Millennials are making travel a priority more than previous generations, but that's not a bad thing. (via CNBCMakeIt)
Your Instagram feed is probably littered with photos from your friends on vacation sharing breathtaking views of exotic beaches or snapshots of once-in-a-lifetime meals. And if you think that the sheer number of these vacation photos is growing, you're not wrong.
And yes, they're making room for travel in their budget even if they have student loan debt. In general, debt shouldn't preclude millennials from travelling, says Tiffany Aliche bestselling author and founder of the Budgetnista financial blog. But how are millennials juggling their debt while paying for their next adventure? They're saving more, cutting costs where they can, and in some cases, even earning more, according to those CNBC Make It spoke with over the summer.
She also plots out her daily expenses to make sure she's on track with her financial goals."I track every dollar I spend in an Excel spreadsheet. I realize that might sound crazy, but it really does help me see where I am spending money and how much in each category," she says."This way, I can compare months and see if I can cut spending in some areas over others if I need to re-allocate the money for travel.
Pettiford, a Detroit-based public relations professional, says he typically spends over $4,000 a year traveling, but most of the trips are three-day long weekend getaways as opposed to full-fledged vacations."Obviously the money spent traveling and on food and entertainment while we're away can add up, but because our trips are mostly three-day getaways, our overall expenses never really reach astronomical levels," he says.
Sometimes it's not about saving or even adhering to a strict budget, it's about boosting your income. That's what allows 25-year-old Emma Tiernon to spend about $10,000 a year on travel. She tells CNBC Make It that in order to fund her trips, she juggles multiple side hustles: swim team coach, personal trainer and freelance social media expert.
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