Just go and do not worry . Have a good time . $1000 will make no difference in your life.Enjoy yourself while you can . Nobody knows what tomorrow will bring .It might as well be end of the world and you wasted your time trying to save instead of enjoying yourself .Once you get back try to find a way to earn more money .
Spending over a month of pay on a vacation is not reasonable when you are so far in debt that it is about a year of your pay.
The only way to deal with this much debt is to work more than one job. If you spend every cent of your income paying down the debt you will take more than a year. Working two jobs for a few months will make a dent in it. Use the time you would have taken a trip to earn more money.
Consider the rest of your budget making $800 a month is how you got into debt. You have expenses like getting a hair cut even if you walk to work and don't own a cell phone. You need to work two jobs or get a major career change to have any kind of life.
1. Don't take the vacation
2. Pay off debt as fast as possible
3. Start investing in a Roth IRA
4. Your Roth IRA will gain thousands in interest if you keep at it
5. Once your account starts to really accumulate interst, you can withdraw some of your original contributions and take a vacation while your account continues to make you more money.
Yes this may sound a little strict but this is what I have done. I paid off all my debt, I invested at an early age, and let my account grow thousands of dollars over the years. Investing is the best thing you can ever do.
Let your money work for YOU and start investing.
Good luck.
depends where the charges are and if they are loans or credit cards, should take you over 6 years at minimum payment at least.
Even though you know really well how to get into debt you just can't stop yourself from spending. If you don't have the money then you can't take the trip. At $9600 a year it's going to take a lot longer than 6 years. Plan to sit home or get two jobs (but even then it will be difficult to pay off that debt).
Even if you took your entire pay it would take over 1 year to pay off your debt. The actual time it will take depends on how much you pay every month.
IMO, if you can save $1k in 4 months you should put it toward your debt and have a "staycation" at home.
When you become debt-free you should pay yourself (save) 10% of EVERY check if possible. If not, pick a number and don't save anything less.
Forget the trip. Getting out of debt must be your No. One priority. You have no idea how fast that debt will grow if you don't pay it off as fast as you can. $800/month is a very low income, you simply cannot afford trips.
Remember how you got into a huge $10,000 debt in the first place? Remember that you will always have to pay rent, pay for food, and pay for transportation to your work as well as pay health, car and possibly renter's insurance. You're going to have trouble paying off your debt as it is. So forget the trip and all other unnecessary expenses--including new clothes, eating out, expensive haircuts, etc. AND forget cable TV and high-cost phone plans.
It is always better to clear the debt and to have a peaceful life. If the debt is not a pressing one and the delay in making the payment is not going to affect you credit score you may save and pay
No trip, pay your debt than start saving 10% of all you make an don't touch it .
If you pay your entire income for your debt, it's going to take you well over a year.
Five words. Earn more and spend less.
