Build your travel savings and bring your family everywhere
Traveling is like the “in” thing in recent years. Millennials are enjoying experiences and making memories. But the dynamics are different when you already have a family. So if you want to bring the entire gang somewhere, start building your travel savings already.
Why There’s a Need for Travel Savings
Travel is an expense (and can be expensive)
The seat sales and tour packages that we get to see on ads are so enticing. Imagine, only P28,000 (app US$540) for 3 nights in Seoul, Korea. Or P15,000 (app US$300) for 3 nights in Hong Kong. And the list goes on. But these rates are for individual travelers. If you are a family traveling together, you will have to take into account the number of heads in your party. For us, that would be four pax–round trip fare for four, accommodations for four, food for four, park entrance fees for four, museum fees for four, etc. etc.
In my post about tips to beat inflation, I have mentioned about delaying gratification and many people responded to it positively, whether on the blog or in direct messaging. Much like in travel, there is a certain satisfaction and learning that cannot be quantified when you have visited the place that you have been saving up for at the opportune time.
There is so much appreciation and gratitude. Plus, you get to learn a lot in the period of waiting while saving — patience, discipline, and sacrificing wants in order to achieve your goal.
When you save up for travel, you won’t incur debts. I know that many credit card companies and banks offer travel loans. Yes, everyone is free to apply for a loan and it is just subject for approval, depending on your credit rating. However, you can avoid being in debt. Except for some credit card purchases in relation to your trip, you can avoid being in debt by saving up enough money before going.
Teaching Kids to Have Their Travel Savings
Our eldest daughter Shawna started saving up for a trip to Hong Kong when she was only three years old. I was able to document the start, so I got to blog about it. We intended to bring her to Hong Kong Disneyland when she turns 7.
But our Shane came when the eldest was 4.5 years old. Our family budget got stretched and re-allocated, so the international trip went to the bottom of the list. We needed to prioritize. Shawna was fine with waiting until we had enough money and her young sister was old enough to fully appreciate the holiday. We were finally able to go Hong Kong last year, when Shawna was 8.5 years old. That’s 5.5 years of waiting for her and she was fine with it.
Our Travel Plans
And now, the girls are both saving for a future trip to Australia in order to visit their uncle and his family. They want to be like their Shopkins Jessicake World Vacation doll. We have not pegged what year this is going to happen, but saving up for it gives them faith and the boldness because they are working for it.
In order to achieve their goal of going to Australia, we won’t be buying toys anymore. We limit expenses to needs and just some simple things to enjoy. Instead of eating out, we cook special family meals at home. In lieu of birthday parties, we hold a birthday adventure instead. For example, we had a family staycation at Seda Capitol Central for Shane’s 5th birthday.
Meanwhile, we just go to nearby places for road trips, like our recent visit to the OISCA sunflower garden in Bago City, Negros Occidental, Philippines. The entrance was free and so we only spent for the gas going there.
YOLO and FOMO
A lot of times we abandon our restraint, close our eyes, and just impulsively buy that seat sale ticket. A lot of us don’t realize but that is because of two things — YOLO and FOMO. YOLO is the belief that You Only Live Once, so you need to seize every opportunity. FOMO is the Fear of Missing Out. These two principles have long existed, even when the terms were not coined yet.
But these two things can wreak havoc in our finances. Truth be told, these two don’t have a place in financial planning. From the term itself, there should be a plan. But YOLO and FOMO is devoid of all planning — financial or otherwise.
It’s okay to sometimes be impulsive, like going on unplanned road trips or staycations, like the staycation at L’Fisher Hotel we had. Life is also fun that way. But these should be more of an exception than the rule. 🙂
A Balanced Life
I try to live by the motto, “Everything in moderation,” much like my diet practice that made me lose weight. Too much of a good thing could also be detrimental. Traveling is a good thing, but it can adversely affect our finances and future.
I am a traveler and my family is following in my footsteps. We live for experiences, even while beating inflation. But I also balance it out with preparing for the future and making sure that we have enough in the present. Hope you will think of your future, too.
Other family travel stories you might like:
- Baguio City Birthday Adventure
- Bacolod to Cebu Land Trip for the Family
- Silay Heritage Tour
- Waterworld Iloilo Family Outing
- May’s Organic Garden Family Excursion