How to Save For Your Next Trip?

Posted in Investment By Friyana Munshi - Jan 22,2023
view icon 179 Views like icon 0

You have been planning your ideal vacation for over a year now. The sites to visit, activities to take up, delicacies to try and so forth. Every nitty-gritty, every minute detail has been thought over a thousand times. The challenge? Putting this perfect plan into action.  You might have missed out on one crucial thing in your plan besides taking leaves from work, packing the essentials, and booking tickets. The loophole that could drown it all! Your finances. 

Have you considered making an effective monetary plan for your vacation? That trip to Venice will never become a reality if your finances are not planned well. Saving up for domestic travels is not as difficult. But when it comes to your dream destination, it’s time you seriously consider your monetary position to make it happen. Now please don’t stress out! We are here to make sure that you can go fulfil all your dreams, including this vacation. Here are some tips to help you save up for your next trip! 

Budget the right way

Surely there is so much you want to do on your next vacation. That paragliding experience that has been on your bucket list for years is waiting for you! Scale the highest mountain or dive deep into the sea; whatever it is you want to do; all you need is the effort and budget. Ensuring that you have the right amount of funds to fulfil your itinerary is a must. In order to save up appropriately is necessary to get an estimate on your expenses for the trip. It’s time to start calculating! Everything needs to be accounted for, right from your travel bookings to food costs, and even unforeseen emergencies.  

Once you have set your plan, start cutting down on your current expenses wisely. Divert a portion of your funds to other investment and savings options to multiply your money faster. We all have that one OTT subscription we don’t fully utilise and waste money on every month! Do away with such futile spending! A great way to save money is to cancel unnecessary subscriptions, limit online shopping, and eat more home-cooked meals. Try minimising your expenses by utilising the various offers available to you through credit cards and purchases made on online portals. Picking up a side hustle for some time might also be of help. Any additional income can be directed straight to your holiday budget.  

However, just because you want a lavish holiday does not mean you forsake your financial responsibilities and daily requirements. Planning your budget while keeping in mind your income and the necessary expenses like groceries, EMI payments and so on is essential. When budgeting, do not stress your finances by saving too much and have enough money in-hand to support your current standard of living. 

Divert your funds

Let’s make saving money for your next trip a lot easier and convenient for you! One of the ways to do this is to save your trip money in a separate bank account. This helps you effectively manage your funds and keep track of your savings and budget. It helps separate this money saved up for your holiday from your daily expenditures, enabling you to limit your spending and stay ahead of your financial goals.  

If you are setting up a new account for this purpose, going for an account with a higher interest rate can be beneficial. This is vital to your savings as it helps determine how much money you can yield over time. If you still have a lot of time before your planned vacation, the returns from a high-yield savings account can contribute to increasing your trip fund. So, stay ahead of all unnecessary expenses while gradually growing your capital by simply diverting your funds to a separate savings account!  

Analyse before you book

We often end up paying magnanimous amounts to our travel agents after falling prey to their ‘discounts’ and ‘offers.’ The travel packages that they offer might not fulfil all your needs and requirements. For example, the package might not take into consideration your dietary preferences and you might get a platter full of meat which may upset your vegetarian preferences. It is possible that the place where you stay is not up to your liking and a better location is available at a lower price.  

A simple way to tackle this issue is to check all the various offers and packages available to find the one that best suits your requirements. Analyse and compare the offers available to you offline through travel agents and online websites like Trivago, MakeMyTrip and so on. Compare the prices, facilities, and other terms and conditions of the packages offered. If you are looking for great offers on domestic flights for your next travel, you can also go on Bajaj Markets and check out the travel services we have to offer. Get amazing cashback and discount offers on your bookings along with free cancellations! Find the offer that appeals to you and book a flight that fits right into your budget! 

Invest your savings for short term

We have all made long-term investment plans for our retirement, our child’s future education costs and so on. Now how about investing a little toward your dreams as well? This will ensure that you have the required funds for the perfect trip! A clever way to get started is by making small-term investments. Any money invested in a financial instrument for under five years is considered a short-term investment. 

These can be easily liquidated and help multiply your savings within a limited time frame. Such investments can increase your savings exponentially. Some instruments that can be utilised include ETFs, Recurring Deposits, FDs, or Fixed Maturity Plans. Investing in other liquid funds like government certificates and securities is also great. These will multiply your amount faster, allowing you to go on that much-awaited trip at the earliest!  

 

Your dream travel is not as far away as you believe. With the right plan, you can make it a reality real soon. Don’t wait on your retirement to take up that much needed holiday. Make it happen now by utilising some of the steps above.  If you are all set with your budget and ready to take some major leaps in your finances, head on over to Bajaj Markets! Find a whole host of short-term investment options to pick from. Multiply your money with a good FD or a great mutual fund! Don’t let finances get in the way of your dream vacation. Get the right savings option or investment plan and fly away to your dream destination! 

Home
active_tab
Loan Offer
active_tab
Download App
active_tab
CIBIL Score
active_tab