some of the rent that's being charged on your behalf.

Post 6 was removed by a moderator
7. Posted by tomm35 (Budding Member 47 posts) 10y

Thanks for the great ideas and suggestions. I think thats what i'll probably do, rent it out, I am a little concerned too what i'll return too, but what the hell, things can be replaced.

I don't think i can wait 7 years before my dream of travelling rtw.
I think about it everyday, even more then sex, thats how bad its getting.

8. Posted by SeeTheSky (Respected Member 558 posts) 10y

hey man, theres no time to wait. whats a house gonna do ya if you, i dunno, die in a car accident before you ever got to really travel? theres perspective for ya. details work themselves out, just f*** it. life is too precious to worry about the future. i have faith in you man, faith in the drive, the burning feeling in your metaphysical heart. you made me so happy when you said you thought about it more than sex hahaha mebbe im not so crazy sometimes.

Peter my man- thats awesome about the getting rid of the house and car temporarily or no. thats what its all about man! adaptation, take whatever comes your way.. a true traveller at heart you are. I miss ya bud, i miss everyone from montreal trip already. good thing we got good ol' tp to keep us in touch.
Take Care homeboy

later all
Evan

9. Posted by tomm35 (Budding Member 47 posts) 10y

thanks Evan,

Everytime i visit here and read everyones posts and where they've been, i think to myself, damn my life is so plain and boring, I gotta see the world before I get old and grey. Like you say, something can happen tommorrow, no time to waste.

For once in my life.

10. Posted by james (Travel Guru 4136 posts) 10y

Personally, I wouldn't bother renting your house out. For 6 months, it's going to be too much of a run around trying to get tenants, etc. and then hope that they do in fact leave at the end of the lease.

If you can afford to continue paying the mortgagte as well as the cost of the trip, then just pay it and leave your place empty. Yeah, it may not make financial sense, but does everything have to? At least you'll have peace of mind that no one is trashing you place. Simply lock the door when you leave, and unlock it when you return. You can't beat that for simplicity.

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