That depends on you, actually. Yes, $195 every two weeks is a lot when you are not responsible for rent, most bills (maybe the occasional text messaging or special foods that you treat yourself to), and that sort of thing.  If you spend every moment of your free time shopping and fail to save anything, then no, you will not have money to travel during your vacation.  Our current AP just paid for her plane fare to go home for her 2 week vacation and still has money to get the new iPod Nano and a small laptop to take to her brother. It's all about money management.
 
Some areas of the US have a much higher cost of living than others, of course, but even in the high COLA area we live in, there are tons of activities and events that are free (cultural fairs, museums, outdoor movie showings, etc) or do not cost that much (bowling and pizza night with other APs, taking the local bus/subway to another area to sightsee).  It's all about how you choose to manage your money.