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Why Get Help With Debt Before Travelling This Summer?

The desire for Millennials and families to travel the world has steadily increased, but with debt holding steady at near record highs it’s not a bad idea to explore getting help with debt first.

If you’re not sure whether a trip is in the budget this year, it may be a good idea to sit down and do some research on your finances and travel costs to really make the right decision. Let’s explore some of the costs to think about before travelling, how you can reduce or avoid debt this summer, and what debt relief options are available should you want to get a better handle on your debt.

What are the costs associated with travelling that result in debt if not planned for?

Travelling with a family can be expensive even as flight prices get lower and more accommodation options open up because of sites like AirBNB and VRBO. Getting a flight and accommodations might be a big portion of your travel expense, but there are lots of other costs you need to factor into your planning to avoid unpleasant surprises at the end of a trip:

  • Transportation (Car rental, buses, airport shuttles, ferries, road tolls, etc.)
  • Currency exchange values
  • Meals and snacks
  • Activities and entertainment

You also need to take into account unplanned expenses as traveling often comes with surprises such as; missed flights, cancelled accommodations, bad weather, car troubles and other things that can lead to further challenges on your finances if not prepared. Plan to have an emergency fund that way if you have unexpected expenses, you won’t have to rely on credit and debt.

What steps can you take to reduce or avoid new debt this summer?

Summertime is always an expensive time for families, regardless of whether you travel or stay close-to-home. Here are a few steps you can take to reduce debt and avoid summer travel debt:

  • Review your finances before the kids are out-of-school and summer is in full swing.
  • Challenge the family to find ways to reduce expenses around the house and use those savings towards family activities or travel.
  • Build a plan of everything you want to do this summer and then build a budget to see what can and can’t be done without taking on new debt.
  • Look for low-cost alternatives to travelling abroad such as exploring Ontario Tourism for memory-making adventures close to home.
  • Read this article from the Globe and Mail on beating the Summer FOMO Blues.

What debt relief options are available to help with debt should you want to travel?

Debt relief options such as consolidation loans, consumer proposals, and bankruptcy are available whether you are looking to travel or not. When reviewing your finances, you’ll have a good idea of whether or not you need to seek professional debt help.

Here are a few situations where you may want to seek help:

  • Your spending more than what’s being earned each month.
  • Missing debt and bill payments.
  • Maintaining debt payments but are unable to start reducing your consumer debt load.

Making the decision to get help with debt can help in your efforts to travel with your family sooner than you might think. How To Pay Off Debt And Live Your Desired Lifestyle is a great read to help you make changes at home to help you and your family save more efficiently for travel and other things you enjoy in life.

Deciding to get help with debt before travelling this summer is an important step and can be an integral part in having a debt-free summer. By taking action now to pay off debt, you’re setting you and your family up for the potential of being able to save more into the future.

What do you think the advantages of trying to reduce debt before travelling with the family this summer are? Share your thoughts with us on Twitter using #FamilyFinances and #DebtSolutions!

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