7 Financial Tips to Help You Plan Your Vacation
Make a travel budget
List down all the estimated travel costs - include accommodation, sightseeing, food, and other activities, so you have a clear picture of what you’ll be spending. Remember to keep a buffer for any unexpected expenses that might arise.
Save ahead to avoid debts
Regularly put aside a part of your income towards a travel fund, to avoid taking a loan. A good option is to start an SIP in a mutual fund of your choice, based on the time horizon and your investment profile.
Book in advance and hunt for deals
Book your travel and accommodation well in advance. This gives you time to compare the prices on different websites and find the best rate on air travel, accommodation, and sightseeing activities. Travelling outside peak season might also help make your trip more affordable.
Use prepaid or credit cards on the trip
Carrying cash while travelling can be risky. Instead, use prepaid travel cards or credit cards. They also let you bag some exclusive deals on travel, accommodation, and activities.
Use reward programmes to your advantage
Travel reward programmes offered by credit cards, hotels and airlines help you bring down the cost of travel, while giving you added perks, like airport lounge access, discounts and exclusive deals.
Be smart about forex
You’ll need foreign currency when travelling abroad. Avoid buying foreign currency at airport exchange kiosks, which will charge you a steep rate. Buy the currency you need before you embark on your journey or travel with an international debit or credit card that comes with low transaction costs.
Opt for travel insurance
A travel insurance policy protects you from unforeseen financial losses you might incur on the trip. It covers contingencies such as loss of baggage, loss of passport, medical expenses due to sudden illness abroad etc.
Start planning today so you’ll be ready for your dream vacation when it comes. With a strong financial plan, you can travel worry-free and truly enjoy your vacation, creating great memories with your loved ones.
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