Should You Create A Travel Fund With Your Friends?
PUBLISHED: Mar 8, 2018 6:00 AM
Spring Break is here and like clockwork, you’ve probably already started to see groups of friends posing on beaches, exploring historical landmarks and lounging in hotels around the world while you’re busy scrolling on the ‘gram.
Group trips are a great way to see the world, but money is often one of the main reasons why they fall through, so before you start rallying your besties for an international getaway, keep this in mind if you want to consider pooling your funds for a group trip.
Be Honest About Financial Expectations
Conversations about money are never easy, but for a group travel fund to work, everyone must be transparent about how much they can contribute, when they will have the funds and how much they are willing to spend overall. Decide early on to travel to a destination that everyone in the group can afford, and make it a goal to have everyone contribute his or her part at least 30 days from departure date in case you need to make any changes to hotel or activity reservations. Even if one friend agrees to cover another, don’t set foot on an airplane until everyone has paid their fair share. You don’t want money issues to come up while you’re on the beach.
Put Someone In Charge Of The Funds That Everyone Will Trust
When it comes to money, trust is everything. Once everyone commits to going on the trip and saving money together, elect one person to oversee the funds that everyone trusts. This could be the person that’s handling all of the travel arrangements, but be sure that the person in charge is responsible and quick to respond to everyone’s questions about the status of the money and the trip.
Give Your Friends Tough Love
Nothing weeds out potential trip drop-offs more than having a no-refund policy for the travel fund from day one. Require a deposit from everyone that wants to attend the trip by a non-negotiable deadline, and you’ll see right away who is likely to see the trip through versus those that are more likely to back out. The more strict you are in the beginning, even with the friends you adore the most, the better off you’ll be come trip time.
Make Saving Money A Group Activity
Want to beef up the travel fund without dipping into your own pockets? Work as a team to save money by holding a garage sale where every member contributes items to be sold for the fund. The more you can contribute money as a team, the more invested everyone will be in watching the travel fund grow.
If you have your heart set on going on a group trip this year, don’t let money stop you and your friends from planning the best international vacation ever. A little teamwork goes a long way.