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Planning a Big Family Trip

Writer's picture: Lim Hooi HooiLim Hooi Hooi

 

Study after study has found that spending money on experiences is far more rewarding than spending money on stuff. So imagine how rewarding it will feel to plan a big family vacation that creates lasting memories and improves ROL for multiple generations of your loved ones.

 

Hopefully the challenge of arranging all the details will be part of the fun, because getting so many people on the same page will be no small feat. Use this quick checklist to cover the basics.

 

1. Open the dialogue.

 

Tagging along on someone else's vacation can ruin the trip for everyone. No one wants to feel like they're being forced to take off work, spend money they don't want to spend, or go somewhere they're not really interested in.

 

A multigenerational family vacation will also have to contend with where different families are at in the various stages of their lives. Grandma and Grandpa might have nothing but free time. Their kids and grandkids, however, might have to squeeze in a trip around school, youth sports, and their business calendar.

 

Even if, as the organizer and main benefactor, you have some ideas or destinations in mind, try not to preplan your big family vacation. Use video chat, a shared Google doc, or your next family get-together to open up a dialogue with everyone you're inviting. Let every member of the family voice their ideas about where to go and what to do. Start a group calendar so that everyone can share their availability. Once you establish some common ground, it will be easier to get everyone there at the same time.

 

2. Balance shared activities with alone time.

 

When you're planning a vacation for a large group of people, it's important to find the right balance between being together and being apart. Not everyone has the same hobbies, skills, or interests. And even activities that a large part of your family are excited to do might exclude young children, older seniors, and their caregivers.

 

And that's OK -- provided that your schedule and your destination are both flexible. Let the golfers schedule a tee time while the musical fans take in a show. Drop the teenagers off at a theme park so their parents can have a spa day. If one family wants to cash in their frequent flier miles at a five-star hotel, the Airbnb enthusiasts can still stay at a nearby condo. As different families and generations take their own paths through the trip, your loved ones might feel like following each other on a new adventure or discover that those cousins they only see every other year love touring museums too.

 

Give everyone a little room to do their own thing, and anchor your vacation around things that everyone can do together, like spending time at the beach or meeting up for dinner.

 

3. Set and stick to a budget.

 

Nothing can kill the mood in a room -- or on a plane -- faster than money talk among family members.

 

If everyone is going to pay their own way, try to set the spending bar for this trip as close to everyone's middle as possible. Don't pick a destination that's going to dent anyone's vacation budget with airfare alone. If you pick a locale with a little something for everyone, then families that want to spend more on amenities and experiences will have the flexibility to do that during their "me time" without making more frugal vacationers feel like they have to break the bank.

 

And if you're generously cracking open your nest egg to fund a once-in-a-lifetime family vacation by yourself?

 

Then budgeting is even more important. If you don’t set some limits, your goodwill might get the better of you -- and your money.

 

Let’s meet to review your travel budget for the rest of the year and discuss how a big family vacation and other major goals fit into your Life-Centered Financial Plan.

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© 2020 by Licensed Financial Planner, Lim Hooi Hooi. 

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