A few weeks ago, I posted about my plans being on hold for a little while. That’s not the case any more as this week, things have changed – I’m feeling much better and more in control of things, in fact, more in control of everything. That’s not to say that I actually am, but it feels good to not be drowning in my life right now.
Anyway, I’m feeling much more focused and my mind is back on travel planning – more specifically, back on financial planning: clearing debt and (eventually) saving to fund my round the world trip.
I currently have around £20,000 of debt to pay off before I can start thinking about saving…well that’s not actually true (which is a relief because £20,000 is a shit load of debt to clear in a year!) I have about £5,000 to completely clear, the other £15,000 is a post-graduate student loan. It works differently to a normal student loan as it’s from the bank rather than the government but it also works differently to a normal bank loan (great explanation there, I know!) – I’d love to pay as much as I can before I go but it doesn’t really matter if it’s not completely gone.
So, I have £5,000 to clear in 12 months (maximum) – it’s time to step up my game in terms of cutting back on every day expenses and to start working on other income sources alongside my regular wages. I’m currently working on an exciting new business plan which will hopefully make a big difference (long term, not immediately) so *fingers crossed*!
I’ve found with my diet and exercise efforts, that I’m much more focused and determined if I’m recording my progress. There’s something about having to physically write down my “failures” that makes me more likely to stick to the original plan. So, I’ve decided to do the same with my savings plans.
I’m hoping that by sharing my hints, tips and progress, I’ll inspire others and show you that, no matter what your current financial position, if you want to quit your job and go travelling, you absolutely can.
I’ll do a little update at the end of each month and hopefully we’ll see that £5,000 disappear before our eyes.
Wish me luck!