OCBC Life Goals

The art of travel

We need a vacation. We just need to get away from it all. A short period of relaxation and comfort need no reason or justification. It's just necessary for our mental health, plain and simple.

What does the term vacation mean to you?

For some, a comfortable vacation need not mean travelling half way around the world to enjoy cocktails in some five star resort, much like the lifestyle of reality TV stars which we have grown quite accustomed. No, to some a vacation can be as simple as a day curled up at home, reading a good book away from the daily stresses of work or binge watching Netflix. Certainly, our definitions of escape are specific, unique and would inevitably vary quite markedly. But the reality is many of us would like to escape the daily island grind if not for just a few days to completely unwind. After all, there's too much beauty in the world for us to ignore.

To some, travelling is about collecting experiences, not just capturing photos or bragging rights of having been to some exotic location that one believes would elicit the most "ooohs" and "aaahs" from friends or colleagues. By this definition, being in a town doesn't really mean you have 'visited' a country. It's much about understanding the culture, eating the food and enjoying the sights and sounds that the locals do. It may be about trying out different activities that are way out of our comfort zone. To others, the ideal vacation may well be travelling to an idyllic destination and spending a restful day by the beach or a nice hotel. However you choose to slice, dice and define vacation, the fact is you can't escape the need for money. You've got to pay to get to your destination somehow.

Travel costs money

Depending on the locale, it may involve varying degrees of financial planning. Whether it is setting aside a fair sum monthly into some virtual savings account or a physical piggy bank or sacrificing some current consumption to save for a future vacation, you should ensure that you have adequate time to save the amount you need. The "spur of the moment"- type travel is an option as well, but in so doing, you should be willing to sacrifice future consumption for such current gratification. We seldom think about the trade-offs we make in our daily life decisions, but to ensure financial sustainability and growth for the long term, one shouldn't simply succumb to the allure of ignorance and instant gratification.

But this does not mean cutting corners on absolutely everything just to save a buck. You are on vacation after all. Enjoy life. Some people would say 'travel within your means', but we would cautiously disagree.

Think about it; living on 20 euros a day (accommodation included) means there are so many things that you will miss out on when travelling across Europe. An opera performance in the PalaisGarnier or a musical at London's West End could be quite enjoyable. If it matters to you enough, spend. Because ultimately you can earn it back. We can't say the same for when is the next time you will be back in Paris or London. Yet remember everything in moderation; splurge on some things, save on others. Use that credit card judiciously, not indiscriminately.

Know your discounts and use them to your advantage

If you do your homework well enough before your trip, you could probably find more effective ways to spend your money whether it be getting cheaper day tickets at the West End, finding cheaper routes to travel across Italy or even taking advantage of attractive credit card rebates and/or discounts. This certainly requires little guidance considering the ubiquitous availability of a myriad of cost comparison websites, forums as well as travelling mobile applications. Looking out for cheap or discounted travel tickets is even a hobby for some.

Remember to protect yourself

So you've chosen your destination and perhaps made a hefty down payment for you vacation, whether it is for your flight or hotel. You're ready to unwind and relax. Yet, as with everything in life, our comfort, safety and health during such trips are not a certainty. And remember, we are in foreign soil, away from the assurances of the familiar. To protect our wallets from the costs of potential inconveniences including trip cancellation, the loss of money and personal belongings or unexpected medical expenses, get insured so that you can enjoy your trip with a peace of mind.

Yet there is often an understandable reluctance to buy travel insurance -- or insurance of any kind for that matter -- as human nature has it that we would not like to pay for something we may not need. In fact, what could possibly happen in just a few days overseas, some would undoubtedly question.

Also, others may argue that they have comprehensive coverage through their existing life or medical insurance that happens to cover emergencies abroad. For cases like this, it is important to scrutinise your existing coverage to make sure that you are well covered for potential medical exigencies overseas. If not, you're better off safe than sorry. So, get that travel insurance.

Also, you should give some thought to the amount that you are potentially paying for a vacation and the probability that you may lose that sum should something untoward happen. This is especially a problem if a large proportion of the cost of your fairly exorbitant trip is non-refundable. Hence, it makes sense for you to protect yourself against the costs of any unfortunate event so that in the very least you would be able to recoup some of your losses should anything problematic occurs.

In essence, it is always better to be safe than sorry, so a good rule of thumb is to stay protected even when it is just a few days overseas. In the very least, you will enjoy a peace of mind.


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Terms and conditions apply. Underwritten by OAC.

Policy Owners' Protection Scheme: This plan is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the General Insurance Association (GIA) or SDIC websites (http://www.gia.org.sg/ or http://www.sdic.org.sg/).