Will Skipping Vacation Days Make You Poorer?

Will Skipping Vacation Days Make You Poorer?

Do you have a summer vacation getaway planned? If not, it’s time to start thinking about relaxing on the beach or planning a camping adventure. Your mental health — and financial well-being– might depend on it.

Americans forfeited an estimated 206 million vacation days last year, losing out on roughly $66.4 billion in benefits. That’s according to a new report from Project: Time Off.

Not only are Americans missing out on a chance to relax and unwind, but they might also be squashing their chance of getting a promotion or a raise at work.

Project: Time Off found that just 23 percent of workers who forfeited their vacation days in 2016 were promoted. That’s compared with 27 percent for workers who used their paid time off.

The study also revealed that while 84 percent of Americans who used their vacation days received a raise or bonus from their employer in the past three years, only 78 percent of workers who forfeited their paid time off got a bump in pay.

Project: Time Off director of communications Cait DeBaun says in a statement:

“We need to put to rest the fallacy that ‘work ethic’ is equivalent to work martyrdom. Not only are employees not getting ahead by sacrificing time off, these habits may also be harming their careers.”

How to plan a cheap vacation

Summer is just around the corner, and it often provides the best opportunity to get away. Many people think they can’t afford to take a vacation, but according to Money Talks News contributor Maryalene LaPonsie, you can “Have an Awesome Family Vacation for Under $1,000.”

If finding affordable accommodations has proven to be a challenge, consider a house swap. LaPonsie says house swapping websites — such as HomeExchange, HomeLink or Intervac — typically offer users more protection than Craigslist or a travel message board:

These sites may vet users and provide reviews of potential swap partners. Using a website or club is more expensive than arranging a swap on your own, but the peace of mind is likely worth the annual or monthly fee.

Find more tips in “13 Simple Ways to Save on Your Summer Vacation.”

Do you schedule regular vacations? Sound off below or on Facebook.

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