Optimal Finance Daily - Financial Independence and Money Advice
3096: Should You Go On Vacation If You Have Debt by Michelle Schroeder-Gardner of Making Sense of Cents
Apr 4, 2025
Michelle Schroeder-Gardner, a financial blogger and author of Making Sense of Cents, dives into the balance between enjoying life and managing debt. She emphasizes that vacations shouldn’t lead to more debt, sharing strategies for affordable travel like budgeting, staycations, and utilizing credit card rewards. Practical tips ensure you can enjoy a getaway while prioritizing financial responsibility, reminding listeners that a fun trip shouldn't compromise their financial health.
10:36
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Quick takeaways
- Balancing financial responsibilities with leisure is essential, encouraging individuals to enjoy affordable travel options without increasing their debt burden.
- Utilizing strategies like staycations and credit card rewards can facilitate enjoyable travel experiences while prioritizing debt repayment and financial growth.
Deep dives
Balancing Debt and Travel
Traveling while managing debt is a personal decision that requires careful consideration of one’s financial situation. For those with high-interest debt, it may be more beneficial to prioritize debt repayment over vacations to avoid escalating financial stress. Exploring local attractions or participating in free events can serve as enjoyable alternatives to expensive trips, allowing individuals to refresh without additional expenses. Creating and sticking to a budget for any potential travel is essential to ensure that debt repayment remains the priority.
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