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Will Your Personal Finances Allow You To Vacation?

Personal finance doesn’t just mean making sure you have enough money to get by. It also includes trying to work out ways to do what you want. Travel is one of those things. There is that lovely fantasy of the attractive, slightly dirty boy or girl in their early twenties, taking some time off after college to backpack around Europe and figure out what the world’s all about. This is an interesting image because it remains iconic regardless of whatever is happening in the world and what other options are out there. This is also something many of us did not do. For whatever reason – started work and a family right out of college, didn’t want to share a bathroom with a bunch of strangers – many of us deliberately put off extensive exploration until after we’d done a number of other things that were on our lists.

You may not want to see Europe. You may want to see Asia, Australia, see as much of the sea as possible or take an RV around North America. The point is, if you want to travel once you retire, it is important to make sure your finances are in the right shape and in the correct balance to make this work.

What does your portfolio look like? Do you need more stocks? Fewer? More CDs, bonds or money market funds? Is now the time to take out a home equity loan to pay off those remnants of your student loans and your daughter’s wedding? Will consolidating your credit card debt now enable you to have everything paid off by a goal date?

That’s another thing. You probably have a goal for your retirement. A date. If so, especially if you’ve started crossing months off on the calendar, it is good to make sure your financial goals will be met by that time as well.

Are you planning on selling your house? There are lots of valid reasons for doing this when you retire, but you want to make sure you’re going to get the best deal for your home. Thus, you not only need to pay attention to the market and determine when a good time to sell is, but also to make sure the home is in good condition.

Efficient and intelligent money management, along with a modicum of luck will allow you do a lot if not all of what you’ve dreamed of in your retirement. Making sure your finances are in order and your portfolio is balanced is a way to make sure of that.

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