Are you unsure whether you should save money or travel? This post answers that question by asking you three questions and my advice on the topic.
So what option should you choose? Well, the ultimatum of saving money or traveling is complex, and I can’t convince you to choose either. You have to make that decision for yourself.
So, in this article, I’ll ask you three questions to help you decide whether or not you should save money or travel.
Anyways, let’s jump straight into these questions, plus my advice on how to come to a compromise.
Save Money or Travel: 3 Things to Ask Yourself
1. How old are you?
The first question to decide whether you should save money or travel is to first look at your age. How old are you? Are you in your late teens? Early 20’s? Or even older?
I think it’s also a good practice to deep dive into the ages when you plan to achieve significant milestones, like starting a family or buying your first home.
These questions will get you thinking if you should wait a bit longer or start traveling as soon as possible.
Now, remember that you can travel at any age that you want, but if you’re planning to start a family within a year with little to no savings, it may not be an ideal time to travel.
You can also travel at later ages if you’d prefer to save and buy a house first; with a stable asset, you can travel later.
E.g. My dad is in his late 50’s and is going to travel around Australia for a month. It goes to show that traveling doesn’t have an age limit or a correct time; it just depends on when you’d like to do it.
“Age is no barrier when it comes to travel.” – Unknown
2. What do you prioritize in life?
The second question to ask yourself is: what are the main priorities in your life?
Is it to save enough money for a house deposit? Or to experience as much as possible?
Do you want to work and save up as much money as possible? Or travel the world and experience different cultures?
This question is one that you can only answer for yourself, and either option is perfectly fine. Just remember that it’s now possible to make money and travel the world simultaneously, which wasn’t around 30 years ago.
How good would that be? To travel the world, enrich your life, and surround yourself amongst beautiful cultures, all while still making money and not blowing through your savings.
E.g. My priority at the moment is to build a stable stream of income with work, investments, and side gigs so that I can travel in a few years to come.
3. Materials or experience?
The last question of whether you should travel or save money is if you choose materials over experience.
Again, both of these options are completely fine to choose from. You may prefer to purchase a new car, house, phone, laptop, or clothing. Or, you may love to experience adventures, thrills, or cultures.
The main point I’m trying to convey is what do you think will enrich your life more?
Spending money to keep up with trends. Or spending money on a plane ticket.
Again, I cannot be the one to tell you what to do. You have to figure that out for yourself. If you choose the save money option, make sure to spend money on appreciating assets like real estate or stocks.
Hint: You will not become rich from keeping money sitting in a bank account.
“Jobs fill your pocket but adventures fill your soul.” – Jamie Lyn Beatty
Come to a compromise
If you can’t decide on an option, the next best alternative is to compromise. Instead of traveling full time, arrange weekend trips instead.
If work doesn’t allow for weekend trips, then try going on day trips. If you really want to travel but can’t quit your job, then you’ll need to find time to travel instead.
These short trips will allow you to explore your state/country and are a perfect introduction to travel. They’re also ideal because you can drive to wherever you’d like.
I know it’s not technically the same as traveling around the world, but imagine yourself as a tourist visiting your country. You might become more grateful and discover some great places that you’ve never ventured to before.
“There’s always a way to travel & it doesn’t have to be expensive. Day trips & local travel can satisfy wanderlust just as much as foreign travel.”
Do whatever makes you the happiest
The last of my advice, undoubtedly the most important one, is to do whatever makes you the happiest.
I’m just a 19 year old from Australia. I cannot convince you to choose either option. That decision is 100% up to you. There is no point in me giving input because I have no idea about your financial situation or what you want to do.
So my advice is to do whatever option that your gut or brain is telling you to do.
Traveling is a great option to discover the world, experience cultures, find yourself, develop new skills and make meaningful relations.
Saving money is also an excellent option for financial security, buying what you want, and experiencing freedom.
So remember to do whatever makes you the happiest, and choose the option you won’t regret looking back on in 30 years.
“The key to being happy is knowing you have the power to choose what to accept and what to let go.” – Dodinsky
So there we all the questions and advice on whether you should save money or travel.
You’ve come across a challenging ultimatum that isn’t easy to decide in this day and age. With living expenses going up and unstable incomes, it can be tough to choose travel.
Remember that the decision is yours, and no one else can change it. If you want to travel the world for 12+ months, do it! You’ll only regret it years down the line if you didn’t go for it.
And if you want to save money, by all means, do that too! Once you achieve some financial stability, you could then choose to travel.
What do you plan to do? Save money or travel?