“I used to travel around four to five times a year with friends and family, excluding company team-building trips with colleagues,” says 27-year-old designer N.H.A from Hanoi. “It might seem like a lot, but given the pressures of modern life, I believe it’s a necessary way to de-stress and recharge after months of hard work.”
N.H.A is not an uncommon example. These days, the travel bug has bitten young people hard. The younger generations, particularly those in their late teens and early twenties, aspire to enhance their quality of life and nurture their passion for exploration and healing. For them, investing in experiences while they’re young and able is essential for personal growth.
However, as the desire to travel intensifies, so does the question of how to budget for it while maintaining a balance with other life necessities. According to a 2022 study by the Institute for Youth Research, which surveyed over 900 young people about factors influencing their travel decisions, 67.3% cited financial conditions as the determining factor.
H.A shared that before each trip, she spends a week carefully considering her expenses. Even at her age and with a stable job, she feels her income isn’t quite at the level where she can jet off whenever she pleases. Instead, she must balance her finances using essential financial tips.
“I allocate my budget specifically for each expense. For example, I’ll set aside 30% of my income for savings, 40% for daily expenses, and 10% to send to my parents. This leaves me with a maximum of 20% for travel. I have to save up for several months to afford trips that fit my budget, choosing destinations and activities that won’t break the bank,” says the 27-year-old. “And don’t spend it all at once! Space out your trips by a few months to give your wallet time to recover.”
V.D.T, a 29-year-old office worker in Hanoi, is also an avid traveler. He emphasizes the importance of early planning, as it can save a significant amount of money.
“You can buy plane tickets early, book hotels in advance, and even purchase entry tickets for tourist attractions and amusement parks on your itinerary. The earlier you book, the cheaper it is. My friends once snagged a pair of return tickets to Thailand for just 3 million VND ($129) per person, while I paid 4.5 million VND ($194) per person when I booked a few months later,” says D.T.
Additionally, those who book early have ample time to research promotions and discounts, a key strategy to reducing costs for young travelers. H.A shared one of her financial levers that anyone can employ to make their trips more affordable.
“It’s a travel credit card. Many people think that taking out a loan is a last resort, but I see it differently. Even when I have a comfortable financial cushion, I still primarily use this card when I travel because, with the right strategy, you can save a significant amount,” the designer revealed.
“A quick search will show that the market offers numerous benefits specifically for travel cards. For example, my new ‘love’ is the UOB Travel Credit Card. It offers a 20% discount at Michelin-starred restaurants in Singapore and Thailand, and it has a reward points program that doubles reward miles for various transactions (foreign currency spending, buying plane tickets, duty-free shopping, etc.). Later, I can freely use these reward miles for various purposes.”
She also mentioned other special perks, such as a 1.99% foreign transaction fee, access to VIP airport lounges eight times a year instead of waiting in crowded departure halls, and, most importantly to her, travel insurance coverage of up to 1 billion VND ($43,000).
“I travel a lot, so I often worry, especially with the increasing number of air accidents. Having travel insurance gives me some peace of mind during my trips,” H.A explained.
“Meanwhile, my friend loves to use the card at duty-free shops to rack up reward miles. It’s a win-win situation: enjoying authentic products at great prices while also laying the foundation for future trips,” she added cheerfully. “It feels like I’m getting interest on my ‘loan’!”
The UOB Travel Credit Card is part of the bank’s “power quartet,” offering optimal solutions for various consumer profiles and needs across multiple sectors: from daily dining and entertainment to special occasions like overseas shopping and travel. UOB cards are designed for those who appreciate culture and unique experiences, catering to both daily expenses and dream vacations.
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