Most people would say “no” to borrowing money for a vacation.
But what if the circumstances were slightly altered? What if this trip wasn’t purely a vacation but a visit to the place of your birth? What if the travel isn’t for you but for your elderly parents, who might not have the opportunity to make a similar trek in another 5 or 10 years? What if this really IS a once-in-a-lifetime chance?
This is the difficult situation that The Asian Pear is facing. Most of the commenters said that they would go into debt to fund the trip for their parents in those circumstances, and I’d have to say I would do the same for my parents too.
Because even though there are good “rules of thumb” when it comes to saving and spending and how you should (or shouldn’t) fund travel, it’s impossible to make a decision based purely on financial considerations. Especially when it comes to family.
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I just read Asian Pear's post and I totally would go into debt to fund a once-in-a-lifetime trip for my aging parents.
"Because even though there are good “rules of thumb” when it comes to saving and spending, it’s impossible to make a decision based purely on financial considerations. Especially when it comes to family."
Right on!
Usually I don't quote Suze Orman, cause she kind of grates on my nerves, but doesn't she say something along the lines of "people first, money second, then things"? Seems to fit here-ifyour parents only have this one chance, put them first (especially in AP's case, where she's really close to her parents) and then worry about the money.
I agree that this is one place where Suze definitely has it right. I would do anything for my parents, so long as the intent was pure.
We are really frugal, and pretty much never spend beyond our means. But a few years ago, a dear friend of mine (who happens to live on the other side of the world from us) was diagnosed with terminal cancer. Once she got through her first round of chemo and was feeling ok, my husband and I charged $4000 in airfare to our credit card, and went to visit her. It was a wonderful trip, and even though we were already in debt at the time, and the plane tickets took a while to pay off, I am ever so glad we made that decision. My friend is still alive, although she's had to beat back the cancer several times since then, and it keeps coming back faster and faster these days. We talk on the phone and via email all the time, but I'm so glad that we got to visit her as well. Sometimes, money doesn't matter at all.
That's such a touching story. I'm glad your friend is still with you. "Sometimes, money doesn't matter at all." – completely true!
I would definitely do it. I like the people first, money second idea. If her parents want to go, and she is able to charge it or pay for it eventually, she should do it. I hope she’s going with them! Her memories and the looks on her parent’s faces when she tells them that she’s treating them will be worth every penny.
The fact that she struggles with the idea and has put a great deal of thought into going into debt for this vacation makes me think she should go for it. Most people spend money without thinking of the consequences.
I think the term "once in a lifetime" is overused for travel but in this case, it is true. Asian Pear's parents are ailing and it's a visit to their homeland.
Interestingly, there was a discussion about this on The Simple Dollar where a reader wants to go on a 'once in a lifetime' vacation to England. She is in her early 20s, a friend is planning the trip, and she wants to go before she gets saddled down with kids and spouse. However, she has student loans and is going to grad school soon. I didn't comment on that post but it is not a once in a lifetime opportunity to see England. Someone who did respond said that England will be there for a long long time. If she really wants to visit England, she can plan her own trip and go on her schedule, not on her friend's timeline. I've known too many people in debt who justify trips because a friend is studying abroad or a friend is going etc…
Agreed. I think the term "once in a lifetime" can used to justify many things that aren't financially prudent. But in this case finances shouldn't be the driving factor in the decision.
In college, I had the chance to go to London to visit a friend. I wasn't in debt, and I taken money out of savings and went. I didn't because I thought it'd be too expensive, but now I really wish I would've went. London will always be there, but that friend is out of my life now. I wouldn't have taken on debt in order to go, though.
I've never been in that situation, and I hope I never have to be. I say now that I wouldn't go into debt to fund a trip for my parents. I would try to do something for them that is just as fabulous (if possible) but definitely cheaper. But again, I've never been in that situation. If all the right compenents are there, maybe I'll change my mind…
I would do this as well. I agree with people first, money second, things last. Your parents will only be around for a little while, you might as well enjoy a final trip with them that will last you a lifetime of memories. I think it's ironic that when you're a kid, you take your parents for granted when they are young, then as you get older and you see your parents age, you realize how much they did for you that you really didn't acknowledge when you were younger. I think in Asian Pear's case she will be giving her parents back something for their devotion to her, and in return she will have memories to cherish the rest of her life. The debt will eventually be paid off.
After reading Asian Pear's article, I would've done the same thing. I saw my family went in debt for a trip back to our home country – not really a trip of a lifetime. Eventually, with discipline on their part, they were able to pay it off.
My parents are on that same ages as well. I'm hoping that if a trip of a lifetime like that comes along for us, I'll be able to pay it with cash.
I'd definitely do what needs to be done in this situation, but isn't this a perfect example of why it is so important to be debt free and have a fully funded emergency fund? It opens up so many options and eliminates these kinds of dilemmas.
Absolutely! The choices we make when it comes to money truly impacts our lives. Unfortunately, money is that important.
Its once in a lifetime trip, so I think they should go for a vacation loan and do not let this opportunity to be slipped off from their hands.