Elle is an English blogger, managing to juggle her passion for food, fitness, and travel as well as running her own (amazing) blog AND working full time in marketing. You’ve probably come across her blog, Elle goes Global, at some point. And if not, you’re definately obsessed with her Instagram. She just spent a day on the Isle of Wight drinking Mermaid Gin (my all time favourite).
Well now I’m lucky enough to be working with her. I know, it all seems very unfitting. You see, it started when I read this article in The Independent. Young people are travelling more because they can’t afford to buy houses. It’s true that I’ve waved off a lot of my friends for there three month trips around Asia, while I’ve stayed here saving money. I only know a handful of people that have bought a house, but a few dozen who have chosen to travel. So we had a debate on our hands. Over to you, Elle.
Why I Chose to Travel instead of Buying a House
As I progress through adulthood I’m faced with a new reality. Although I earn a good starting salary and have very low monthly expenditure it will be a couple of years before I am able to get on the property ladder and buy my own property. For a while I faced an internal battle with myself, I love travel, but I want to buy a house. My solution was to do both (well kind of). Erm how?? I hear you cry. Well here’s how I manage it and why I choose to live in the moment and travel.
Save and Budget
Each month I set aside a substantial amount of money for my help to buy ISA and my other house savings accounts. Allocating a further £200 to my holidays savings account. Having this money set aside doesn’t make me feel guilty about booking a holiday because I have house savings sorted and have prepared for holiday costs. When I book a holiday, I set a spending budget. I move this from my holiday savings account into my Monzo holiday pot prior to departure. Easy.
Live for the Moment
To quote a recent article by the Independent:
“Young people are choosing to live in the moment – we’re seeing many millennials investing in experiences over bricks and mortar.”
I guess you could say I’m doing this. Recently, I’ve been very much made aware of just how fragile and short life can be. You don’t really know what’s around the corner, so you should embrace every moment.
Some people are driven by money and material objects. Granted, it helps you buy things and it means you can travel. However, for me, travel is the one thing you can buy that actually makes you richer. There is a whole world of opportunities out there, cultures to discover, food to sample and wildlife to encounter, so much so that I have a wish list sorted.
Travel Now, House Later
I know that when I have a house, I’ll have mortgage payments to meet so it will be harder to travel. Years down the line I’ll have children. We all know how expensive school holidays are, so I’m living in the moment and embracing being young. There’s lots to do before I get a mortgage.
I strive to explore the world and make memories. When you lie on your deathbed you won’t be thinking: “Oh gosh I’m so glad I bought a house at 24 because that made me so happy”. It’s more likely you’ll think wasn’t it wonderful to feel that sand between my toes, to marvel at that architecture, and to taste the fresh tomatoes on a freshly prepared pizza.
I know I’ll have a House One Day
Countless numbers of friends, and even my boyfriend, have tightened their wallets. They’ve quit holidays and, granted, they now have a house. Such an incredible experience in itself. But whilst they were saving they didn’t travel much and sure, when I think back over the last four years… I could have saved £400 more each month. I could have constantly said no to all the holidays I was invited on. But then I’d be stuck at home bored and dreaming of travel. Working in travel I am bombarded with travel imagery. I write about it day in day out. I’m sure if you cut out travelling I’d be very down and depressed.
I’m a very ambitious person. I know I’ll have a house one day and my current projected plan is that I’ll be able to own one in 2-3 years whilst still travelling and enjoying myself.
I’m Saving Elsewhere
“Today, it’s acceptable to go out and see the world before settling down – in fact, it’s very much encouraged as it helps you develop a lot of life and work skills,”
She said. However, she doesn’t think they’re completely abandoning their hopes to buy a house.
“I think young people are more savvy than they are given credit for, and will look to travel whilst saving something, even if it’s just a small amount,” she said. “It’s just that they are choosing to spend their earnings in a different way to previous generations on travel and adventures, instead of taking the more traditional path to home ownership.”
I am very careful when it comes to travel. I set a budget, search out deals and save money wherever I can. Travelling off peak, using budget airlines and opting for AirBnB rather than hotels. My on a Shoestring posts illustrate this. Recently, I visited Oslo (notorious for being very expensive) for around £400! My weekend in Amsterdam was even cheaper with a total cost of £350.
So, it’s not like I’m extravagant and spend thousands on my travel adventures. And any money I have left over at the end of the holiday goes into my… yep you guessed it house savings account or towards my share investments. So I am still being savvy about my future, not frivolous with my earnings.
I save money elsewhere. Cutting out Starbucks trips, making packed lunches at home and using as many money saving apps and loyalty cards as I can. Tastecard is a great one to check out!!! Working in travel also means I get net rate holidays, hopefully sometime I can take advantage of in the future.
I know when I hold the keys to my own house, I can sit content in my lounge and recount all the travel memories I have. When that day comes I’ll be in a even stronger financial position, earning more to fund my mortgage and my travel cravings. And I’ll have lots of travel stories to tell at my dinner parties, so it will all be worth it.
When I was little I would always sing “Gonna build a house”. I can’t wait to decorate. Get paint in my hair after spending weekends painting. Fill walls with artwork and photos linked to my travels. Add little touches like candles, a home automated system and even get a cat and a dog. Host dinner parties for friends and be able to say ‘oh of course we’d love to have you over to our house’. I’m excited for that grown up adventure – but I still have a few more years so why not travel make some memories to fill those walls with?
Of course, there are two sides to every story so be sure to read Natalka’s guest post on my site about Why I’m missing out on travelling to buy a house. It’s a great read.