Would you sacrifice liquid savings to take memorable vacations with teens?

[Anonymous]

We have twins turning 15 this summer, and it’s hitting us that we probably only have 3–4 more “guaranteed” years of family travel with them. Some of our best memories together have come from trips, but as they’ve gotten older (and everything has gotten more expensive), we’ve pulled back.

Now we’re wondering if it’s worth leaning in for a few years, prioritizing more meaningful travel while we still can. The tradeoff is that we’d be building less in liquid, emergency-type savings. We live within our means, contribute steadily to retirement and college, but our cash reserves have never been especially robust.

In real terms, we’re talking about roughly $2,000 less in savings per year to fund the kind of trips we’re considering. That’s also the cushion that would help if, say, one emergency is followed by another.

So how would you weigh the pros and cons here? Has anyone made a similar choice at this stage with teens?

[Anonymous]

Memories don't come from more expensive trips. Some of our most memorable trips have been National Parks and amazing hikes.

[Anonymous]

Liquid savings yes, retirement savings no.

Money we need for the future goes into savings vehicles that would not be considered liquid. College accounts, retirement accounts -- these don't get touched.

Our liquid savings also include an emergency fund and we'd never raid that.

But just additional savings we have sitting around? Yes the whole point of that is that it is available for large purchases. Spending it on memorable vacations instead of, say, a new kitchen or adding on a deck, is a perfectly valid use. That's what it's for. But we'd also think about it before draining all those funds. Can we replenish it easily? (Usually the answer is yes.). We also might consider if we may have a more pressing expense coming up and be careful about leaving money for that. For instance if your car is getting older, we will sometimes rein in spending a bit so we can just buy a new car for cash when the time comes. I wouldn't want to spend all our liquid savings on travel and then discover this means we have to finance a car, or can't afford to get the EV we planned on.

[Anonymous]

Anonymous wrote:We have twins turning 15 this summer, and it’s hitting us that we probably only have 3–4 more “guaranteed” years of family travel with them. Some of our best memories together have come from trips, but as they’ve gotten older (and everything has gotten more expensive), we’ve pulled back.

Now we’re wondering if it’s worth leaning in for a few years, prioritizing more meaningful travel while we still can. The tradeoff is that we’d be building less in liquid, emergency-type savings. We live within our means, contribute steadily to retirement and college, but our cash reserves have never been especially robust.

In real terms, we’re talking about roughly $2,000 less in savings per year to fund the kind of trips we’re considering. That’s also the cushion that would help if, say, one emergency is followed by another.

So how would you weigh the pros and cons here? Has anyone made a similar choice at this stage with teens?

If your retirement is on track and you're set for college at the level you are comfortable with, then I think this is a perfectly reasonable use of funds.

I hear you that the extra $2k *could* conceivably be missed if you have two emergencies in a row, but it's also a small enough sum that I don't think putting it on a credit card and paying it off over a couple of months will destroy your financial future.

[Anonymous]

Have they ever been out of the country? In I would make that a top priority. Once and done gives them a taste. For most areas to visit, domestic or intl, they will/can visit on their own as adults, on their own dime, eventually.

Need to see family? Make sure they are seeing Grandparents.

[Anonymous]

Anonymous wrote:Memories don't come from more expensive trips. Some of our most memorable trips have been National Parks and amazing hikes.

But didn’t it cost you money to get there?

[Anonymous]

I'm wondering what kind of trips you're taking where 2k makes a difference. Did you mean to write 20K? How much do you have saved for college and retirement?

[Anonymous]

Anonymous wrote:Memories don't come from more expensive trips. Some of our most memorable trips have been National Parks and amazing hikes.

Those aren't that cheap of a trip. There are four plane tickets for OP. Park admission isn't bad. But hotels and eating out all add up to a lot. And there is the car rental. We've done it on a shoe string by camping and eating sandwiches for an entire trip, but most people aren't that frugal with a national park trip. I could honestly take my family on a cruise for cheaper than a national park trip.

[Anonymous]

Yes

[Anonymous]

Yes. YOu'll beef up your savings after college for sure, as older people tend to spend less. I think of my parents who are in their 80s and have a massive nest egg but really no way to spend it since mobility issues means they don't want to do any traveling, and they already have a nice car for their weekly trip to the grocery store. House was paid off years ago.

[Anonymous]

if you use more money it drives you to get better paying jobs, feel broke and increase the drive to make more

[Anonymous]

Where do you keep your savings and emergency funds, and how much do you have saved already?

[Anonymous]

Anonymous wrote:Liquid savings yes, retirement savings no.

Money we need for the future goes into savings vehicles that would not be considered liquid. College accounts, retirement accounts -- these don't get touched.

Our liquid savings also include an emergency fund and we'd never raid that.

But just additional savings we have sitting around? Yes the whole point of that is that it is available for large purchases. Spending it on memorable vacations instead of, say, a new kitchen or adding on a deck, is a perfectly valid use. That's what it's for. But we'd also think about it before draining all those funds. Can we replenish it easily? (Usually the answer is yes.). We also might consider if we may have a more pressing expense coming up and be careful about leaving money for that. For instance if your car is getting older, we will sometimes rein in spending a bit so we can just buy a new car for cash when the time comes. I wouldn't want to spend all our liquid savings on travel and then discover this means we have to finance a car, or can't afford to get the EV we planned on.

This 1000%!

I wouldn't take a vacation (beyond very basic) if I didn't have 6-9 month EF, savings for any "unexpected" that you actually think you will need in next year (car, H20 Heater, new roof, maintenance on home, etc) put aside, and retirement well on track. As PP stated, you can do vacations that are memorable for "cheap"

But if you have that done, then yes, spend an extra $2K and splurge on a trip every other year or every 3 years while kids are still home.

However, your days of family vacations are not really over---your college kids and college grads will still go on vacation with you if you pay

[Anonymous]

Anonymous wrote:

Anonymous wrote:Memories don't come from more expensive trips. Some of our most memorable trips have been National Parks and amazing hikes.

But didn’t it cost you money to get there?

DP: you find National Parks that are nearby and camp/stay at reasonable places. You can do a 7 day driving vacation that is very affordable. You don't have to spend a fortune

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Memories don't come from more expensive trips. Some of our most memorable trips have been National Parks and amazing hikes.

But didn’t it cost you money to get there?

DP: you find National Parks that are nearby and camp/stay at reasonable places. You can do a 7 day driving vacation that is very affordable. You don't have to spend a fortune

+1 and even with cost of gas, driving 5-8 Hours to get somewhere is much more affordable than airfare for 4-5 people (what was $400 trips 6 months ago are now $800+ per person for flights---gas is much cheaper and you put everyone in same car