Best way to save for holiday but reduce debts?!

acheekymunky

As you may see from my signature I am in quite a bit of debt and part of that has stemmed from my live life to the fullest philosophy....so to carry on with old habits I am planning to go and work in Australia for a year in Septmber 2007.

After doing a bit of research I have calculated that I will need about £10,000 to take with me. So I have £10,000 to save in 17 months. Yet I also want to half my debt my the time I go...my mum said she would cover the minimum payments on the debt I have left for the year (lucky me!).

After watching that 'become mortgage free in 2 years' programme I realise it can be done in a short time! My first step is that I have got a new job taking me from £11k to £18k per year...

Does anyone else have any suggestions of hardcore money making schemes which can help knock a chunk off my debt in the year and a half I have to save up?! What about National Savings and Investments? would it be worth putting £50 per month into that and having the chance of winning money but guaranteeing my money back by the time I go away?

Any help would be grateful

Thanks x

nelly_2

Why do you need 10 grand if your gonna work there?

Broken_hearted

Could you not just take £5,000 with you and pay the rest of the debts. I run my house essentials including food and mortgage on £5,000 a year.

acheekymunky

I worked out it would cost £15k including food/travel expenses/flights/insurance and travelling around for a couple of weeks at a time.

I estimated I would earn 5k as there are lots of people there with the same idea and for foreigners I dont know how easy or stable it is to get work?!

Has anyone been travelling before who could give me any advice/tips?

Thanks guys

black-saturn

I would put the australia trip off and pay the debts off first and then go. Then you can spend what you like in australia.

Chortle_2

The most sensible option would be to pay your debts off before you go surely?

I did the 'year in Australia' thing - and I certainly didn't take £10k with me! I had the minimum I needed to get into the country, and prove I'd be able to support myself (iirc, that was about £1k), plus a bit, but certainly not £10k, and I survived! I worked for short periods, and had the time of my life for the rest of the time - I probably existed on less than £4k for the year, including all my travel, accodation, food, drinks and smokes. I had to watch my spending, but not overly so, and I didn't feel like I missed anything at all by not having £10k burning a hole in my pocket!

acheekymunky

Yeh I think I have overly estimated the cost but I didnt want to go and be caught short and have to come home!

Right well I think my mission is to save 5k for australia and halve my debt. I realise the sensible option would be to go after I am debt free but I am a very impulsive person and I am very aware of a big clock ticking...I want to pay my debts off and go traveling before im 30...

Does anyone sell on e-bay? would it be realistic to estimate £100 a month profit by selling things on there?

My next step is to tell my friend I wont be moving in with her (although Im due to go and buy a wardrobe today with her!) I have been paying £300 rent for the past 3 months and still havent moved in yet...I dont want to...I cant afford to..but I know she will hate me for it and I could risk losing her as a friend! help!

acheekymunky

Chortle I think it is excellent how you have got your debt down so much...how have you done it?
Thanks

Chortle_2

how old are you acheekymonkey? Have you looked into travelling at all? Because if you're close to 30, you probably won't get a 1yr working visa for Australia anyway - I think the age limit is 25 (was when I went anyway)

acheekymunky

Im 23 now will be 25 when I go travelling...26 when I come back!

Broken_hearted

You are young and have your whole life to see the world. Whenever you go have a great time.