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

Lifes_Grand_Plan

I actually did this.... after Uni I took out a loan (albeit only £5k) and travelled around the world for a year.

Including flights £1k, insurance, rucsac and kit and a few bits, it did cost me nearer to about £8k and that was on a VERY tight budget.

However my answer was to go for it, if the OP has no debts and is at the stage of her life where she has no ties then why not. Best experience of my life and something I will never get the chance to do again now I have a mortgage and a baby..

expeditionist

I've got to reply to this one - I actually did that 15 years ago when I was in my mid twenties.

I borrowed about 5k and took a year off and travelled much of Africa and all the way around South America. You can live for peanuts in many countries, also in much of Asia. No need to go to Oz or Nz or USA straight off.

It's the best thing I ever did and subsequently I've spent nearly 3 years abroad in my life now, working and travelling in 50+ countries.

I don't regret it one little bit, people of 40+ are often telling me how they wish they'd done something like that but didn't, then I meet other people who waited until they had more money and developed work/family/mortgage committments that never allowed them the time to do it, and I've met people who delayed and lost their health, and knew one who was waiting for retirement and died at 56 of a heart attack, and so many people seem to be 5-10k in debt anyway because they frittered it away on cars or whatever else they wanted.

We're all going to die and what defines life is what you've done with it and how you've related to people, i.e. your experiences - you are not your car or your house or your bank balance, although some people seem to think they are! Get busy living.

My advice to you is to read all the other posts and take good note that many other people can be very negative to justify their fear or envy or indecision.

Other people will put you off all sorts of things if you let them, so make your own decisions in life.

The only thing I will say by way if caution is that I borrowed the money cheap and I never had any doubt about my ability to get a good job afterwards and pay the money back quickly. BE REALISTIC about how much you borrow. You don't have to do it all in one go.

scott_lithgows

Did it 6 years ago for about 5k.Got bigger house and 2 kids now so would have no chance to do it now.
I never got a loan though,stuck it on a credit card and balance transferred it down to 0 in 4 years.

janiebquick

Wise? - definitely not! Should you do it? YES YES YES! Enjoy this beautiful world while you are young and free. Go for it and have a wonderful time!

Billy_Bonkers

Hi. I travelled the world for 6 months just coming up to 10 years ago at the age of 43-44. Hitch-hiked it from Blackpool to Seville, Spain initially. Visited 10 countries.

I stayed in some pretty low down dives/crappy hostels, but if arriving somewhere late at night would book a 1/2 decent hotel ahead. I spent £12,500 (inheritence money).
I didn't skimp on doing stuff like going up towers, jet boat ride around Sydney Harbour, visiting the Grand Canyon (awesome)etc. as you can't work on the mantra "I'll do that next time I'm here" knowing full well there may not be a next time.

Do I wish I had that 12.5k back in the bank now? You bet I do. Do I regret going and spending it? Never for one second. It was a fantastic experience. Just wish I could have gone when I was younger.

I would urge you to definitely go, but delay your departure by 12 months to save the money, make some internet friends and do some research whilst saving the £5k. Perhaps get a 2nd job, bit of bar work a few eves a week, sales parties, whatever.
Don't get involved with a bf during that time - you will blame him for stopping you going.

Couch surfing - has been mentioned.

I didn't book a round-the-world flight ticket, which on reflection I should have as it would have saved money. The reason I didn't was because I planned to do some of the travel sectors by sea as volunteer amateur crew on yatchs & boats. (there are crew matching websites). I planned to stay in major cities just 2 - 3 days but always stayed longer so didn't have time to sail. Flights totalled £3.5k

Train travel in S.E.A is cheap, travel overnight to save a night's accommodation.

As many posters have mentioned, marriage & kids may come your way in the not too distant future which would make it very difficult to go.

Be mindful of the fact you will find places, sunnier, warmer, cheaper, etc. where you would rather be than in the cold, wet, rainy, expensive UK and hanker to return to them.

You can stay very cheaply in lovely countries like Thailand and the Philippines if you're prepared to stay in a fan room (no aircon) and eat local food and are not a big drinker.

Volunteering overseas: (there are websites) accommodation and food in return for a few hours work each day. Hostels often let people stay in return for duties.
In Oz get hostel discount card.

Your Mum wont fall out with you if you take 10 years to repay her.

Remember your sis may well expect you continue to contribute to the house running costs in your absence.

Don't forget comprehensive travel insurance.

I've been back to SEA many times since. Feel free to PM me if you have specific questions.

Squirrel2000

This is investing £10k in the university of life. You will learn so many lessons about people, culture, and the meaning of life. You will be a much richer person for the experience and return with greater maturity, resourcefulness, employability and open mindedness. Do it because it's what you want to do. You only get one life! Good luck.

gayleygoo

I would say that maybe £10k is a bit much, but thats a personal thing. Some of my friends have gone off to travel the world with only their plane ticket and a fiver in their pockets, and they've had amazing times, although TBH they are hippies and don't mind not having a solid roof over their heads most of the time.

I'd happily borrow a couple of grand to travel, I wish I'd done it years ago before I'd had kids! Some savings would be preferable and you'd want to know you'd be able to pay it back after, job prospects might be low for someone who's just returned from a year or two of bumming around!

A cousin of mine managed to spend nearly £30,000 of a loan on one years' trip in Australia, and he worked while he was there too! To me that was maybe a bit unnecessary, and now he's got soooo much debt to attempt to pay back, so beware of going overbudget while away on your adventures, the best experiences in life don't have to cost tons of money!

RedRuby_2

I would do it but borrow about £3,000. £10,000 is too much and the interest would build up but I think £3,000 is manageable. Plus your paying for the experience and memories so you won't regret spending that money.

silverchair

Work and save up until you can afford to travel the world using your own money. You could get a holiday job abroad to make it cheaper. A lot of the countries in Asia are quite cheap once your get there and stay in Youth Hostel type places too.

liz_career_break

I would say £10k is a lot. Instead of travelling the world, why not concentrate on one territory and work at the same time.

I did a CELTA course so I could Teach English as a Foreign Language, which meant I spent a long time in Vietnam, which meant I got to know the people and culture, earned money while I was there and got to travel around the Far East. It was a win win for me. I got paid between $18-$21 an hour, worked 20 hours a week and had an excellent standard of living.