Cost vs. Value

As you would imagine, it is a fairly typical theme among travelers that they want to get as much as they can for the price they pay. It makes perfect sense. You work hard to earn your money & when you spend it, you want to make sure you’re getting the most for it.  Due to this mindset though, people often think that cost equals value. Meaning, you get what you pay for every time. Though this may be true to some extent (i.e. you will have more luxurious accommodations at a five-star hotel than you would at a two-star hotel), I think the idea that cost equals value is a misconception that has left many a traveler disappointed.  Of course, there is a literal price that is paid, but then there is the value of what happens while you’re there. Because of this, cost & value simply can’t be the same thing. So, how do you get the most value for your money? Can you add value without adding cost?

To begin, we have to understand the difference between cost & value. As previously mentioned, cost is the literal price you pay to acquire something. For example, the price you pay for plane tickets, hotels, excursions, rental car, etc. add up to the cost of your trip.  It’s the dollars and cents of things.  Value, on the other hand, is a bit more ambiguous, but no less important to having a meaningful & worthwhile vacation. Value is the relative worth, merit or importance of the experience you’re having.  Let me give you an example outside of the travel realm: Think about the cost of a college education verses the value of a college education.  The price you pay for tuition is pretty concrete, however, the value you receive from the life lessons you learn, the skills you acquire & the ability to better your circumstances in the future due to it, are much harder to quantify, but are perhaps even more important than the cost of tuition. Such is the case with travel as well.  You have the price tag of everything involved verses the value of the experiences you have. High value experiences can enhance your stay while you are on vacation, but they can also stick with you for long after the money is spent & the trip is over. Point being, it is important to recognize the difference between cost & value so that based on your budget & needs, you can have the best of both worlds.

Let’s start with cost.  As mentioned in our previous blog titled, “Help Us, Help You,” the first thing anyone should do before planning a trip would be to create a budget.  Depending on where you are going & what you are doing, you need to think about the following: Lodging, transportation, attraction tickets, food, spending money, etc.  Think about how much time you have to save up & what you’re willing to spend for the experience. This will help you make sure the cost of your trip does not exceed your means.  Remember, cost does not equal value & you can have a fantastic trip even on a limited budget.  However, you have to know what your budget is to make sure you can afford the cost of your trip. If using a travel agent (which I recommend, see the next paragraph), it is important to communicate what your budget is to them. I speak from experience when I say that we want to give you the best experience possible, but it starts with being respectful to your budget too. Even if you don’t use a travel agent, be respectful to yourself & make sure the cost of your vacation doesn’t outpace your means.

Value is a little less straight forward than cost, but there are plenty of ways to add value to your trip without adding to your costs.  One of the easiest ways to increase the value of your trip would be to use a travel agent. Our travel agency, Woodbrey Family Travel, does not charge for our services. That means you have access to all the benefits of a travel agent at no extra cost to you.  For example, how much is your time worth? Travel agents can save you an incredible amount of time & hassle by doing all the research & leg-work for you. We are well-practiced & informed about a wide variety of locations themselves, in addition to current promotions, travel restrictions, etc. It is our business to know as much as we can about various destinations & by using our services, you have access to what we have learned along the way without the hassle of learning it yourself by trial & error. A travel agent can be the difference of someone going into their trip feeling prepared & excited, verses going in, winging it & hoping for the best. For some, winging it is just fine. For most, having some sense of what you’re getting yourself into adds a level of confidence that can’t be quantified, but really increases the value of your trip. If you need more convincing, check out our blog post titled, “Why Use a Travel Agent.”

Next, I would highly encourage you to think ahead of time about what amenities are important to you while on your trip. For example, we have some guests that will not stay at a hotel if it doesn’t have a pool.  One of their family’s favorite things to do on vacation is to swim in the pool together & they feel it is often the highlight of their trip. For them, that simple amenity adds an incredible amount of value to their vacation. If something like a pool, or a spa, or a continental breakfast would make your vacation that much better, recognize that before you start planning & communicate that to your travel agent. These are easy things to look for while searching for accommodations & if you’re working within a known budget, they can often be found without going beyond those established cost parameters.

Third, I would suggest that being in close proximity to the sites you’re most interested in can add great value to a vacation. There is something wonderful about being immersed in a location, along with being close to what interests you. It goes a long way in being able to make the most of your time, while also giving you easy access to your hotel for mid-day naps, or the ability to change clothes. These are the types of little things that add great value to your vacation as a whole because you’re making the most of your time. To give you an example, I had a friend who went to Paris & booked things on his own. Before he left, he was touting how he got a hotel for super cheap & how excited he was for that.  Upon returning home though, he told me that he learned “Paris” was a relative term.  The hotel he booked was cheap and “in” Paris, but in reality, it was about an hour train ride into the city center where all of the sites he wanted to see were. He straight up told me he felt like the cost he paid for his hotel was not worth the time & effort to get to where he wanted to be. In his case, only the cost was looked at & it simply wasn’t worth it. While yes, he did get a cheap hotel, he paid for it in time. Ask yourself again, “How much is your time worth?” Is spending two hours a day getting to & from where you want to be worth the reduced cost? Perhaps so, but we’ve found proximity can almost always add value to a vacation. I am almost 100% confident that if he had let me book his trip, I could have found him accommodations within his price range, but also within reasonable proximity to what interested him. Worst case scenario, I would have been able to prepare him in advance for the time he was committing to his daily commute. Knowing this type of information in advance can be invaluable & positively add to your vacation experience.

Finally, one of the easiest ways to add value to your experience is by being flexible with your travel dates. Most people try to travel during school breaks or during the summer. While this may make sense, those are peak travel times for everyone & you will pay a premium during those times, in addition to being among the throngs of tourists.  If you can be flexible in your travel dates, you will have the benefit of potentially reduced costs (often there are discounts available during low-season), and you will not have to contend with the crowds. Fewer crowds typically mean less stress & increased ability to get more done. In my opinion, if you’re going to pay to get someplace, seeing & doing what you want without the interference of crowds will significantly add value to your experience.

Remember, cost does not equal value & if you’re looking for ways to add value without added cost, you will find them. I firmly believe that being mindful of your budget, in addition to what amenities & experiences are important to you, will help you find a balance between the two so you can have the best experience possible. If you need help, we are always here to do just that. You can request a quote from Woodbrey Family travel by visiting our website: http://woodbreyfamilytravel.com/getaquote.php

Posted on August 20, 2020, in Announcements, Travel Advice, Travel Advice and tagged , , , , , . Bookmark the permalink. 1 Comment.

  1. Agreed! For travelers, it is always good to know what is important to themselves. A travel agent can help people explore what is important to help them plan the vacation that is a great fit for each unique family and each vacation. Thanks for the post!

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