With so many beautiful places just a plane ride away, it’s no wonder to our team at HotelierCo that many of us spend a significant amount of time scrolling through Instagram in awe of the fun-filled vacations, luxury hotel suites and scenic getaways splashed all over our feeds.
It’s quite easy to get caught up in the allure of a lifestyle that accommodates traveling to foreign lands and exotic places, without considering the expense. However, while traveling may be more accessible than ever with modern technology — it’s still not free. Fortunately the right habits and money management skills can allow us to make life decisions without being overly stressed about the financial impact of leisurely activities, like travel.
Read on to discover the benefits of financial freedom for travel lovers.
Many of us are balancing multiple debts on top of our everyday bills and maybe even be struggling just to make ends meet. Satisfying the hunger for travel is not exactly a top priority, and even if it is, we might be digging ourselves into a deeper hole with each trip we take.
Often, the idea of managing money comes with the connotation that we have to set aside things that bring us pleasure. Rather than thinking about what we stand to gain from financial freedom, we focus on what we will have to give up in order to get there. What if someone told you it didn’t have to be that way — that you could both have the things that truly matter to you, while being financially responsible. The truth is, this is what it means to be financially free, and it is possible if you want it.
Money = Freedom.
Money makes the world go round. This is not a secret, or a profound discovery. We need money to survive and it’s a huge part of life, whether we like it or not. Money gives us options to do the things we want, to have the things we need and to be independent.
When we are truly financially free, this means we’ve achieved some level of security. Rather than making the minimum payments on our student loans and making large purchases with credit cards, we’ve made a commitment to ourselves to get out of debt first and foremost. This doesn’t happen overnight. It could take years, and it requires budgeting, planning and making conscious choices about spending. The results, however, are well worth the wait.
Goodbye Debt, Hello Life.
Think about it. Let’s say you have a $250 car payment each month, plus student loans costing you upwards of $300 per month. If you paid those off, that’s an extra $550 per month added to your income. With that much extra money in your wallet, how long do you think it would take you to build up an emergency savings account and then start overflowing the money into a separate fund—dedicated solely to feeding your desire to travel? Probably not very long, if you stick to your budget.
Make no mistake, getting yourself out of debt is not an easy thing to do. It is arguably one of the biggest roadblocks on the road to financial freedom, but that also means it comes with some equally large rewards. By getting rid of loan payments and monthly credit card bills, you gain the freedom. Of course, don’t spend it all in one place. One car repair could derail an entire vacation and put you right back where you started. Being financially free means prioritizing and saving for the future, so make sure you’re putting a portion of your funds aside for things like retirement and emergency expenses too.
Experiences > Stuff.
Every day, we’re forced to make decisions. Constantly exposed to advertising and marketing telling us all the things we simply cannot live without— it can be all to easy to be impulsive and satisfy our immediate wants.
Living intentionally and making conscious decisions regarding our spending means delaying immediate gratification in order to reap long-term benefits. Instead of splurging on the newest gaming console or designer purse, ask yourself which means more to you? A family trip with to a corner of the world you’ve never seen before, or a purse that will likely end up sitting in a closet somewhere for the next 20 years before you sell it at a garage sale?
Let’s face it — you’re probably always going to want stuff; it’s a huge part of the culture we live in. The choice is always yours to make and ultimately, you’re the only person who can decide what’s important to you. If you truly want to travel, financial freedom and intentional living can help you start to develop an inventory of experiences rather than a closet full of things.
Tell Us: What does financial freedom mean to you?
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