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Fearless Financial Future

Why does taking time off matters?

Many people look forward to taking time off to relax, explore, spend time with their loved ones, and gain more experiences.

Summertime presents great opportunities to take a vacation with their friends or family. For some people, that means trips to visit new places or to see a friend who you haven't seen in years. These types of trips typically require planning that we (consumer economics educators) highly encourage. For example, developing a spending plan, setting S.M.A.R.T goals, and giving yourself enough time to prepare for the adventures that await you.

On the other hand, it is equally important to consider that for many families in the U.S., taking a vacation may seem like an unrealistic luxury. Furthermore, there are individuals who have strong aversions to travel and may experience severe anxiety from flying or long trips away from home. Staycations work well too and you can use your time off to visit local attractions, go camping, hang by a community pool, or support your local fairs and festivals. These could provide you solace based on what you are hoping to get out of your time off.

We know that taking time off from work obligations and day-to-day responsibilities at home have positive effects on overall health and well-being. These periods allow you to rest, maybe get more sleep, detach, and unwind. Time off also could lower anxiety and improve mental health outcomes.

Whether you decide to take a vacation or staycation, choose the option that is worthwhile for you. Here are a few additional ways to save for your time off:

  • Create a vacation budget category and automate deposits into your vacation fund
  • Travel during the off-season for lower prices
  • Plan and book your trip ahead of time so you can compare prices and find affordable accommodations
  • Finds ways to reduce current expenses and eliminate fees. One example, avoid ATM fees by using services at your bank or those that are supported by your bank.

Taking time off to rest, or to engage in various activities have great physical and mental health outcomes. Planning and saving for your trip allow you to compare prices, develop your vacation fund, and decide on the best options for you!


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