Guide For Your Next Big Travel Plans
Gone are the days when travel was a luxury. And a staple of only the elite class of people. Today, from college students to working professionals with decent income, all yearn for vacations and make it a point to hit the road every once in a while. In a nutshell, travel plans have become as universal as the concept of love. For some, mostly millennials, travel is akin to love.
Whether you like go all out on a luxury travel trip or are more of a backpacker with a penchant for exploring offbeat destinations, chances are you would need money (loads in case you want to head to luxurious destinations). Thus, saving for vacation should be something you do on a regular basis and not just a few months in advance.
For those of you who already do this, you are one step ahead and for others, we have created just the guide to help you navigate the nuances of setting up a travel fund and sticking to it.
Your Guide To Planning For Next Vacation
Dreaming of your next big vacation or rather getting carried away after watching the innumerable photos of travel bloggers (your age) on Instagram is one thing but actually buckling down and saving for it is a different story altogether. If the snaps and stories of your friends and even millennials who seem to be on one flight after another to exotic locations seems a relatable story, it is time to religiously start savings for vacation.
Why Create A Vacation Fund?
The question is why do you need a different vacation fund? Won’t your existing savings accounts suffice? The answer is NO. Unless you are okay with swiping up your plastic card at every juncture and living with big debt after the happy travel blues have subsided, saving and creating a corpus for your travel is necessary and a mindful thing to do.
It not only gives you a peace of mind, but with a travel fund, you won’t have to pinch pennies when you are living your trip. Moreover, you will be able to steal exclusive and amazing deals that companies release at least three-four months prior to the actual date of traveling. The industry is offering huge discounts on uber luxurious destinations as the country unlocks after a stringent lockdown. Such deals help you save a lot and give you that anticipation before actually traveling. Thus, creating a vacation fund is a no-brainer if travel is a priority for you.
How To Save Money For Vacation?
Now you know that creating a travel fund has many benefits. Right from the extra cash you have in hand to not piling on debt when you actually go about exploring a new place, the pros of a vacation fund are innumerable.
However, saving for vacation, requires you to actually put away some money in your fund. How do you go about doing that?
1. Set aside a fixed amount for your travel fund
Again, when it comes to your plans for travel, you will have to save an additional amount over and above your investment, rent and other expenses. This amount, anything between INR 1000 to 10,000, should be auto-debited and transferred to your travel fund.
However, where should you create your travel fund? There is no ideal place to create a vacation fund. If you don’t have a spending itch every now and then, your savings account is the best option. For others, Fixed Deposit , Recurring Deposit and other short-term debt funds are perfect for creating a travel fund. The idea is not to earn high returns but just to save enough money so that you can travel without second thoughts when the time arises.
2. Borrow or rent clothes and travel gear
If you can, forage through your friends and relatives closets for pieces that will fit you and go with the ensemble you have in mind. Or you can shop mindfully and buy clothes that can be worn multiple times with different shirts, tunics and vice versa.
For people who plan to head to extremely cold destinations like Finland, renting out fleece jackets, boots and other snow equipment is a good option if you want to save money.
3. Designate one stream of income for travel only
From freelance gigs on the side to online tutoring or sub-letting your apartment for a few months, there are multiple ways to make money on the side . Make sure you designate at least one of these stream of income for your travel fund only. This will help in amassing the money you would need well before the date of travel.
4. Keep an eye out for hotel and flight deals
Not only in the time of a pandemic, but otherwise too, if you are smart about your travel dates and plan everything well in advance, you will be able to save a lot. Right from attractive flight deals on Diwali/Holi to hotels offering an extra night in lieu of their anniversary or a local celebration, there are many deals you can snag if you look at the right place at the right time. The amount you save can be added to your vacation fund.
5. Have home-cooked meals to dine out on your travel
Instead of ordering food from your favourite restaurant every other night and opting for take-outs, cooking a warm meal at home will not only help you save money but also build towards your travel fund. Think of it in this manner, the more you cook at home now, the more you will be able to dine out at beautiful cafes on your next vacation.
Above all, if you are serious about travel and vacationing in beautiful resorts or ticking off those adventure activities from your bucket list, your travel fund should be on your high priority. The more you put in this, the more vacations you can take.