Money Minute: Some Tough Love Concerning Vacations
Vacations are important for our mental and physical well-being. However, most people spend large sums of money on vacations without first investing in their own financial futures or ensuring that they are prepared for financial emergencies.
Prepare yourself.
I'm about to give you some 'tough love' about vacations. Since it is summertime, I chose to write this article when people's minds are the most concentrated on summertime getaways and seasonal excursions. Whether purchasing tickets to an amusement park, water park, music festival, overseas or cross country trip, one must consider the cost to their financial stability. Just like a giant water slide, your money is slipping away. Yes, you are making beautiful memories, but at what expense?
Invest in Your Future First!
Better to take a day trip or a staycation rather than squander your income making corporations and industries wealthy.
You are investing in entertainment and fantasy rather than dealing with the reality of debt, lack of sufficient retirement funds, an emergency fund, and the development of an overall financial legacy for your family. What begins with laughter, just may turn to tears when you try to pay off those maxed out credit cards or struggle to find money to pay for emergencies such as automobile and household repairs. I feel truly qualified to present this subject to you because I used to be a timeshare salesperson. I was in the vacation business. It was my job, as a licensed real estate agent in that field, to sell a dream. While I still value the concept of timeshares, many people found it difficult to continue to pay the maintenance fees.
You are investing in entertainment and fantasy rather than dealing with the reality of debt, lack of sufficient retirement funds, an emergency fund, and the development of an overall financial legacy for your family.
If you are going to spend thousands of dollars on amusement and theme parks, transportation, lodging, food, etc., at least invest in the parent company's stock so that you receive dividends. Continuing to make companies wealthy without reaping any monetary rewards is foolish. Disney and Universal Studios are part of publicly traded companies. Here are their New York Stock Exchange (NYSE) ticker symbols: Disney (DIS), Universal Corporation (UVV).
The Budget
It all begins with a budget. That pesky piece of financial discipline that curbs your desires and keeps you on the road to what is practical and affordable. No vacation arrangements should be made without first considering your monthly budget. In fact, this should be a family discussion as it is good financial literacy training for youth. Discussion such as which hotel or alternative lodging should be considered and whether or not to travel via airplane, train, rental car, personal automobile, or bus. If you are traveling without children, your options are even greater as you can be flexible.
Empower yourself by reading
Take the time to read books and periodicals that are specifically written so that get the most bang for your buck when planning a vacation. I recommend the following book:
Brian Kelly _ How to Win at Travel (2025)
Kelly Merritt _ The Everything Family Guide to Budget Travel: Hundreds of Fun Family Vacations to Fit Any Budget (2011)
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Paula Goddard is a contributing writer for Atlantic City Focus. She is an award-winning writer, personal finance advisor, community organizer, and educator. She can be reached via social media @paulasuniverse - via email at pgMoneyMinute@gmail.com & via telephone at (202) 922-5851.
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