“A staycation may be great for your financial health, but we need to plan for overall health,” certified financial planner Marguerita Cheng said. 💰 Read these cost-saving tips whether you are taking a vacation or staycation 👇
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But it’s also true that some people simply do not have the money in their budget for travel. One of the things Americans are stressed out about is their financial well-being, and spending money on a trip may heighten that stress. Cheng recommends planning a budget for your destination, and if you have kids, enlisting their help in searching for coupons and deals. Look for creative ways to save money: Use public transportation; get food at cheaper local eateries instead of expensive restaurants; and check out local travel and tourist bureau websites for discounts . It’s a good opportunity to teach kids some basic budgeting and project management skills, she said.
“Financial stress often comes when we are not spending money on what is most important to us,” said Sean Pearson, a financial adviser with Ameriprise Financial Services in Conshohocken, Pa., who focuses on the financial needs of the military and veterans. Travel to places we haven’t been before may also help give us “greater emotional agility, empathy and creativity,” wrote psychology professor Todd B. Kashdan with the Center for the Advancement of Well-Being at George Mason University. “By spending time in unfamiliar towns, cities, or countries, you become tolerant and even accepting of your own discomfort and more confident in your ability to navigate ambiguous situations,” he wrote in Harvard Business Review.
Staycations save money, and if you make the effort, they can be very relaxing, said John R. Power, a certified financial planner in Walpole, Mass. He took a great “staycation” when he lived near the Jersey Shore, he said. He spent the time off playing golf and tennis, visiting beaches and going out to dinner or lunch.