How To Travel With Student Loans

Alright, real talk: How many of you are burdened by student loans?

Assuming I’m not the only one raising my hand to that, let me ask a better question: How many of you don’t travel (as much as you’d like) because you’re still paying off your student loans?

I’m right there with you. I’ve spent more time than I care to admit bemoaning my student loan debt and cursing my decision not to go to a cheaper college. But hey – if my biggest handicap is that I’ll be paying for my ivy league education for 20+ years, my life really isn’t so bad, is it?

It’s all about perspective. You can choose to give in to your handicap and let it cripple you, or you can learn to live with it and find other ways to thrive.

You can travel with student loans. I’ve been traveling for the past 7 years while continuing to make my monthly payments and I’ve come up with some cost-saving and money-making strategies that help me – and can also help you! – do this.

nyc

Lower East Side, NYC
 

First, you must do this:

Treat your student loans as just another monthly bill

If you think of your student loans as a giant, paralyzing mound of debt, it’s SCARY. Don’t do that. Know that you don’t have to pay it all off right away, and you don’t have to put your traveling on hold until you do; however you DO need to be responsible about it, so don’t think you can blow off your student loans.

Instead, tackle your student loan debt in little bits at a time, just as you’d take on any massive project. Rome wasn’t built in a day, and unless you come into some lottery winnings or a surprise trust fund, your debt won’t be paid off in a day either. Once you get into this mindset, you rationalize that as long as your bills are all paid and you have some extra money saved, you can afford to travel!

How I Do It: I budget about $700/month for student loan payments. If I know I’m approaching a time where I won’t have steady income coming in, I ensure I have enough money in my savings to cover several months of student loan payments (depending on how long I expect the un(der)employment stint to last).

travel with student loans

Me in London

Then, you can do other things to earn and save money for travel:

Set up a recurring auto-transfer into a travel savings account

Just as you put part of your paychecks toward various monthly bills, you should also reserve a chunk for travel. If you have both a checking and a savings account, you can set up automatic transfers between them. You’re able to designate an amount, date, and frequency for the recurring transfer: for example, moving $500 on the 1st of every month from your checking to your savings account. You should monitor your budget and spending for awhile to determine just how much and how often you can afford to move your money – remember, once you move it out of your checking account, you can’t touch it until you’re ready to spend it on travel!

How I Do It: Admittedly, I only started auto-transferring money from my checking to my (travel) savings account this year. I don’t think I’m necessarily spending less of my money because it’s in a separate savings account, but now that this account is steadily growing, I’ve mentally labelled it as travel-only money. When I check the balance, I instantly think “Wow, that’s $XXXX for travel!”. Then I start planning hypothetical trips and calculating how long it’ll be until I’m able to take them. Travel suddenly becomes more REAL when you have money set aside specifically for it.

travel vespa

Live frugally

I hate when travel bloggers advise cutting all extra expenses from your budget in order to save up for travel – I don’t advocate this approach. I’m not going to stop indulging in weekend lattes, quit my crossfit membership, or live off of Ramen noodles. I don’t believe in sacrificing today’s happiness for unguaranteed future joy.

Instead, I recommend cutting *down* on extra expenses, limiting them to just the things that make you exceedingly happy. You want to maintain a high quality of life – so figure out what gets you there, and don’t spend any money on anything that doesn’t.

How I Do It: I invest in my health and in meaningful experiences, the things that are most impactful in making my life awesome. For example:

  • I eat a ridiculous amount of salad, meat, and nuts – all items on the more costly (and healthy!) end of the food scale. But to balance it out, I eat most of my meals at home and try to make leftovers to bring to work for lunch because it’s cheaper than eating out.
  • I have no problem paying for gym memberships or other active extracurriculars. I’m investing in my body so that it continues to treat me well throughout life, so that I can keep frolicking around the world, cycling and climbing mountains when I’m old and gray.
  • I rarely go out drinking. A). It’s not good for me, and B). It’s expensive, especially in NYC. If I do feel like a drink, a cheapish bottle of wine does the trick.
  • I don’t shop much. For most clothing purchases, I will either walk into the store knowing exactly what I need, or limit myself to just the items on the sales rack.

cambridge england

Cambridge, England

Take on extra jobs

If you’re working a full-time job and living frugally but not seeing the savings accumulate as fast as you’d like, you might consider looking for part-time work to supplement your income. I highly recommend pursuing one of your other interests or skillsets by doing some freelancing, but you could always take a retail or service industry job.

HOWEVER: Just because you have a little more money to spend, doesn’t mean you should spend it. As per the points above, don’t squander your extra income; put more of it into your travel savings and keep living frugally!

How I Do It: I’ve made extra money from part-time endeavors, alongside or in-between stints of full-time employment:

  • I’ve been a part-time professional wedding photographer for the past 4 years, shooting mostly weddings but also the occasional event or portrait session. Make no mistake, this is work that requires all sorts of skill, discipline, time commitment, and investment. Not everyone can or should attempt to start their own photo business, but if you’ve got what it takes it can be an excellent way to bank a lot of extra cash.
  • This one time, I was a courier (bike messenger) delivering lunch, dinner, coffee, ice cream, shirts, office supplies, and anything else you can order in Manhattan to fellow New Yorkers. My experience was neither enjoyable nor lucrative, but if you have constant orders coming in and the weather is decent, it can be worthwhile work.
  • I did some freelance web consulting work last summer, post-Asia trip, while I was applying for jobs. If you have any sort of useful skill, freelancing is a great way to utilize it by doing odd jobs on the side of your full-time work.

florence italy

Florence, Italy
 

Travel cheaply

It’s no secret that I live frugally, so it only follows that I would extend this mindset to my travels. I am constantly looking for ways to lower my travel expenses, whether it’s booking the cheapest option, accumulating and using miles/points, or bartering for services. If you’re willing to do a bit of legwork and research beforehand, it pays off bigtime when you end up needing less money to travel.

How I Do It:

  • I book the cheapest flights available to the city I’m headed, and try to be as flexible as possible on the dates. Sometimes I even let an absurdly cheap flight decide where I’m traveling to next!
  • I book the cheapest accommodation I can find (provided it has good reviews and is located in a convenient/safe area).
  • I offer to take photos or blog about my travel experience in exchange for getting to go on tours or participate in adventure activities.
  • I sign up for credit cards when they have a special sign-up bonus. Many cards will give you 25,000 points if you spend a certain amount within the first 3 months (usually $3000). I signed up for both my Chase Sapphire Preferred and Southwest credit cards when they were doubling their sign-up bonus and handing out 50,000 miles for new members. 50,000 miles gets me a free roundtrip flight to Europe if I redeem through Chase Ultimate Rewards, or about 3 roundtrip Southwest flights within the US. If you’re looking to save on accommodation, the Chase Marriott card currently offers a 80,000 point sign-up bonus which you can redeem for free nights at Marriott hotels around the world.

cape cod

Cape Cod, Massachusetts
 

Recap:

In short, you can still travel with student loans, as long as you are diligent about managing, saving, and earning money for travel. It does require discipline and some degree of hustle, but that’s true of any dream you’re chasing.

To recap, here are my 5 tips for how to travel with student loans:

  • Treat your student loans as just another monthly bill
  • Set up a recurring auto-transfer into a travel savings account
  • Live frugally
  • Take on extra jobs
  • Travel cheaply

How do you afford to travel? How do you travel with student loans? Any tips?

Note: This post contains sponsored links. As always, all opinions expressed here and elsewhere on this blog are my unbiased own, and are uninfluenced by any gifts or incentives I may receive.

Lindsay Buckley is the photographer and travel blogger behind Frugal Frolicker. She’s a New Yorker currently based in Sydney, Australia, documenting outdoor travel experiences Down Under and beyond.

Follow along with Lindsay’s travel photography on Facebook and Instagram, and be sure to sign up for the monthly Frugal Frolicker newsletter!

Where in the World is This?


  • Great ideas! My fam has many expenses (mortgage, daycare, small amount of student loans, etc) but we do put a certain amount in our travel fund every month and it makes it much easier to just KNOW that is what the money is for. There’s no debating – oh do we use this to fix the car, or to travel? My husband is a bit of a savings fund junkie, because we do have savings accounts for pretty much everything – a car maintenance fund, house projects, emergency fund, travel, gifts (Christmas with a family of like 30 people gets expensive!), and we’ve recently started saving for a trip we want to take in 2020 to Europe for a few months with our kiddos. It does seem somewhat absurd to save for a trip that is 5+ years away, but that’s going to be an expensive one, and if we don’t save, it won’t happen.

    • lindsaypunk

      I love the idea of having separate savings accounts for various different expenses! When you have a family and more obligations to worry about, it just makes sense to be prepared for all of these things.

      I think it’s great that you’re planning 5+ years ahead for your big trip! I did the same before I studied abroad in Australia, and saved at least 95% of the money I made at my summer job for 3 years so I could afford to do some traveling while I was there. It’s never too early to start saving!

  • Jill Pinnella Corso

    Smart words, Lady!
    Do you ever feel guilt about spending your savings on travel instead of investing? Or do you have an account for that too?
    Not that I think anyone should feel guilty about traveling. As you say, why sacrifice present day joy for unguaranteed happiness?

    • lindsaypunk

      Thanks, girl! Ooh that is an excellent question – I do have an IRA account with Vanguard that I’ve been adding to every year since entering the working world. Could I be putting more money in there that I’m currently spending on travel? Of course. But as long as I end up with enough to retire and live in a hut on a Thai beach, I’m good :) I’m trying to find the right balance!

      • Jill Pinnella Corso

        Love your life!

        • lindsaypunk

          :D !

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  • Natalie

    Great article! Thank you. Glad to know there’s others out there in the same boat

    • lindsaypunk

      Thanks Natalie! And agreed – it’s comforting to know I’m not the only one grappling with it!

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