Travel

Millenials On Travelling Versus Buying A Home

Traveling is a fun experience that is worth all the time and money. Many people love to go to different places both local and overseas. There are many reasons why a person goes around the world and journey. However, traveling can be costly. But of course, they said that money could be replaced but experience can’t. So many people, especially the millennial generations are into traveling. The adults, on the other hand, doesn’t seem to understand why millennials love going out so much and making them out of money instead of buying a house or a car. When it comes to perspective, there is a big difference between generations. Millennials love traveling, but it doesn’t mean that they don’t have a dream of owning a home. Well, there are lots of millennials that already have their homes, and some are millionaires too. Let’s see how millennials think about traveling versus buying a home.

YOLO Perspective

You only lived once, and it is a famous saying for millennials. They loved grabbing opportunities that are once in a lifetime like traveling. Many millennials love going into adventures as they saw that they are not young for the rest of their lives. Time is significant to them, and they love enjoying things at the right time. They live on the moment, but it doesn’t mean that they don’t care about their future or having a dream house. Many millennials are thinking too of having their dream homes, dreaming of the interiors, having a small pool on the backyard, a lovely family, and a lot of things. For now, they want to enjoy the moment.

Insufficient Down Payment Money

Yes, money matters as adults, especially the parents are always telling the kids to save money when they are working. Do not spend too much on traveling and stuff. On average, one travel can cost at least $500 for transportation, accommodation, food, and miscellaneous expenses. Many millennials go cheapskate on traveling as they know how to do it on fewer costs, or sometimes free. When it comes to buying a home, the down payment is an important matter, and many millennials have an insufficient balance over it. Also, one of the significant factors is their credit score to able them to get a home loans Houston Tx. Although, there are mortgage companies that have other requirements that may add up to the credit score of the lender. Millennials should also think about getting home on their young age rather than renting out. One of the best ways to save for the down payment is to travel wise like checking out promo fares on flights, camping out rather than hotel accommodations, and eating local foods stores instead of fancy restaurants. Spending less on travel will allow you to save money and add up to your down payment.

Additional Read: 7 Ways To Improve Your Credit Score

Experience Matters Over Stuff

Experience, it is essential to millennials. Perhaps, it is where they will learn something from different places and journeys. Millennials are not materialistic, and they are more on seizing the moment and collecting experiences. Unlike the generations before them who love buying cars and houses on real estate, millennials love buying gadgets so they can use on their travels. Most millennials love taking photos of their whereabouts, and they love to shout out to the world where are the places they’ve been even on a local market, it can be called traveling.

Additional Read: 5 Realistic Ways to Save Money for Travel in 2019