Money, Divorce and Travelling Solo, With Kate Wills
✈️ Kate Wills is a freelance travel journalist who writes for The Guardian, The Times, Vogue and The Telegraph, to name a few. She’s also the author of A Trip Of One's Own: Hope, Heartbreak and Why Travelling Solo Could Change Your Life.
🗺️ As an avid solo traveller, Kate always found travelling alone liberating. But after her marriage ended, travelling provided her with the escapism, inspiration, and comfort she needed as well as the chance to experience a different way of life.
💥 Today on The Wallet:
1️⃣ Since we still can’t travel as freely as we’re used to, Kate shares how we can replicate that excitement and sense of adventure from home, and the benefits that come from stepping out of our comfort zone.
2️⃣ We discuss how changes in her lifestyle helped Kate take control of her finances after her divorce, and how by opening up to friends about her financial situation the conversation around money has become a lot less loaded.
3️⃣ Kate offers her best travel tips for managing and budgeting money while abroad, as well as how to save for trips and how travelling alone has helped her to be more mindful, resourceful and resilient.
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You can listen (38 min) and subscribe here:
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1. Replicating the excitement of travel
While we’re all missing having a proper holiday away, there are ways to have fun at home, too.
You can camp out in your own back yard. Sleeping under the stars is a truly magical experience!
Dive into recipes from around the world. Whether it’s using meal kits from restaurants or buying recipe books, cooking is a great way to ‘travel without travelling’.
Listen to music from your favourite places in the world.
Take the time to explore your home city in a way you might not have explored it before.
Staying at a hotel in your city of residence can help you experience your home in a fresh way.
2. The stickiness of money, relationships, and divorce
“There is still so much shame in saying, “I actually can’t afford this,” or “I’m quite hard up this month,” and there really shouldn’t be — because at the end of the day, it’s just money.”
Kate admits that prior to her divorce, she lived very much hand to mouth. Once she had to take care of her mortgage by herself, however, she had a wake up call and decided to take full responsibility for her finances.
Even if you’re terrible at numbers and spreadsheets, you can (and should!) find ways to manage your money in a way that works for you.
If you can, Kate says it’s worth sitting down with a financial adviser to discuss your finances, whether it’s because you’re going through a divorce, wanting to buy a house, or just inherited a sum of money.
It’s also important to have open conversations about money with your partner — even early on in the relationship.
Even if you have an amicable split, it can still be very difficult to carve up your assets after your separation, so it’s always worth getting professional advice to ensure you get what you deserve.
If you’re going through a separation and are feeling the financial burden, be honest about it to your friends. You’d be surprised how much talking about money helps open the door to honest revelations from friends who may have otherwise been too embarrassed to speak up.
Talk and listen to your partner, and don’t be the ostrich with your head in the sand. Make sure you plan for whatever goals you might have individually or together as a family.
Every couples chooses to manage their money in whatever way they deem fit, but the most important thing is to have regular conversations about to make sure that you’re on the same page about how you manage your finances together.
Remember: it’s never too late to change your relationship with money!
3. Making the most of your holiday (even on a budget)
Although Kate is lucky enough to be offered free 5-star accommodation for her work, she insists that staying in the top-end luxury hotels isn’t always the best way to experience a country.
In fact, when Kate travels independently of work, she prefers to save on accommodation and splurge out elsewhere. Hostels can be amazing value for money and no, they’re not always shoddy!
Take public transport. Kate is adamant that it’s a great way to experience a place like a real local, and budget-friendly to boot!
Make sure you always have more than one card on you when you travel (and try to keep the cards in different places), and always have back up cash too, just in case you don’t have an ATM nearby.
Do your research in advance and be aware of what the price of things should be so that you don’t fall victim to getting ripped off. Download a currency converter app so that you can always quickly check the price of something.
Have a budget and a clear idea of how much you should spend each day — but don’t let that get in the way of you enjoying your trip.
Splurge on a handful of special experiences — this way you’ll really appreciate them!
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