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Is It Worth Buying an Expensive Trip for My Family?
Summary
A big family trip can be worth the investment emotionally, but is it practical financially? Here are 5 considerations.
Planning a family vacation can be both exciting and daunting — the costs involved can be overwhelming. For example, a typical week-long Walt Disney World vacation for a family of four in 2025 (two adults, two kids) will cost an average of $6,785.1 The estimated cost for a 12-day trip to Italy for a U.S. family in summer 2025 is $19,990.2
Therefore, the question often arises: Is it worth spending a significant amount of money on a trip for my family?
It would be easier to answer that question if it was based only on practicality or emotion, but it’s based on both. On the one hand, a key regret people often express at the end of their life is that they didn’t spend enough time with the people they love or that they wish they hadn’t continually put off taking that dream trip until it was too late.3 But on the other hand, the biggest financial regret of U.S. retirees is often that they wished they’d saved more money.4
Consider Lisa’s story. She had a long-held dream of taking her family to visit the country where her husband was born. Less than 10 years from retirement, Lisa’s husband passed away suddenly, making her dream more urgent. Lisa and her husband had two adult children and three grandchildren. Although Lisa was still working, she had concerns about her financial security in retirement as a widow. At the same time, funding this meaningful and fulfilling trip for her entire family was especially important to her. After talking to her advisor, reviewing her entire situation, and making adjustments to her financial plan, it was determined that taking her family on the trip of her dreams was indeed feasible for Lisa.
In this article we explore the various factors that can help you make an informed decision about whether buying an expensive trip is worth it for you and your family.
1. Creating lasting memories
One of the most compelling reasons to invest in a family trip is the opportunity to create lasting memories. Experiences shared during vacations can strengthen family bonds and provide stories that will be cherished for years to come. Whether it’s exploring a new city, enjoying a beach resort, or embarking on an adventure, these moments can be priceless. Opportunities lost are the ones not taken.
2. Quality time together
In our busy lives, finding quality time to spend with family can be challenging. A big trip often means taking time off work and a chance to disconnect from daily routines. This dedicated time together can enhance relationships and provide a much-needed break from the hustle and bustle of everyday life.
3. Educational value
Traveling can be an educational experience for both children and adults. Visiting new places, learning about different cultures, and experiencing diverse environments can broaden perspectives and foster a sense of curiosity. This educational aspect can be a valuable investment in your family’s growth and development.
4. Financial considerations
While the benefits of a family trip are pretty clear, it’s essential to consider your financial situation. Ensure that the cost of the trip does not put undue strain on your finances or retirement savings. Taking a large family vacation may mean working another year or cutting back expenses somewhere else (now or in retirement). It may mean creating a saving strategy, along with a plan and date that you can look forward to, instead of just saving and hoping you can make it someday. Remember, the goal is to enjoy the experience without financial stress.
5. Alternative options
If an expensive trip seems out of reach, there are always alternative options. Consider more affordable destinations or shorter trips that still offer the chance to create wonderful memories. Sometimes, a well-planned local getaway can be just as fulfilling as a Disney destination or international adventure.
Ultimately, whether an expensive trip is worth it depends on your family’s priorities and financial situation. The value of the memories, quality time, and educational experiences can make such a trip a worthwhile investment. However, it’s crucial to balance these benefits with your financial health and security. Your Mercer Advisors wealth advisor can provide guidance on the impact of financial decisions before you make them, to help with making an informed decision.
Not a client? We’re here to help you navigate financial decisions. Every financial decision you make will likely impact other areas of your overall financial picture, and we can help you see the blind spots. For nearly 40 years, families have trusted us to amplify and simplify their financial lives. If you want to worry less about money, let’s talk.
1 “How Much Does it Cost to Go to Disney World? 2025 Average Prices.” Magic Guides.com, 24 Oct. 2024.
2 “How Much Does a Trip to Italy Cost? 2025 Budget Worksheet.” We3Travel, 29 Jan. 2025.
3 “Regrets people have at the end of their lives, says doctor: What we can learn.” CNBC, 23 Sept. 2024.
4 “Regrets? Retirees have a few big financial ones.” Morningstar, 18 Dec. 2024.
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Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. and is not involved with investment services. Mercer Global Advisors Inc. (“Mercer Advisors”) is registered as an investment advisor with the SEC. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements.
All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Some of the research and ratings shown in this presentation come from third parties that are not affiliated with Mercer Advisors. The information is believed to be accurate but is not guaranteed or warranted by Mercer Advisors. Content, research, tools and stock or option symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Hypothetical examples are for illustrative purposes. For financial planning advice specific to your circumstances, talk to a qualified professional at Mercer Advisors.
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