Staying home might give your
finances a vacation they really need
By Jay MacDonald • Bankrate.com

June 14, 2000 -- When times are good and spring has sprung, we often fail to ask ourselves the obvious question: Should I take a vacation this summer?

Preposterous! Of course I should! Preferably somewhere exotic!

"Most people believe they have a right to a vacation, that they deserve the maximum amount of fun they can get," says Keith Leggett, senior economist with the American Bankers Association. "Jobs are plentiful, the economy is going really well, the stock market is still way up over the past couple years. People just feel really good. And when you feel really good, you tend to not think about that rainy day down the road."

Time to pay the piper
Mike Kidwell, vice president and co-founder of Myvesta.org, says those rainy days often follow closely behind summer vacation for many families.

"In September, a lot of people come screaming to us," he says. "They went on vacation, they spent more than they could really afford, they were already in debt, and they usually have children. Now they've got the vacation they couldn't afford and back-to-school expenses and it's a double whammy."

Seek out low-price fun
"If you're already in debt, you're struggling to pay the bills, then no, this isn't the time to splurge and go on an expensive vacation," says Kidwell. "Pay down some of that debt. Try to find some less expensive things to do this year for your summer vacation."

Truth is, if you set your mind to it, you can find just as much fun close to home as you can thousands of miles away. Making lemonade out of lemons doesn't have to be tedious, it can be refreshing summer fun -- especially for your finances.

Jay MacDonald is a contributing editor based in Florida
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-- Posted: June 14, 2000