You sure can, I recently did this myself with a few travel funds I have, but a note of caution that *if* you apply travel funds and then cancel your flight, your resulting travel funds will be given the expiration date of the earliest travel funds that you applied to your reservation.
So, let's say you book a flight on January 1, 2022. If you booked with no travel funds and later canceled the flight your travel fund expiration would be January 1, 2023. But let's say you had a travel fund that was expiring on May 1, 2022 that you wanted to use up. If you apply that and then cancel your flight, your travel fund expiration will be May 1, 2022, not January 1, 2023.
Southwest explains this, and more Travel Fund FAQ, on this page: https://www.southwest.com/faq/travel-funds
--Jessica
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Everyone receives their own boarding position so if you buy Early Bird for yourself but not your 8yo then you'll probably have very different boarding positions. Note that family boarding is only for children six and under.
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