Have you realized that you value experiences over material possessions? It’s a great realization to have, and the earlier it happens the better. If you really assess all your “stuff,” you’ll likely find that you could do without a lot of it. Things only bring pleasure for a very brief amount of time, and oftentimes there’s guilt attached to them. One of the best ways to get a total immersion experience of doing without is to visit a country or family where material items simply don’t abound.
If you want to get started on the journey towards “less is more” to give yourself the space and funds to travel, there are some big ticket items you can probably immediately ditch. Let’s get started with some of the biggies:
- That expensive car. This doesn’t mean you have to get rid of a car entirely. Many people truly need them for convenience. For instance, if carpooling isn’t an option and commuting via public transportation would take you five times longer to get to work, it doesn’t make much sense to get rid of a car entirely. You have to assess what your time is worth, too. A car can be a great time-saver. However, you likely don’t need as expensive of a car as you have—or as many cars as you have. Trade out that costly ride for an affordable car. You’ll also want to make sure you keep maintenance in check with regular service checkups. Keeping up with that, just like your bodily health, means less big expenditures in the future.
- That expensive house. Whether you own or rent, there are ways to lower your housing costs. If you own your home, is it possible to rent out a room or more for extra income? Maybe you already travel a lot but you haven’t rented out your home on Airbnb or another option while you’re away. It might not be the best time to sell a house depending on your market, and that’s a big decision to make anyway. Real estate is generally a sound investment. However, you might benefit from renting out your home entirely and renting a smaller option for yourself. That way, the rental income will roll in passively.
If you already rent, are you sure you’re getting the best rate? Are you paying a premium for amenities you don’t really use? The most important aspects of a rental property are that it’s safe and conveniently located from work (or other areas you regularly need to get to). If you have children, being in a good school district is also a priority. Otherwise, little matters. You might be paying a lot for those granite counters you don’t own or that pool you never use. Take a look around at other rental properties and see if there’s a more affordable option.
- Those credit cards you haven’t transferred or consolidated. If you have credit card debt, you know you have to get rid of it. But that’s not very helpful right now. In order to at least pay less and maybe avoid some interest rates for a while, you might want to consolidate your debt or transfer balances to a generous zero-interest-rate transfer card. Some cards offer up to 24 months with no interest on transfers.
- Anything you haven’t used in a year. One year is a pretty generous amount of time. If you haven’t used an item in a year, whether it’s a piece of clothing or an appliance, it’s time to get rid of it. You have the luxury of either selling one item at a time (likely for a higher price) or having a garage sale and getting rid of a lot of items at once. Immediately put that money either towards your debt or your travel fund. At the same time, you’ll be gaining more space. Don’t fill it up with more “stuff.” Take the time to reassess if you really need as much space as you have. For instance, if you had a garage full of stuff, you might want to consider renting the garage out to someone else who wants storage. That’s more passive income for you.
- Your designer items. If you have a couple of designer items that you adore and just can’t bear to part with because you use them every day (like a handbag), that’s okay. However, a lot of people get into the habit of “collecting” designer shoes or other non-sensical high-end items. It’s very unlikely that these items will ever appreciate in value. They’re just taking up space and enticing you to buy more items for your collection. Sell them for a high price while you still can on a site like Poshmark, and make better use of those funds.
- All of those costly “treatments.” Whether it’s weekly manicures or eyelash extensions, all those items add up quickly. A lot of it you can do yourself or find much more affordable alternatives. If pampering yourself is your guilty pleasure, it’s also likely keeping you from traveling.
How can you minimize indulgences and things in your life to free up your funds to travel more? It’s time to swap some vices for a much better and positive splurge: Travel.
