SAN RAMON, Calif., Feb. 10, 2018 /PRNewswire/ — A survey revealed that respondents’ top financial goal in 2018 was to save for a vacation. Is that so bad? Understandable, at least — we all would like to get away. But is going on vacation — or other kinds of fun and leisure — forbidden when you’re in debt? That depends on who you ask, of course, and it depends on your own debt situation. Financial Education Benefits Center (FEBC), a membership company that offers financial and lifestyle benefits, will have a few financial resources for members available to assess their budget options for leisure and fun.
“These benefits will put our members on the right track towards taking an honest look at their finances,” said Brandon Frere, CEO of FEBC. “This way they can figure out if that vacation they’ve been dreaming of makes sense.”
Some financial experts are strictly against vacationing while in debt. This philosophy takes a black-and-white approach to debt: getting out of debt is the primary goal. After bills are paid, cash should not be directed to “luxuries.” Then, after debts are paid off and cash is saved up for vacation, a vacation can be taken.
Other advice acknowledges more of a gray area. Not all debt is the same, after all. For example, a high balance of high-interest credit card debt can spiral even further out of control if not attended to. Spending cash on a vacation instead of paying down that debt may be unwise. But other kinds of debt that may have lower interest rates with manageable payments, which the borrower has under control, don’t necessarily need to be a barrier to fun. Traveling on a predetermined budget and seeking out affordable alternatives while on vacation will help keep costs lower.
FEBC will be offering a few financial tools to help members determine if a vacation is right for them. For example, members of multiple plan levels will have access to documents to help track their cashflow, spending and more. Members at the highest plan level will have access to a financial helpline where they can call and get advice from experts about personal finance questions.
“The decision to take a vacation while in debt is unique to the person and his or her family,” said Frere. “And we encourage our members to have fun and make great memories. But you have to be sure it makes financial sense. FEBC members will enjoy these benefits that will help them make those kinds of decisions.”
About Financial Education Benefits Center
Financial Education Benefits Center is located in San Ramon, California. The membership company has already helped thousands save money and obtain the necessary education required to live a financially healthy life.
Financial Education Benefits Center has partnered with several name brand third-party companies to expand the financial and educational products and services available to its members and to provide a variety of wellness services as well.
To learn more about Financial Education Benefits Center, please contact:
Financial Education Benefits Center
2010 Crow Canyon Place Ste. 100
San Ramon, CA 94583
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SOURCE Financial Education Benefits Center