Thinking about planning a trip to Sin City’s luxurious casinos? The hot, beating sun, gorgeous women and roaring nightlife certainly pique the interest of thousands every day. But you’ve set a sizeable chunk of money aside on this vacation, and now you’ve stopped to think twice about whether it’s smart to spend it this way.
Instead of blowing your money in the sinful dreamland that is Las Vegas, consider doing one or two of these alternatives with it.
Travel The World
Image via Flickr by Dreaming in the deep south
Vegas is not always the best place to go if you are going to spend copious amounts of money, there are many places where you don’t have to worry about losing your life savings at a poker table. Often times with the extra money budgeted for a Vegas trip for gambling, you could make a trip to Europe for that extra money and have a much more rewarding experience.
You can take the entire family when visiting somewhere like France and even rent a summer home on Reli for a couple of weeks. Your family and yourself will be so happy with a trip to Europe rather than to the Vegas strip!
Image via Flickr by http://401kcalculator.org/
Chances are your mother advised you to hold on to your money when you can. Put it in your savings, she said. Save it for a rainy day, she said.
Well, she might have been on to something. Sure, the US economy has shown signs of improvement, but there’s no doubt we are still in the midst of a terribly real recession. As more and more millennials graduate from the nation’s colleges and universities, the job market is becoming increasingly competitive.
Instead of blowing the wad of cash you’ve set aside for Vegas, keep it there off to the side, until you genuinely need it. And you will. Surely unplanned expenses will arise, and you’ll be glad you had it. If nothing else, use it to take your best friend, your mom, or your significant other out for a nice night on the town. The quality time with people you love will make lasting memories you’ll cherish more dearly than any night on the strip.
Get Your Gaming Fix with Online Casinos
Image via Flickr by Shane Pope
But you can’t get those sparkling lights and strong drinks out of your head, huh? Are visions of casino bells dancing in your head? If you are actually dreaming about the thrill of potential slot machine jackpot winnings, and playing your hand at the perfect game of Poker, maybe it’s time to think of alternatives.
If there’s just no talking you out of planning that trip out west and diving into a casino binge,try to refuse but online avenues make this difficult.The online casino offers all the same games the big Vegas casinos offer, without the lofty price tag as a full vacation. Live sports betting and casino games, as well as Poker, Blackjack, and many other beloved traditional casino games are available through this system.
Go ahead, dip into your wad and try your hand at the games you’ve longed to play. Before you start though, take the moolah you would have used for airfare, hotels and food, and store that away. You’ll be glad you did.
Build a Retirement Nest
If you had a trip to Las Vegas planned and saved for, you won’t miss it if you opt out of the trip and in to your future. That money was already set aside, so instead of blowing it on a vacation that will feel good now, why not invest in your own retirement fund, and prepare for tomorrow?
The current limit for 401(k) contributions is $17,500. That is, unless you’ll turn 50 before January 1. In that case, your maximum contribution is $22,500. Depending on how much you had thought about spending on that Vegas trip, you could come pretty close to that limit, minimizing the amount you contribute from regular paychecks.
While $17,000 may seem like a lot of money as a lump sum, in the long run it could end up saving you around $6,000 in taxes at the end of the year. This would really free up some cash in your monthly budget, making bills easier than they would be otherwise, and allowing some wiggle room for other activities.
Generally speaking, it’s essential to your mental health to get away from it all from time to time. Don’t work yourself so hard that you lose sight of what you find relevant in life. Remember to let loose and get back to yourself, but always know that your future is just as valuable as your today. Try to find a balance between the two, and you’ll make the right decision on what to do with that vacation money.