Money Wise, Travel

Why Travel Savings is a Must for Families

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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.

travel savings - finances - teaching kids to budget - family travel - mommy blogger - Bacolod mommy blogger - parenting- homeschooling
It’s always good to build up your travel savings for the family. By the way, we had a customized world map printed for our family. We wanted to mark the places that we have been to.

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.

travel savings - finances - teaching kids to budget - family travel - mommy blogger - Bacolod mommy blogger - parenting- homeschooling
This little red notebook travels with us. While we have smartphones, I still like writing down stuff, like itinerary and expenses per day. Making notes helps to keep the family budget in check.

Delayed Gratification

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.

No Debts

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 CentralΒ for Shane’s 5th birthday.

travel savings - finances - teaching kids to budget - family travel - mommy blogger - Bacolod mommy blogger - parenting- homeschooling
We are saving up for a trip to Australia. The kids want to visit their uncle and cousin and of course, we are all up for a family adventure in the Land Down Under.

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. πŸ™‚

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.

travel savings - finances - teaching kids to budget - family travel - mommy blogger - Bacolod mommy blogger - parenting- homeschooling
For me, family travel is so much more fun. Like when we went to Macau, we found these four pillars at the Fisherman’s Wharf. I asked everyone to strike a pose with each pillar and this is what we got. Next time, it’s going to be in Australia. πŸ˜€

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:


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21 thoughts on “Why Travel Savings is a Must for Families

  1. Your children will have fun now but also appreciate this so much later! I’m glad you’ve decided to travel with your family <3 The memories you are making are priceless.

  2. Love the techniques you are doing to save money. Im 9 weeks away from having my first baby so now we have to find methods to save money when we travel as a family now.

    1. Oh wow! I am excited for you Carina. While some parents travel with their babies, my husband and I decided to delay our family travels until the kids are a little older. That way, we don’t have to carry them around and they can enjoy the sights and experiences, too. πŸ™‚

  3. These are really great tips, I need to travel more and be able to go to places that I want I just need to be focused and make it my goal. Thanks for the encouragement to start saving for that travel fund. πŸ˜€

  4. I love traveling with my family! Such great quality time and memories that will last a lifetime! Good idea to save up for travel. πŸ™‚

  5. So true. We are true believers in travel experiences as education. But we can’t travel without making sure we plan for the future. It’s about balance and planning which is also what you have to do when traveling.

  6. I agree travelling can cost a lot of money so we should travel within our means and not over spend. I like your way of educating your children to start saving for their next trip. You have certainly instilled good values to them. I can’t wait to hear your story in Australia soon. My mom and brothers are living in Sydney too πŸ™‚

  7. I love how you balance still living your life, but saving for the trip your family wants to go on. You are so correct, in moderation. Some great tips, that I will put into practice. Thanks for sharing.

  8. Traveling as a family can be rewarding in so many ways. We still find time to have family travel even though my kids are already young adults. Finding ways to make it affordable is important. Will pin this post to Pinterest to share.

  9. Once in a while family should go bonding and travelling is an ideal bonding activity. I have to agree that savings for travel is appropriate so you cam maximize the travel experience without worrying too much about the expense.

  10. I am not yet a mom but I would love to teach my family the love to travel. You have good points too and this is indeed such a great reminder to every family. For me travelling will always be part of our family bondings.

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