{"id":1214,"date":"2022-07-07T06:00:58","date_gmt":"2022-07-07T13:00:58","guid":{"rendered":"https:\/\/humanitywealth.com\/uncategorized\/sink-or-swim-to-vacation-or-to-save-that-is-the-question\/"},"modified":"2022-08-29T23:52:43","modified_gmt":"2022-08-30T06:52:43","slug":"sink-or-swim-to-vacation-or-to-save-that-is-the-question","status":"publish","type":"post","link":"https:\/\/humanitywealth.com\/financial-planning\/sink-or-swim-to-vacation-or-to-save-that-is-the-question\/","title":{"rendered":"Sink or Swim? \u201cTo Vacation or To Save – That is The Question\u201d"},"content":{"rendered":"

American workers left a record number of vacation days on the table last year\u2014768 million days, up 9% from 2017\u2014according to new research<\/a><\/strong> from the U.S. Travel Association.\u00a0<\/span><\/p>\n

Of the unused days, 236 million were forfeited completely, equating to $65.5 billion in lost benefits. More than half (55%) of workers reported<\/a><\/strong> they did not use all their allotted time off.<\/span><\/p>\n

An unfortunate truth is that cost<\/a><\/strong> is the top barrier to travel. But on the positive side, you do not need to be rich to travel- what you need to be is smart with financial planning and saving money!\u00a0<\/span><\/p>\n

Here are a few questions one may consider when planning a vacation:<\/p>\n

What does my emergency fund look like?\u00a0<\/strong><\/h2>\n

A key tip: if your emergency funds do not have at least 3 months of living\u00a0<\/span>expenses saved, consider waiting until you have more money saved before\u00a0<\/span>taking that vacation and landing in potential debt.\u00a0<\/span><\/p>\n

Do not ever consider going into your emergency fund stash for a vacation; as\u00a0<\/span>emergency funds should only be utilized for unplanned and immediate\u00a0<\/span>expenses.\u00a0<\/span><\/p>\n

Do I have high interest debt to pay off?\u00a0<\/strong><\/h2>\n

If you have a high loan or credit card balance, hold off! If you don\u2019t want that <\/span>interest to build significantly, focus on paying these charges off first.<\/span><\/p>\n

Do I have non-emergency funds?\u00a0<\/strong><\/h2>\n

If you have enough money saved here, you may use these funds towards a\u00a0<\/span>vacation. However, be rational about your decision. For example, say you\u00a0<\/span>have a down payment coming up, it may be wiser to use your money towards\u00a0<\/span>that payment instead of a vacation. Two of the most frequent reasons<\/a><\/strong> for not being able to take a vacation are household costs (44 percent) and paying off\u00a0<\/span>one\u2019s debt (35 percent) (22 percent).<\/span><\/p>\n

Overall, vacation spending is equal to about 2% of the total budgets<\/a><\/strong> of all US\u00a0<\/span>households annually and the average American takes four of them per year.<\/span><\/p>\n

If you plan your vacation with cost-friendly options and have your finances\u00a0<\/span>arranged, taking a vacation should have you swimming this summer, not sinking!\u00a0<\/span><\/p>\n

Humanity Wealth Advisors believes in sharing good knowledge and education. We believe your financial wellness comes from knowing good information– after all, knowledge is power and that’s what we’re all <\/span>about.<\/span><\/p>\n

The articles we provide are free resources used simply to educate, and pass\u00a0knowledge; a knowledgeable investor is a great investor! <\/span><\/p>\n

We’re the financial advisors you want to come to for affordable financial\u00a0planning in the Bay Area. <\/span><\/p>\n

Did someone ask for financial advisors without a minimum asset\u00a0requirement? That’s <\/span>us!<\/span><\/p>\n

Lack of knowledge on market volatility may lead to diversion of financial planning; giving readers information on investor psyche and volatility helps\u00a0<\/span>us meet our goal to educate the general public.\u00a0<\/span><\/p>\n

Contact us <\/span>if online financial advice is crucial to you- we can help you with\u00a0<\/span>that.\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

American workers left a record number of vacation days on the table last year\u2014768 million days, up 9% from 2017\u2014according to new research from the U.S. Travel Association.\u00a0 Of the unused days, 236 million were […]<\/p>\n","protected":false},"author":7,"featured_media":1842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[39],"tags":[52,53],"acf":[],"yoast_head":"\nSink or Swim? \u201cTo Vacation or To Save - That is The Question\u201d<\/title>\n<meta name=\"description\" content=\"Wondering if you should take a vacation or save money this year? 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