Do you currently have a timeshare that allows you to get away from home each year? While I don’t necessarily think that owning a timeshare is a bad thing, if you have made the decision to get yourself out of debt, I would strongly advise that you ditch that timeshare immediately.
The Cost of a Timeshare
Initially, timeshares seem relatively cheap. In fact, I just searched for a timeshare in Delray Beach, Florida (where I used to live), and it only cost $200 per week! That’s less than a quarter of the cost of staying in a cheap hotel! But, as I continued to scroll down the page, I soon realized that there was an additional fee.
Just like any home, there are maintenance costs, and these are of course charged to those that own the timeshares. Instead of the Delray Beach timeshare costing only $200 per week, the additional maintenance fee put the cost over $860 per week! That’s one high maintenance expense!
Now, you may still be thinking that $860 is a pretty cheap vacation, but I bet you are forgetting about one important detail…. you still have to get there. For a couple to fly round-trip from West Michigan to South Florida can cost $700 in a heartbeat. Now we’re up to $1,560. Tack on activities, the car rental, and food, and you’re easily looking at a $2,000+ expense.
Ditch the Timeshare and Get Out of Debt
Can you imagine how much more quickly you could get out of debt if you took that $2,000 and put it toward your credit cards or student loans? Think about what you can do once your debt is gone! You could take a vacation that’s much more exciting than your hum-drum timeshare.
By listing your timeshare for sale, you can quickly get rid of it once and for all. You might be surprised how many people are still interested in purchasing a vacation spot similar to yours. The best part is, once it’s sold, you can finally save yourself from spending all that money each year, plus, you’ll have immediate money in your pocket from the sale!
Best of luck to you all. I hope to hear many debt freedom stories in the near future!
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.