5 financial strategies to help girls TRAVEL 27 countries and still save enough money to buy a house at the same time
Most people feel the need to choose between having a good travel budget and saving to buy a home. However, Danielle Desir, 31, has done both.
Desir is an author, podcast content creator and entrepreneur who has traveled to 27 countries. Meanwhile, she still saved enough money to buy her first four-bedroom home in Connecticut, USA. Desir’s family taught her how to save, opened a savings account for her when she was 15 and started invest when she was 17 years old.
As an adult, she has big dreams of traveling the world, working remotely, and owning her own home. “I wanted to show that I’m someone who doesn’t have to choose between buying a house, traveling and paying off debt – but I can do it all at once,” Desir said.
Here are five strategies Desir used to balance between saving for a house and traveling the world.
1. Open a savings account for each goal
Clearly defining each type of savings account for different goals has helped Desir a lot while budgeting. She clearly understands her progress towards each financial goal.
“It’s also really helpful because if there’s a great deal related to flights or tours. Then I know exactly which account to use for each case. Of course, I also know how much money I can actually spend and not go over budget,” says Desir.
2. Automatic Savings
“I tried to treat my travel and home savings as bills I had to pay,” says Desir. She sets up automatic transfers every time she earns into her two savings accounts.
Some people like to save every penny on their trips, i.e. they spend as little as possible. However, that can put you in financial crisis. Because you are thinking too much about money, while the holidays are born to rest.
Desir said she has learned to be thrifty, spending not extravagantly but also not being too frugal. She says stressing out and being too frugal for a vacation only leads to “financial chaos and mental fitness”. All the worries that you won’t have enough money for the trip can take away your own joy.
Careful preparation and a good budget will make your plan “light” to see.
3. Start saving with 1 million dong per paycheck
“I started saving really small amounts, and I feel like a lot of people will say, ‘Why so little?'” Desir said. “But after a year, I was able to take my first trip to Paris, and that gave me confidence.” As her income increases, she can put more money in savings travel by yourself.
“Slow and steady is fine,” she said. “You don’t have to save 5 million dong all at once.”
4. Book flight tickets 6 to 9 months in advance
Another way Desir helps balance commuting and saving money on housing is to book trips months in advance to keep costs down. Flights are usually cheaper the sooner you book the better.
5. Room for rent in a newly purchased house
After Desir bought a house, she still wants to continue to travel. Like any newcomer becoming her own “homeowner” for the first time, she had to adjust to new expenses. So she decided to rent out other rooms in the house to save money.
Desir, 27 years old and single when she bought her first home. That means a 4-room house is too big for her needs. Therefore, when renting, she has an additional source of income to add to the tourism fund.
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