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You May Be on Vacation, Marcella Mollon Williams

01 April 2011no comments Finances

Vacations, whether on a local beach or exotic foreign city, are important rewards. Getaways both motivate and rejuvenate. After a year of hard work, we deserve it. However, what we deserve and what we can afford can be two entirely different things. One of the biggest differences between the wealthy and the not so wealthy is that wealthy people earn interest and everyone else pays interest. The key to creating and maintaining financial independence is making sure that your money continues to work for you while you are not. Here are 3 simple ways to make sure that your money stays on the job:

1.  Get Out of Debt – Do you know how much you are paying in interest each month? The last thing you want to do is create or add to your debt by funding your vacation with credit cards that cannot be paid off in full. One of the best things to do is to get out of debt and stay out of debt!

2.   Start Saving – Saving for retirement and long term needs are a vital part of ensuring financial security. NEVER tap into your long-term savings to fund vacations. Instead, start a savings account that is set up specifically for your vacation fund.

3.   Create a Vacation Budget – It’s dangerous to take off for paradise without having an idea of how much you are able to spend on your trip. While it’s good to have an overall cap on your vacation spending, i.e., $1,500 or  $2,000, you’ll also want an idea of where that money will go. If $400 went for airfare and another $500 will go to your hotel, how will you spend the rest?

Remember, after the Mai Tai’s and palm trees are gone, the last thing you want to come home to is unwelcomed debt and pending interest charges.

Call my office today at 866-664-6711, ext. 23 or email info@lbgfinancial.com for more information or to schedule a free consultation.

 

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