What You Can Buy With the Money Saved From Exiting a Timeshare Contract

What You Can Buy With the Money Saved From Exiting a Timeshare Contract

After tapping into an enormous amount of patience, you’re finally free and clear of timeshare ownership. Whether you cancelled immediately or made the decision after many hope-filled years, exiting a timeshare contract can be a huge relief. Not only have you halted monthly payments and perpetual fees, but you’ve eliminated the frustrations of hindered vacations. There’s nothing worse than spending a ton of money on something that never seems worthwhile. Especially when you’re forced to pay for it. Aside from routine costs, the repercussions of walking away can be disheartening to say the least. But that season of your life is over now and many of you are wondering what to do with the extra cash.

Before Spending Your Extra Cash After a Timeshare Exit..

For starters, jot down lessons learned so you don’t make the same mistakes again. There’s a big difference between forgetting about the timeshare and learning from it. Look, vacationing is never going to be cheap. You should know by now that affordability doesn’t necessarily mean you’re getting the “best deal.” In most cases, you get what you pay for. At the same time, the failed timeshare experience should give you an enlightened perspective on travel expectations. Use the past purchase to help you determine what you want out of a vacation and make sure the product matches the description. Keep in mind, plenty of scams populate the travel industry.

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With that being said, exiting a timeshare contract has probably caused you to consider getting your finances back in order. Most timeshares end up being a lot more expensive than buyers originally planned. After interest, the average timeshare price tag ends up being around $40,000. Over 10 years (which a common repayment period), this is about $333/month. When you add in annual fees, the monthly cost inches closer to $450. While it may be tempting to reallocate these funds after cancellation, establishing a plan, coming up with goals and monitoring your finances is the fastest way to alleviate a loss and the regret that comes with it.

What You Can Buy With Timeshare Savings.

Even though you may already have a wish list, we thought it would be fun to point out the types of things you can purchase once you’ve been relieved of the perpetual obligation. Since most people aren’t prepared for annual maintenance fees (or an unexpected assessment), we’re going to assume your original budget for the timeshare was $350. Keep in mind that exiting the timeshare contract actually saves you quite a bit more. But aiming low will help you understand the impact that cancellation can make.

All things considered, we’re going to list some items you could buy 6, 12, 24 and 36 months after you’ve completely paid off timeshare expenses. This includes any financed amounts to cancel it. The longer you’re able to save, the more capabilities you’ll have. These opportunities should create a little excitement around your decision.

6 Months After Exiting a Timeshare Contract Saves You $2100.

One of the biggest drawbacks of vacationing is the simple fact they always come to an end. Although it tends to be quite expensive, people still go. The national average for one person to go on a week-long vacation is $1,145. Unless you’re traveling alone, $2100 isn’t going to get you very far. So what’s the point of wasting this amount on a lackluster experience just to get out of town? Saving for another 7 months will give you enough to take your family of 4 on vacation (average cost is $4,580). At the same time, there are plenty of purchases you can make with $2100 that don’t expire after one week. Here are a few..

  • Minor home improvements (landscape, security systems, etc..)
  • A new purebred puppy for the family.
  • A smaller off-road vehicle or watercraft (dirt bike, jet ski, etc..)
  • High-end electronics (camera, computer or TV’s with surround sound).
  • New home appliances (refrigerator, washer, dryer, etc..)
  • Diamond jewelry and other gifts for a spouse or loved one.
  • New furniture (kitchen table, sofa or patio sets)
  • A premium massage chair.

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Aside from vacationing, there are also some additional short term purchases that could be worth it for $2100.

  • An hour-long helicopter tour for 4-6 people.
  • Enrolling in classes for an online degree.
  • Sponsor a club, sports team, animal shelter or other non-profit.
  • Paying off debts.

Keep in mind, these are all things you can purchase with the amount of money it costs to own a timeshare for 6 months. Some people aren’t even able to book their annual vacation after paying double this amount every year due to timeshares overselling their inventory.

$4200 Will Remain in Your Bank Account After One Year.

Buying a timeshare causes many people to forget about their way of life prior to the purchase. Some of you have been timeshare owners for decades and are used to setting aside the monthly amount to avoid additional fees (or the thought of foreclosure). It can be tough to adjust properly after exiting the timeshare contract. But those that make the transition seamlessly tend to see an impact other areas of their lives as well – mainly regarding self control. So if you’re able to avoid major purchases for the first year, you’ll find yourself with a nice wad of cash. If saving for a year was long enough, here are a few ways you can spend $4k+.

  • 3-4 Annual Signature Passports to DisneyLand.
  • Minor home improvement or small remodeling projects.
  • Nosebleed tickets to the Superbowl or premier seating at another major sporting event.
  • An off road razor, motorcycle or ATV.
  • A new bedroom set.
  • Attend a world class seminar or receive personal development training.
  • A riding lawn mower.
  • Camping equipment and a used fishing boat.
  • A golf cart with a solid set of clubs and a tee time.

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24 Months After a Timeshare Exit Gives You An Extra $8400

After you’ve gone a year and a half, you’ll be able to consider vacation packages that are a big step above what you were used to with the timeshare. International travel or popular U.S. destinations can now be considered if you’re traveling for two. With a little over $8,000 in the bank, you could even think about buying a nice used car or truck. A smaller travel trailer could even also be had for this amount of money.

Aside from higher end products from the lists above, you could also put money towards equipment, electronics or technology – whether your need it for business or personal use. For some families, this might be enough to cover Christmas gifts. You could even consider buying a decently bred horse (you might want to have a stable first though). $8400 could be used to add a lot of value to your home. Maybe you’ve been waiting for enough money to improve your outdoor living space. It’s enough to start considering a full room remodel. After 2 years, these are all possibilities once you’ve been relieved of your timeshare obligation. Waiting 2 more years to cancel can really leave you wondering about what could have been.

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3 Years Post Timeshare Exit, $12,600 is Saved.

If you’re serious about saving your money, there are endless ways you can reap the rewards of exiting a timeshare contract. After 36 months, you’ll save nearly $13k by escaping the clutches of ownership. This is enough to put a down payment on a house, buy a new car or plan a real vacation. You could even re-carpet your house or invest in some major home improvements that you’ve been pondering for a while. Although a swimming pool is probably out of the question, you could still invest in a hot tub or small pond if you’d like. Maybe you could even get the band back together, who knows!

Either way, establishing a budget, setting goals and managing your finances will put you in position to use your hard earned money for something worthwhile. Instead of continuously funneling capital into something that was never fruitful, you made an intelligent decision that’s benefiting your future. While not all timeshares are bad, some can be absolutely devastating. This is why the disclosure of actual costs is so important.

To put this into perspective, most timeshare owners make the purchase thinking it’s going to only cost them $20,000. In just 3 years, most people have unexpectedly surpassed that amount. Imagine what can occur after a decade? With maintenance fees steadily increasing, who knows what the total of the perpetual purchase could be. Exiting a timeshare can be a life-changing decision.

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Exiting a Timeshare Contract with VOC.

If you’ve recently exited your timeshare, congratulations. If you’re considering doing so, then we’d love to tell you more about what cancellation entails. During our Free consultations, we focus on learning more about your situation prior to explaining the qualification process. This helps us best advise you on next steps. Some owners don’t even need us to help them legally exit a timeshare contract. At the same time, if you believe canceling is your only option, you can get started by proceeding to our qualification form below.

What To Do After You Get Rid of Timeshare Obligations For Good

What To Do After You Get Rid of Timeshare Obligations For Good

When we wrap up the termination process with our clients, many tell us it feels like an enormous weight has been lifted from their shoulders. The stress and hopelessness that comes with the expense can be exhausting to say the least. But the relief of cancellation is invigorating for most. Aside from creating financial limitations, the burden of the purchase can also take a toll on personal relationships. Buyers aren’t the only ones forced to deal with the disappointment. Vacations that were once anticipated can easily turn into a sore subject when expectations aren’t met for multiple people. After owners finally get rid of timeshare obligations for good, they may feel like they need to make up for lost time. But don’t get too excited just yet.

While the concept of timesharing may have lost its appeal, former owners may look to quickly right their wrong. But it’s important not to act out of spite or in haste. Scam artists have been known to target those exiting timeshare contracts. Resorts also have effective follow up practices that lure desperate travelers back in. But instead of advising you on where to turn for your travel needs or how to spend the money saved, we decided to take a different approach. One that forces you to reflect on your failed timeshare experience and what went wrong throughout the process. The goal here is to help you acknowledge your missteps and avoid making the same mistakes going forward.

1. Assess the Loss of Timeshare Ownership

Before wiping the timeshare property from your recent memory, it’s important to set aside time to analyze the purchase. This will help you make more informed decisions and avoid future impulse purchases altogether. When assessing your loss, the first thing you’ll want to do is acknowledge how much the timeshare expense actually cost you. Compare it to what you thought it was going to cost. Sales teams use a lot of misspeak during presentations and normally don’t include taxes, interest and annual fees during their proposal.

Come to terms with how you were misled and try to understand how the salesman hid this information from you. Once you start to realize how you were duped into buying, you’ll be able to identify other elements of the purchase that were misleading. What initially intrigued you about attending the timeshare presentation? Were you targeted online, at an event or through the mail? Each of these tactics can tell you a lot about how and why you were targeted.

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The way you were persuaded can also tell you a lot about your susceptibility. What caused you to trust the salesman? What questions were you asked and how were your answers used against you? What questions did you ask that were inevitably avoided or ignored? Did anything distract you from your gut instinct during the presentation? If you bought multiple upgrades or invested in timeshare relief programs, why did you make these decisions? What was said during these sales that caught your attention? Understanding how you got into the hole you were in can be enlightening to say the least.

Learning from a regretful purchase is the best thing you can do. It’s what you need to do if you ever want to move on. At the end of the day, there’s no need for you to project your timeshare experience onto other opportunities. Not everyone wants to scam you. Besides, you could potentially help other people on the verge of making similar mistakes. Having to get rid of timeshare obligations isn’t something to be ashamed of. It’s pretty bold when you think about it. Many remain stuck in the never ending cycle. Your story could impact someone else’s fortune!

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2. Ease Back Into Traveling, Recoup From the Loss

Purchasing another timeshare may not be on your agenda, but traveling without being strapped for cash might be. Now that you’ve gotten rid of your timeshare obligation for good, it might be tempting to take the first flight out of town. But taking a break from traveling may actually help you regroup. Spending more money to fill a void isn’t necessarily going to make you feel better about the loss. Especially if timeshare payments have caused you to get behind on bills or investing in other needs. Once you’re free and clear of your contract, try turning your attention to everything that’s been hindered by the purchase.

Have you been putting off home or car repairs due to financial hardship? Do you owe anyone money? Do your kids need some new clothes? Could you use some personal maintenance? Taking care of needed expenses first helps you avoid extending the regret of ownership. Has your family enjoyed dinner out on the town lately? Is there a relative or friend you haven’t been able to visit for a while? Just because the timeshare didn’t transpire doesn’t mean you have to splurge on a magical vacation to make it all go away.

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If you need time to recover financially, then it’d behoove you to take a break from your travels. But if you believe in routine escapes, there are plenty of little trips you can take. Create a list of things you can do locally or within a few hours drive. Ease back into your travels and create a budget you can stick to. If you have a travel itch that simply needs to be scratched, just keep it simple. As long as you’re able to get away and spend time with those you love, nothing else really matters. In the meantime, write down some financial goals and start setting aside money for a future trip. Planning a sensible, budgeted vacation with your spouse, kids or friends gives everyone something to look forward to.

3. Save Money and Maximize Your Next Vacation

While getting rid of timeshare obligations frees up a lot of cash, saving it can be very rewarding. Whether you canceled your timeshare after 3 months or 30 years, you’re still going to want what you initially paid for. Whatever your reason for canceling was, you probably still want what you paid for. Unfortunately, ripoffs normally don’t include restitution. That’s why steps 1 and 2 are so important. After you’ve assessed and recouped your losses, planning a trip the right way becomes easy.

Forcing a vacation or buying the first deal that comes your way is rarely fruitful. Some of the most memorable vacations tend to be those that were either thoughtfully put together or spontaneous (road trip, staycation, etc..). Avoiding expensive trips at first will be worth it in the long run. Making sacrifices in response to your loss helps you avoid traveling on a tight budget in the future. Take responsibility for the decision and make the best of it for now. If funds are limited, the unexpected or an appealing attraction (you can’t attend) could ruin the entire trip.

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The key to life after a timeshare exit is the plan. The more people on the same page the better. Setting expectations and being realistic about anticipations helps you develop an itinerary that pleases everyone. When plans aren’t rushed and money isn’t scarce, the outlook is promising. Waiting to go on vacation until after you finally get rid of timeshare obligations ensures everyone enjoys themselves. From here, you can leave the poor timeshare investment in the past.

4. If You Really Want a Timeshare, Start Researching Resorts

Getting rid of a timeshare agreement doesn’t mean you have to give up on the concept for good. Not all experiences are bad. Most don’t work out because buyers just aren’t cognizant of what they’re purchasing. If you’re still intrigued by fractional ownership, but don’t want to make the same mistakes, then start researching your options. Join online forums or social media groups to learn more about the ins and outs of the industry. Ask the right questions and gain a better understanding for timeshare terminology. A “right to use contract” or a travel club just might suit you better.

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Either way, today’s travel opportunities are endless. Whether you’re a global traveler or you only need a few weekends at the beach per year; the perfect solution is out there for you. You just have to find it. Don’t let the opportunities sell you. Ignore the bright, screaming advertisements and find something that makes sense. Take the things you’ve learned from your experience and apply them. Don’t allow yourself to be persuaded and never forget how worthwhile a well-planned vacation can be. If there’s a chance the resort can’t deliver, or the offer seems too good to be true, there’s no need to rush. It can be especially devastating if you have to get rid of timeshare obligations twice.

For more information on our cancellation services, you can schedule a FREE consultation or visit the qualification form below.

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