In less than 2 weeks, I will be jetting off to island-hop through Greece for 10 days. The point of this post is not to instill envy in any of my readers, but rather to highlight my decision to take a vacation instead of throwing more money towards my mortgage or student loans.
Basically, it boils down to balance. I’ve worked my arse off to pay off my insane credit card debt, build my savings, and establish a decent net worth, all while paying extra on my student loans and mortgage. If my financial journey were compared to a hand of Texas Hold’em, I have seen Dave Ramsey’s gazelle-like intensity–and raised it by a few hundred Suze Orman “DENIED!’s.” I’ve effectively denied myself a plethora of material objects, travel opportunities, and experiences all in the name of debt payoff and financial stability. And I certainly don’t regret any of it because I wouldn’t be where I am today had I not denied myself these absurdities.
However, I know that at a certain point, no matter how loud I hear Suze scream in my head, I will eventually burn out and lose focus if I don’t infuse balance into my financial journey. Therefore, I am happily taking this trip (and another one to Cancun in November–OK, now feel free to hate me but please know that this one is for a wedding!). In terms of finances, the best part of this trip is that it’s been funded 100% through my monthly budget and the flights, hotels, and ferries have already been paid for. I’ll post more in detail about the fabulous deals I found in order to make this happen, but for now I want to ask you:
How do you instill balance in your financial journey? Do you have any planned indulgences or splurges around the corner? If so, what are they?
Don't you know that experiences get a pass in the PF blogging world?
I am 100% with you. I would be on a plane tomorrow with my husband to some far off destination if it weren't for my children. I would still do it even if it meant taking it out of our efund, because it would totally be worth it.
I call this "Financial Balance". It's not just income/expense balance, it's a concept about balancing the now/future and fun/austerity.You've come a long way in the past couple of years. Enjoy yourself in Greece!! Then come back refreshed to focus on your financial goals (mortgage payoff, etc.) And share your pics with us, too!
I seriously need some balance in my PF journey. Haven't taken a real vacation since 2003 and I am REALLY noticing it lately. Life has become a blur of work, blogging, and paying down debt. Which is great, except I know there's more out there. Going to the Financial Blogger Conference in a few weeks is my baby step toward having a life again – hopefully it will inspire me to take some more opportunities to live a little!If I had the chance to go to Greece without using credit cards, I'd be all over it! Don't feel bad – you have the time of your life and take plenty of pics to share with us!
I'm the same way. I use vacations to escape the craziness of my world. Without it, I would go insane!
Glad you're taking a break! the memories of Greece will be with you for the rest of your life!! Enjoy your trip, you only live once!!!HS
I'm jealous! I'm sure Greece is beautiful this time of year.The thing about travel is you have to do it while you can. You've worked hard, you have the budget to pay for it, so why not?Can't wait to hear your fabulous trip details.
Thank you all for such supportive feedback! I'm so excited for this trip, and I know I'll return home renewed and excited for my next set of goals.@Niki–I definitely need to remind myself of that; it's easy for me to just deny, deny, deny all in the name of my budget!@ECN–I agree completely. Thanks for the nod to my progress, it's wild to think of where I once was compared to where I am today.@Andrea–yay for the conference! I know you'll have an amazing time. As for vacations, you definitely just have to do it. Check out TravelZoo for some pretty amazing deals that can fit into anyone's budget. Pics will be shared for sure!@HS–it sure will be. Thanks!@Lindy–"do it while you can"–Amen!
I will be honest with you. I hate debt. I want to be debt free and obtain wealth. However, I have come to the simple conclusion that you cannot take the money with you to the grave. Well, I guess you could, but people would dig you up and steal it from your casket. My point being is if you do as Dave Ramsey says and eat rice and beans, beans and rice without taking a break, you will have lived your life worrying about money and not enjoyed life as you should. Sometimes you have to treat yourself. Take a vacation. Buy yourself something you have always wanted. There is only one rule. You have to pay cash. No taking vacation on credit. If you have to use a credit card then you cannot afford it. Enjoy your life, just enjoy it without going into debt.Martilyo!angrymillionaire dot com
This is exactly what life is about. This post makes me smile. This is probably the best decision you could have ever made on your financial journey. What makes it even more awesome is that you can do it without even racking up debt and still be in control of your financial life and life on the whole. What makes it doubly awesome is how you funded it.Go on and have a blast.
You HAVE to give yourself the wiggle room to do things like this. If you don't, you just become too frustrated by the debt payoff, by the long time lines and the barely noticeable progress. When that happens, you start to feel like it's not worth it, and soon, off the wagon you fall and here comes more credit card debt.So good for you for giving yourself a break, for saving for a vacation while still paying off your debt. And you know what, you'll come back even more dedicated to debt payoff because you'll want to be able to do it again and again and again…
I used to have a rule that I had to leave the country at least once/year. Over a lifetime, that ends up being a lot of new places. Travel is one of those things that gets harder as you age, so it's not something that can be saved up and done all at once when you're older. Now that we have 2 kids, we do a big trip every other year instead of every year, but we still manage to do local getaways on the off years too. I'll never poo poo travel done frugally.
@AngryMillionaire: I hate debt, too! But I hate imbalances in my life more, so this was a no-brainer when I found some pretty incredible deals to make this trip happen.@Rafiki: Thanks! Financial control took a loooong time for me but I'm happy that I've found it. Having a blast is the #1 priority on this trip.
@Shanendoah: I hope that you're correct! It's funny because just thinking about this trip makes me more motivated for my next steps.@First Gen: I love that rule! I had one that was similar back when I was a free spender (ie. throw it on the CC!), but I've reigned myself in. Now that I'm at a very comfortable spot, I think I'll revisit the annual trips–but they'll be done on a dime for sure.
I think travel falls into a special category of spending. We've traveled a lot with our kids because I think those experiences are important to them and they're only young once. Plus I love experiencing different places with them.Enjoy Greece! And I can't wait to hear your budget travel tips.
I am a new reader, but just went back and read a lot of your archives. I know how expensive real estate is in Boston, so you completely have my admiration for buying a condo, getting out of debt, and being so focused on your money. Congratulations on the trip and enjoy it!! You've inspired me to be a little bit more gazelle intense in my financial journey…
@Julie–I couldn't agree more! I definitely plan to expose my (future) children to travel and the various experiences that come along with it. And I will be posting all about budget travel while I'm away; gotta love the scheduled posts!@Well Heeled–Thank you so much! I've been reading your blog for a long time, and I'm very happily surprised to see you venturing my way.
Good for you BT! Enjoy your vacation! I think it's very key that you paid for this trip in cash vs putting it on credit cards. That might not have been good for the debt payment situation!
I find personal finance like dieting. You don't need to eat a perfect diet 100% of the time. If you eat correctly 90% of the time, your consistent effort will pay off and you will lose weight. Like personal finance, that 10% wiggle room should be used to enjoy yourself and realize how far you have come.So I think you deserve that chocolate cake, err i mean, vacation!
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