We Investigate: Should You Travel or Save Up for a House?

Euro summer or your own house🤔 

If you are a student right now, chances are you’ve asked yourself at some point, “Do I spend money on a Euro summer, or save my money for a house deposit?” 

Both options are great, but depending on your goals and desires, one may be more for you than the other. 

And everyone has a different path in life. While you might want to scour the world, your mates might be total homebodies.  

Let’s break it down the pros and cons for both! 

Travelling. 

There is so much more to the world than the city you live in. Travelling can be one of the most eye-opening experiences you'll ever have.  

You’ll meet new people, explore different cultures, and try foods you’ve never even heard of. 

It’s also a good way to reset if you’ve been grinding through studies or just need a break. 

However, travelling can burn trough your money real quick.  

Flights, accommodation, travel insurance, meals, transport: It’s not cheap. 

Add currency exchange rates and the rising cost of everything, and suddenly the $5,000 savings you’ve got in your account doesn’t stretch quite as far as you thought.  

Saving to move out.

It’s not impossible, but it’s definitely something to budget for properly. 

It’s no secret that house prices are a little crazy right now.  

Prices are up, competition’s high, and getting your foot in the door can feel like trying to win the Hunger Games.  

So, if you’re thinking about buying in the next few years (or even just dreaming about moving out), starting to save now isn’t a bad idea.  

Building up a deposit early could give you more freedom and options later. 

Plus, having your own place isn’t just about your own independence and freedom, but also could be a great financial investment. 

But, saving your money to move out can make you feel like you’re pausing your life for something that might be years and years away. 

You might find yourself skipping out on nights out, trips, or other fun stuff just to hit your savings goal. 

This can be super difficult, especially if you’re watching your mates live it up overseas. 

There’s no correct answer here. And who’s to say you can’t do both. Plenty of people balance both travelling and saving for a house/moving out.  

It’s also easy to look at what others or your friends are doing and feel like they are miles ahead, but it’s important to remember that you’ve got to find your own path, and go at your own pace. 

It’s about doing what makes sense for you, your position, and goals🙌 

 

This article does not constitute personal financial advice. Before acting on any information in this article, you should consider your money goals and financial situation to ensure it’s appropriate to you.