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If you love to travel, you can keep going for a long time before you go home. If you’re able to find work, you could potentially travel forever. A lot of people, though, end up traveling until their money runs out. Unfortunately, some people don’t always know when to stop and go home. Or they know they need to go home, but they don’t want to face up to their financial situation when they get there. If you’ve been using traveling as an excuse to run from your finances, it’s time to settle down and get things sorted.

 

Get Settled

Start out by finding a place to settle down. That might mean choosing wherever you are now, or a favorite travel destination.  More likely, you’ll go home. You might have a home waiting for you, or at least someone willing to put you up for a while. You can find somewhere to live and perhaps look for a job if you need to. If you’ve already got a home and a job to return to, you’re all sorted. Even then, it could still take a while to acclimatize to being back home if you’ve been traveling for a while.

 

Check Your Credit Score

Once the dust has settled, one of the first things you might want to do is check out your credit score. If you’ve been using credit cards on your travels and maybe meeting minimum payments or even missing a couple, you’ll want to make your credit a priority. If it doesn’t look good, don’t panic. You can still find ways to put things to right. You can follow this link to see some examples of credit repair companies that can help you out. It’s important to have a good credit score for a lot of things, including buying a home or taking out a loan. If your credit score looks healthy, you don’t have much to worry about.

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Assess Your Income/Income Options

You might have gone traveling with the safety net of a job to return to. However, some people decide to quit their job before they leave home. If you are employed and you need to get your finances back on track, you should have a close look at how much you have coming in and the best way to budget it. But if you don’t currently have any income, that needs to be a priority. You’ll need to find some form of income as soon as you can, especially if you have debts to pay off.

 

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Create a Budget and Financial Plan

If you have credit cards or other debts you need to pay, a good budget will help you take care of them. Start by writing down your essential expenses, like rent and food. Then you can prioritize your debts, to make sure you’re at least paying the minimum amounts each month. Look for ways to save money so you can pay off more, or perhaps, even save some money.

 

You can’t run from your finances forever. Eventually, you’ll need to get things sorted. If you don’t, you can forget about traveling again anytime soon.

 

Please note that this post may have affiliate or sponsored links. The reviews and opinions on products listed on this blog are my own. For PR & media inquiries, please email sheila@thesolotripper.com.

About thesolotripper
Sheila, a.k.a. The Solo Tripper. Former news desk editor, full-time traveler, freelance writer.

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thesolotripper

Sheila, a.k.a. The Solo Tripper. Former news desk editor, full-time traveler, freelance writer.

9 Comments

Priya · February 8, 2018 at 4:57 pm

I remember the first time I went out with my family. I just didn’t want to come back home and went on spending endlessly on shopping. I even had to withdraw extra cash. It was at that point I realised how crazy I was behaving. Great article here. It reminds you to know your limits and spend. 👍

    thesolotripper · February 8, 2018 at 6:06 pm

    Thank you for sharing your experience, Priya. You’re right, we need to be reminded of our limits in spending. 🙂

Elizabeth · February 8, 2018 at 7:24 pm

Excellent post. I’m scared of travelling because of the huge expense, but have a full bucket list… Will see how to use your tips on my finances.

    thesolotripper · February 8, 2018 at 7:30 pm

    Thank you, Elizabeth. Try to start with the cheap destinations, you’ll love it!

Ella · February 8, 2018 at 7:31 pm

This is a really useful article. I absolutely suck at managing my finances. I’d travel endlessly and never check my account. I only know I’ve run out of money when my card is declined 🙈 Fortunately, my partner is super careful and has a savvy head on him so he keeps our finances in check. We’ve made sure to settle down with a home base and all the bills and mortgage come first now before travel. In the long run I think this will mean I will be able to travel more 🙂 I also am NEVER getting a credit card. I think not having one has saved my butt multiple times.

FancyMabel · February 9, 2018 at 11:22 am

There’s some good tips here. It can be hard to find a balance for your spending to make sure you are taking care of your needs and while you’re making room for your wants. Whether it’s in travel or just in every day living–it can be a thin tight rope to walk but it’s definitely possible to have both if you are mindful and make a plan!

Sophia · February 11, 2018 at 4:46 pm

Running from bad finances only makes it worse! Great article

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