WIBU to quit my job & use my house deposit savings to travel the world for a year??

[JaneOnAJourney]

NCed for anonymity :-)

I am 25 and my DH is 28, we both work in averagely paid jobs (me as a teacher, him as a police officer) but have managed to save up a good amount that we were intending to use as a house deposit, this amount is also enough for 2 people to travel the world for 12-15 months.

We've been bitten by a travel bug and we've both got itchy feet, I really want to have an adventure and have amazing stories to tell my grandchildren and just explore the world.

After university we never really traveled beyond the odd skiing trip or city breaks as I had a 2nd job every other weekend and DH worked long shifts (and still does) so we haven't found the time for it.

I know that if we don't do this while we're in our 20s and childfree, the next chance we'll have to do it is in our 50s when our (future) children have left home, there is no guarantee that we'll even be alive or have our health then, and I would sorely regret not taking a chance and following our dreams.

Travel is DH and I's biggest dream and passion.

So, MN- in this position would you do the sensible thing and buy a home or would you take a leap into the unknown?

(MIL's opinion when I tentatively broached the subject with her was ''why waste all your hard work saving on a year long jolly?'' My mother is saying ''what's stopping you! Go!'' )

I think that Mumoftwoyoungkids post highlights some very good points. Basically you dont know what the future holds. You are making a lot of assumptions:

• are you sure you will be able to just slot back into your careers?
• are you sure that a year will be enough/not too much?
• that you will share the enjoyment - what happens if one of you hates it while the other loves it?
• are you sure you will stay together? - you will be testing your relationship in conditions which are different from your normal life

Tbh, I'd rather find out that if relationship wouldn't survive when traveling rather than when having kids. I imagine if your relationship was to fracture under the strain of travelling, then it probably wouldn't survive kids....

I have a barmy sister who has done this several times. It does also mean that she has not spent a high proportion of her adult life in work.

She likes to stay with family members for extended periods when back in the country. When tactfully told she has outstayed her welcome she bursts into tears and describes herself as homeless.

Go travelling and bloody well enjoy spending that money you lucky devil!
I would love to go travelling but at 36 and 3 kids my time has past.

pops if they buy a property purely to let out, and they never live in it, the gain on resale will be taxable. Might not matter, as there is letting relief and also their annual CGT allowances, but still. Just because its the only house they own, doesn't mean the gain isn't taxable if you never live in it.

red

An acquaintance of mine when travelling for 6 months with her three children, and she is in her 40s

Really would love to do it but age wise (children) I think I may have missed my opportunity

rufus and red we're planning to do 3months with our two in the next 3-5 years (they'll be roughly 6 and 9yo)...need to start saving for it but so many families do manage it, why not all of us?

america

I know you will have a fab time!

A few years ago I did think of going to Australia for 3 months before ds1 started his GCSE prep...oops

Yes, do it. I have for about 11 months, so not a whole year but close enough. I'd saved many tens of thousands of pounds beforehand though, plus I had a job to come back to plus husband is self employed.

It was sensational. Best time of my life and I can die a happy woman. We went to Australia, Hong Kong, Japan, Vietnam, Thailand, most of Scandinavia, parts of Russia, Jordan, Egypt, Mexico. We couldn't get to Africa but we are saving that for its own trip, same for the rest of south and North America. It was very, very expensive but we don't regret one second and I can't wait to do it again.

My tips: plan, plan, plan. Look at the weather in each region carefully. Look at public holidays and religious holidays. Make sure you know about local customs. If you can speak french English and Spanish you are winning. Check in with your embassy as you go, make sure your travel insurance is watertight, and that you have all your travel vaccinations. Call your family regularly. Take more memory cards for your cameras than you think you need. Pack light. I'll say that again: pack light!

You won't regret it.

Do it! Travel is my one piece of advice for everyone! You learn and live so much! I'm now married and mortgaged with two kids... And happily so... Cos I have no regrets of things I haven't done! I'd hate to be that person!

I did exactly that at exactly the same age. Was the best thing I ever did. Choose your countries and seasons wisely so you can be constantly in the sun!!

DO IT! At 26 I sold my house and went travelling for 9 months. I never regretted it. 20 years later I don't think it has affected me financially too much over the long term. Life is for living. It is not a game of Monopoly. You do not get a prize for dying with the most money in the bank or the biggest house. Fortune favours the brave!

if you have someone here to help deal with a property then I would buy a house on a good 5 year mortgage and rent it out - dp do a tefl course and both go teaching - there are big teaching English as a foreign language setups in many of the places and you would get the holidays to travel from a base and could take time between jobs in different countries to go travelling - it would add to both of your CVS at the same time of getting an authentic experience of living in these places and you could stretch it out for more than a couple of years - by which time some of your mortgage has been paid off.

you might be able to earn more abroad if you have a specialist in teaching and work at an international school.

DO IT!!!!!

My biggest regret is not going travelling before I had kids.

Hi all :-)

So my DH has asked his boss about the possibility of a career break, his boss has said DH can apply for one but due to staff shortage it's unlikely to be approved(?) And the most realistic time he can have a career break will be in the summer of 2015

In practical terms this is better, If we leave on August 2015 instead of August 2014, we will have saved around £16-18K more (provided we keep up a £1K per month savings rate) and that will mean we can travel for a full year and still have half of our house deposit left and our jobs waiting for us.

I'm still a little bummed we can't leave this August (we could if DH quit, but he's not interested in quitting)

I'm trying to convince myself that the anticipation will be great and I can plan more effectively etc.

You can definitely make this work to your advantage. Get planning, start haunting the airline sites to get an idea of prices etc, then pounce when you see a bargain!

That sounds great jane

Loads of time to save and plan...planning is the best bit!!

Hope you both have a fabulous time

Sounds like an exciting time ahead, OP!

I am a bit older- and was fortunate to get onto the housing ladder in the early 90s - and made a fair bit of money out of it.

If I were in your position - I would buy a property now. As said upthread- not necessarily something you intend on living in forever- but just something to get on the ladder, rent it out, cover your costs and have a base to return to. Otherwise if property prices jump up you will be stuck. If you can't actually depart now until next summer - then it gives you a lot of planning time - to purchase a cheaper (?) property, and start working out how much you can afford to spend whilst away etc.

But ultimately you only get one chance at life. So you should do things that make you happy.

Do what trapper says, buy to let and then travel.

If you come back to nothing, no jobs, no money, nowhere to live and have to get used to what will feel like a boring, normal work life again it will be a massively difficult adjustment. You need to find a way of having something to come back to.

Could you both get career breaks?

It sounds like a great plan.

My dh and I did not have the security of jobs to go back to, but we have good qualifications and didn't have any problem getting new jobs, but this was 12 years ago, and times have changed.

Awesome, a whole year to plan, find all the best places to go, cheap places to stay, things you should do etc. it'll be fun planning.

Brill plan...

I'd now get some travel novels. Follow some travel blogs. Read, research and save!

Oh, travel novels for inspirations, didnt want to sound daft!

Get them from the library because you and dh are saving :-)

You can save house deposit again, but you can never have this time/age/freedom/no responsibilities/health again. Just go. Buy a house after a few years, it's no big deal.

Just go! So jealous! Wish I'd done it before kids instead of saving money. There is no end to saving & wanting more money.