(Closed) Save more for house now or travel more? What would you do?

posted 4 years ago in Travel
  • poll: What would you do?

    Save more money now to buy a house sooner

    Travel more and save for a house later

    Other? Comment please!

  • Post # 2
    Member
    8992 posts
    Buzzing Beekeeper

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    zwimmerz:  I’d save up to buy a house. It’s great that your parents are helping you out, but I would feel guilty if my parents were subsidizing my lifestyle choices (which they are if they are foregoing profits to let you live in their condo). We love to travel and so we make it a priority (so I totally understand your feelings!) but we already are financially independent and own a home. 

    Post # 3
    Member
    1124 posts
    Bumble bee

    Travel first. I would always choose travel over buying a house. You have a great situation right now; I would use it to the fullest while I can. You can always buy a house, but you never know if this is your last chance to travel freely (health, work, finances later on aren’t a guaranteed thing)

    Post # 4
    Member
    1124 posts
    Bumble bee

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    LilliV:  

    If it caused them hardship, then yes, but it doesn’t seem like her parents are really in need of the extra money if they said they can live there however long they wanted, no rush to leave.

    I see it as no different than parents helping pay for college or a wedding. 

     

    Post # 5
    Member
    8992 posts
    Buzzing Beekeeper

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    califlorican:  I have no idea if her parents need the money or not (some parents are giving to a fault and would never tell their kids that they can’t truly afford it). That’s not my point though – OP asked what we all would do and I would feel guilty in this scenario. I’m not judging people who think or do otherwise but that’s the way I would look at the situation while trying to make my decision. I agree with you that traveling while you’re free to do so is great, but in many markets it’s a great time to buy a house and waiting a few years could cost them a lot of money on purchase price and interest rates. 

    Post # 6
    Member
    265 posts
    Helper bee
    • Wedding: June 2017

    Honestly, I would prioritize travel over buying a house in your case. It seems like you have a good situation where you aren’t spending too much on rent, and you’ll still be able to buy a house a few years down the road even if you do travel now.

    Personally I think that so many things can put off traveling, but it’s so important and the only way you can make sure it happens is to do it right away.

    Buying a house is important if you’re spending a crazy amount of rent, because that money is just going nowhere. But in your case it seems like you aren’t spending that much.

    I would budget as much as you can to try to buy the house as soon as you can, but still prioritize fitting in some travel. I feel like travel is the type of thing where the more you put it off, the less likely you’ll actually go.

    Post # 7
    Member
    5083 posts
    Bee Keeper
    • Wedding: December 2014

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    LilliV:  I agree. I wouldn’t want to spend a whole bunch of money on travel while I was still essentially being supported by my parents. I’d want to work on becoming independent first. 

    Post # 8
    Member
    492 posts
    Helper bee
    • Wedding: December 2014

    I would find a happy medium – budget a certain amount for travel while still saving for a home. Maybe one trip a year, or a few smaller local destinations on your bucket list. 

    Post # 9
    Member
    8992 posts
    Buzzing Beekeeper

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    aphroditejones:  +1. You can do a LOT of travel for relatively inexpensively if you know how to plan. We typically pay for our travel with our regular monthly cash flow and skimp out on restaurants and other non-essentials for the month so it evens out. Long weekends in various cities around the US can be had for a few hundred dollars so 1 or 2 of those types of trips a year isn’t going to seriously hamper saving for a home. If you have any hiking/outdoorsy type trips on the list camping is very cheap. For our recent 10 day trip to Europe we booked the flights in March, accomodations in April, and then spent money during the trip in May so that we never had to touch our savings. I don’t think the OP needs to have zero life until she moves out of her parents condo, but I also think a $15k trip to Tahiti for 3 weeks would be a bit much. 

    Post # 10
    Member
    840 posts
    Busy bee
    • Wedding: June 2013

    Id buy the house. Its nice they give you cheap rent but you arent building your own wealth living there especially if youre spending on travel. Buy the house. You can still travel moderately and save for the house and you dont have to cease all travel because you own a home. If you do, then you over extended yourself financially.

    Post # 11
    Member
    1932 posts
    Buzzing bee
    • Wedding: October 2015

    I’d choose travel. All of the couples I know with a nice house (I admitedly envy) are so house bound I’m DONE going over there to just sit… I get it, you pay a lot of money to own it, but life is about more than four walls.

    We plan to buy a bungalow because I want to spend more time on a plane than on my couch. Or at my kitchen. Or in the bathroom.

    Post # 12
    Member
    1316 posts
    Bumble bee
    • Wedding: June 2015

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    zwimmerz:  Both! DH and I just bought our first home in April and are leaving on a big vacation in about 3 weeks…and our list of future travel goals is miles long! I think it really depends on what else you have to juggle financially right now. We have no loans and no current plans for kids, so we have a lot of disposable income. We also have pretty inexpensive tastes and throw almost all of our money into savings haha. If I were in your situation, I would be saving for the house. My parents would say the same thing as yours and would want to help us out until we were 80 if they could – but it was really important for DH and I’s sanity to be completely financially independent.

    Post # 13
    Member
    3610 posts
    Sugar bee

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    zwimmerz:  Are you planning on having children in the near future? If so, I would travel. You’re going to be limited on your travel plans for a few years if not longer once you’re parents, so may as well take advantage of your nice living situation and travel now. If not, then I would prioritize saving for a house because you can travel whenever you want in the future.

    Post # 14
    Member
    2121 posts
    Buzzing bee
    • Wedding: February 2016

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    zwimmerz:  so we’re in the same position more or less. My inlaws own the property and we rent from them. For us it has other complications as we have a lot of their stuff still, we’re sort of like a paying storage unit! We aren’t taking any profit from them because the flat isn’t rentable to the general population at the moment so I don’t feel too bad. It’s starting to get to us though. We just want our own place.

    We will probably have enough for a minimal deposit in August and our combined salaries shoukd be more than adequate to get a mortgage. We’re currently thinking of delaying until March 2017 for a few reasons. One we’d like more than the basic deposit. Two we’d like to go on trip next year, probably not a massive one but something relatively cheap before we have to start renovating a house. Three we’d like some money for furniture and renovations. Four we’d like to be able to retain some savings after we buy for emergencies and such like. For us waiting an extra few months has a lot more benefits than buying in a few months.

    Post # 15
    Member
    2942 posts
    Sugar bee
    • Wedding: May 2014

    Honestly, I would buy a house.  My parents gave me a loan for grad school which I’m paying back.  Even though we are paying them back as agreed, I feel like I have to justify my choices to them when it comes to money because I owe them money. 

     

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