Is it wise to borrow £10,000 to travel the world?

SailorSam

Stupid thing to do but i wish i'd done something like that when i was your age.

bangersnmash

Is it wise to borrow £10,000 to travel the world?

Wise is an interesting word. What is wisdom in this context.

It all depends - on you and how your luck turns out and what you want from your life.

The plus points :

1 If it goes well you'll have a good experience so probably worth every penny.

2 If you're rich or well off and or have good earning capabilities then 10k isn't much to spend and then recoup or do without.

3 If you do it off credit cards, loans, overdrafts etc then in UK although it could be said that it's immoral it's nevertheless legal to knock them if you can't repay them or don't want to.

If you do this then your credit rating will be shot for 6 years or so but that'll only matter to you if you want a mortgage or more borrowing. So if you don't want a mortgage or more borrowing for the next 6 years and if you don't mind being immoral then, so what, it's free money, might as well do as millions of people happily do and just use it and enjoy it.


Some possible alternatives to spending the 10k :

1 The opposite of above, as other posters highlight, why spend all that money, perhaps it would be better to do as lots of people do and have a working holiday. There's all sorts of casual work available all round the world or if you've got some skills and experience then you can get more advanced work so why not work your passage. You might as well be productive and cover your costs while you're having your adventure and fun.

2 Or do some volunteering which provides accommodation and hopefully meals and some facilities and maybe a bit of pocket money in some cases.

3 Or do sofa surfing, which is staying at people's places for free, for which there are several big established websites that link people up.

4 Or how about camping or drive your own car or van that you sleep in so at least you're not spending out on accommodation.

5 Regarding the travel options, I'd probably stick to the cheapest offers via Easyjet, Ryanair and Megabus etc. Then use the cheapest buses and coaches and maybe some train if there are some cheapos available. But I wouldn't pay full fare for anything if at all possible.

6 I used to hitch hike all round UK and some people do all over the world but I wouldn't consider it safe enough myself in most countries. But some people do and enjoy it - and survive it intact! So if you're reasonably tough or are willing to deal with whatever arises then maybe consider hitching.

7 If you don't have significant cash available and or good earning capabilities and if you're not sufficiently immoral to just ignore it then repaying 10k of borrowing could be a headache. As other posters suggest, you might find it a pain and that you regret burdening yourself in that manner.


So probably not wise for some people but for others who can take it in their stride, if that's what you fancy, then why not, go for it. Enjoy. You're only young once.

pixiewolfe

As you are 23, you can get into a lot of places in Europe for free/discounted like Museums and Hostels.
Couch surfing will be a good idea to cut costs, or teaching English.

TBH, I think it is better to work part time and travel in the weekends/holidays for cheap as opposed to taking a full year out,unless you really want to learn about a particular culture or language.

oowson

On a website dedicated to saving money the response to this is unlikely to be positive.

Despite being debt adverse, only having a mortgage as debt, I would say go for it every time, you gain a lot from travelling the world and it is a lot harder to do when you're settled down and married (not impossible, just harder)

I'm now slowly exploring the world one place a year using holiday and saving up each time, but, if I could have the chance to go back and delay starting a job after uni for a year i'd take a £10k loan and travel the world.

sharnad

Probably not, but it would be fun

aldredd

I wouldn't do it personally, and think it can be done for much less that 10k, there is certainly a lot to be said for spending some time overseas, it can really broaden your horizons, give you life experiences, and even make you more employable - so has a long term financial benefit.
The company I work for routinely sends employees to work overseas to stretch, development & prepare them as future leaders - anything ranging from 6 months to 6 years is normal.

Ghost_2005

Having discovered the joys of matched betting via this forum and made c.£10,000 in less than 1.5 yrs then this would be a no debt and risk free way to raise the money in advance. Although I also agree that you could get by on a lot less than 10k.

Wish I could put the money I'd made towards a world wide trip, but then I'm using it to pay off credit card debts and loan payments, which is maybe a good reason to say 'no' in this poll.

HappyMJ

I'd do it...but then I'd also try and get working holiday visas for places such as Australia (you need a return flight and AUD$5,000 cash) and try and work whilst on holiday. You would need to provide proof of funds to support an application for a working holiday visa and it doesn't matter if it's borrowed money as long as you have the money. You are only young once and only eligible whilst you are young and have no commitments such as a mortgage family kids etc...

eca08

Hi it's me!! I posted the tweet and would like to take this quick moment to speak about the situation as I have had my fair share of abuse over this!

I went to university straight from college aged 18 - I took no student loans and worked full time throughout to fund my time there. I've done i hard work, i'm not afraid of it- i know things do not come easy in life.

I have never had any debts...my mum taught me well

When I came out of Uni there was no fantastic paid jobs that you could walk straight into much like they promised, this was real life! So I worked hard and climbed up the ladder and got myself a decent job.

Now I come to a point in my life where I want to see the world - I am desperate to go and have all those experiences! I am very fortunate to have my mum, she started from humble beginnings and has worked hard for my sisters and I, I live in my house with my sister with no mortgage (as my mum remarried and moved out).

So i have no big responsibilities and no debts and a burning desire to leave before i change my mind or something crops up to change the situation.

After I tweeted Martin I spoke to my mum and we have come to an agreement - she hates the idea of debt. I hope all you money saving experts will agree is the way forward. I am going to leave in 6 months and what ever I save my mum will match it - lend it to me that is, I will pay her back when I get back so this basically amounts to an interest free loan of half the amount I wanted. So I have to put in the hard saving now and get a little help on the way!

I know now some of you will go off and complain that my mum is indulging me but hopefully you will be able to see it the way she does - I have always tried my hardest at what ever I do and been a good daughter, she is trying to help me realise my dream in a responsible way.


Wish me luck - South East Asia here i come!!!


ps. I realise this was no longer about me, but I thought explaining my personal experiences would put things into context.

dude87

You can do it cheaper - save some but work your around. You will feel the experience more by working and being deeper within whichever culture you find yourself.

Give yourself say 4 years here to work to save up for it. It will make you feel positive about working as you save, and when you finally come to spend it all, you will enjoy it so much more, plus you can do it knowing you won't have the debt when you return.

Finally, ask yourself why you want to travel - is it just so you can bore people with travelling tales?? ;-)