We turn to social media for so many things: food, fashion, makeup tips, and more. It’s clear that it has slowly shaped our perceptions, decisions and even our outlook on life.

One genre we often turn to, especially as we have little to no experience in the area, is travel recommendations. The destinations that are featured often seem so mesmerising that they spark our wanderlust. But is there more to the story? Just like purchasing attractive products, visiting these beautiful places comes at a cost. Hence, it is important for us to take a step back and carefully consider the financial impact these travels will have on our wallets before embarking on any trips that could stretch your budget.

Are FOMO Travel Experiences Making You Poor?

The travel trend has been around for years, especially after the Covid-19 pandemic. According to a tourism survey by Mckinsey & Company (2024), 66% of travellers became more interested in going on vacations than they were before the lockdown. This indicates that travel has become a higher priority for many, especially among the younger generation.

The survey found that 41% of Gen Zers and millennials strongly agree that they plan to travel more in the near future. In fact, it has become a non-negotiable part of their lifestyle, despite uncertain economic conditions that may affect their budgets.

In relation to this, WinSavvy also reported that a staggering 89% of travellers turn to social media platforms for travel inspiration. Platforms like Instagram, Facebook and Pinterest have become go-to sources for food recommendations, hidden gems and unique experiences.

While social media can be a useful tool for planning trips, it’s also fuelling a new problem: people are spending more than they should on 'once-in-a-lifetime' travel experiences. According to the survey, millennials and Gen Zers made an average of five trips in 2023, while Gen Xers and baby boomers travelled less than four times. However, only 11% of Gen Zers who travel regularly earn more than $100,000 annually.

Although there is nothing wrong with prioritising travel, you should also be mindful of your travel urges and avoid overspending on FOMO (fear of missing out) experiences. Going into debt for the sake of a trip is never a smart decision, so here are some tips on how you can plan a trip that aligns with your finances.

How to plan a trip without straining your finances

Set a realistic budget

Before your trip, write down all your potential expenses, including accommodation, transportation, and food. If you plan to visit any famous landmarks, research the costs and include it in your budget.

Be sure to set aside extra funds for emergencies or any unexpected expenses that may arise.

The ideal way to finance your vacation is to save a portion of your monthly income leading up to the trip. This way, you can avoid relying on credit cards or loans, which could lead to interest charges or fees.

Avoid tourist traps

One of the many realities of travelling is that you may feel disappointed with the promised view, so do check the reviews for honest feedback about the place before visiting. Travel review platforms such as Google Maps and Tripadvisor allow explorers to share their opinions about any destination or eatery, helping you steer away from tourist traps.

Be flexible

Another tip for planning an affordable trip is to avoid travelling during peak periods, as flights and accommodation tend to be more expensive then. Instead, consider travelling on weekdays or during the off-season. Not only will you save money, but you'll also enjoy fewer crowds and more space to explore.

Be discerning when it comes to social media

While travel content can be fun to watch, much of it is curated to showcase an idealised version of a destination. These polished reviews may not reflect the reality of the place and could lead to disappointment when you visit. To get a more accurate picture, always do your own research by reading online reviews or asking friends who have been there for their personal insights.

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