How can I travel more without falling behind on my financial goals?

Social media is overflowing with captivating travel photos and recommendations of the best excursions in the most remarkable destinations across the globe. But travel can be so expensive. How do people afford it?

That’s the question dogging Patrice and Isabelle*, a Burlington, Ont., couple in their 30s who want to do a “bucket list” trip in the next few years. Their dream is to go on a safari in Kenya, glamp in the wilderness and hear the lions roar. But they worry the trip will throw off their financial goals, such as paying down the mortgage on their condo and saving for retirement. They both work in professional services and haven’t put much into their savings yet.

Can this couple make room for travel without derailing their financial goals?

Start with a plan

Lara Makarians, a senior financial planner with CIBC, says Patrice and Isabelle’s question is a “common dilemma” for her clients. “They really want to take a bucket list trip or have a once-in-a-lifetime experience. They often ask whether it’s possible to pursue these experiences without compromising their financial stability.”

Ms. Makarians says Patrice and Isabelle should start by working with a financial planner who can integrate travel into their broader financial plan and make sure they’re staying on track with other long-term objectives.

She uses CIBC’s GoalPlanner, a holistic financial planning tool, to help her clients decide how travel spending will impact their finances. The tool allows users to input different goals, such as buying a home and retirement, and create a financial plan to achieve those goals. Clients can try out different scenarios – including spending thousands of dollars on a bucket list trip – and visualize the impact before making any changes. The plan is reviewed annually to ensure it’s on track.

One efficient way to save for travel is to create a dedicated travel savings account, Ms. Makarians adds. Automatic, monthly or biweekly deposits can add up over time.

Rory Mitz, senior vice-president of Imperial Service with CIBC, agrees that planning ahead is the best way to afford travel. “I always recommend setting aside funds gradually to make travel expenses feel more manageable.”

He recalls clients who wanted to take their kids on an African safari. They set out a five-year target for the trip, started automated savings into a diversified portfolio of investments and were able to reach their goal, boosted by the power of compounding.

“With the right advice people can enjoy the experiences they’re looking forward to without sacrificing progress toward other goals, like retirement or their kids’ education,” he says.

Be creative with your strategies

For many Canadians, travel isn’t just about “seeing new places,” notes Mr. Mitz.

“For many, it’s about creating memories that last a lifetime,” he says. “Canadians are routinely budgeting for things like housing, retirement, education. So, if travel is a priority, it deserves intentional planning, too.”

Mr. Mitz says creative strategies can help you afford your goals. For example, he recalls one client who wanted to buy a $100,000 car. Rather than purchasing the car outright, the client learned that if he saved aggressively and invested $300,000 in a blue-chip dividend portfolio, it would give him an income of about $18,000 a year, which was the annual cost of leasing the car he wanted to buy.

The same scenario could be leveraged for yearly trips, he adds. “There is a lot that one can do to plan for experiences and lifestyle wants,” Mr. Mitz says. “The better question is often, how can I structure my finances to support the life I want, both today and long term?”

Put your credit card to work for you

When it comes to making room in your budget for travel, Canadian Instagram star Ang Geronimo is about as savvy as it gets. This Toronto-based travel influencer says that when you plan ahead for a trip, it gives you the flexibility to look for the best travel deals, benefit from off-peak pricing and maximize loyalty program benefits.

Travel reward points on your credit card can really add up, says Ms. Geronimo. “If you’re already spending money, you might as well make that money work for you. I’m big on credit card points – accumulating them and getting some rewards back for your spending.” Just be sure to pay it off at the end of the month to avoid interest charges, she notes.

To ensure you’re getting the credit card with the most lucrative travel benefits, Ms. Makarians suggests reviewing potential cards, their fees, bonuses and benefits with your financial planner to see which one suits your travel wish list.

Search for underrated travel spots

To find less expensive travel destinations, Ms. Geronimo says she looks for underrated travel spots that are getting a bit of attention on social media but haven’t yet blown up. She also chooses to stay in smaller towns on weekends because the costs are lower and then spends a few weekdays in more expensive big cities.

While “people get excited when they see a cheap flight,” she says, it’s crucial to look at all the costs before pulling the trigger. Flights may be inexpensive for one destination, but the food and hotels there might be more expensive than another spot.

Lastly, choose where you spend your funds wisely, says Ms. Geronimo. For example, if she splurges on a luxurious hotel, she will find more affordable eating options that enable her to experience the local culture. She always asks about free excursions in her chosen destination, like public beaches, hiking trails or museums. And she also only plans a few activities, leaving room to explore.

“I think that brings you more joy, stumbling upon the gems of the city and what it has to offer,” she says.

Looking for a financial planner to help you reach your travel goals? Book a meeting with a CIBC advisor to create a personalized plan.

^{*Hypothetical example. Does not represent real people or clients.}

Advertising feature produced by Globe Content Studio with CIBC. The Globe’s editorial department was not involved.