Save Money to Explore the World by Travelling
Travelling is one of the best ideas to see everything human culture has to offer. Unfortunately, seeing the world comes with a price tag. Here are some tips to help you save money to visit the destination of your dreams, be it in India or anywhere abroad.
How Much Do You Need to Save For Travel?
First, you need to figure out the amount of money you might need to manage all the expenses associated with your upcoming trip. This list should include all travelling costs, such as trains, flights, hotel expenses, meals, excursions, and souvenirs. Paint a savings plan keeping your savings in mind; find a holiday destination that will fit your budget and income in mind. You can open a zero balance savings account to make significant savings and grow your money faster.
It’s important to remember that your budget may change depending on the destination you choose.
- For International Destinations
If you wish to travel abroad, your budget will alter depending on the country you are touring. For example, if you are travelling to a South Asian country like the Maldives, you will need a budget of about Rs.50,000 to Rs.80,000 per head for 4 nights-5 days to travel conveniently.
However, if you want to visit Europe, you may need to increase your budget to more than Rs.1.5 to 2 lakh per head for 6 nights-7 days to make it happen.
- For Domestic Destinations
For trips within the country, you can make do with a relatively low budget. For instance, if you plan to take your kids to Mussoorie for the summer holidays, you can have a nice trip with about Rs.50,000 for 5 nights-6 days in hand.
Set a Budget
The second tip on this list will be formulating a budget to achieve this goal. An ideal holiday budget is likely to include all the costs associated with a trip, its timeline, and how you will manage your finances.
To start, subtract your fixed financial obligations from your net income. It leaves your disposable income, which is where you have some flexibility for budgeting.
Here, you can set daily, monthly, or quarterly targets to help you save towards your dream destination. Moreover, you can always add incentives, bonuses, or any additional payment to this fund to reach your goals faster.
The hard part of this process is identifying expenses to cut. You may find it hard to save for travel while meeting family expenses, paying EMIs, and other fixed expenses.
One good place to start is to look for small expenses that often go unnoticed. If you can eliminate them, you can save considerably and contribute more to your travel fund.
Track Your Spending
Once you are done with the budget, it is time to track your spending to meet your target. You can employ different strategies, like keeping notes of every penny you spend for a month and reviewing your spending at the end of the month.
Then, compare your current month’s spending to the previous and see where you have improved and what areas need further improvement.
When employed efficiently, strategies like these can aid you to get to your goal vacation faster.
Cut Out Convenience
While tracking your expenses, a focus should be on eliminating convenience. It means making that extra effort to restrain unnecessary spending, such as spending on leisure brands unnecessarily, reducing the amount you are paying at the fine dining restaurants and so on.
Keep Your Travelling Money Separate
Many times, a financial emergency can stop your travel goals before they start. Hence, you may want to create a separate fund for emergencies. Travelling introduces you to new ideas, experiences, and perspectives.
In this regard, you can opt for a separate savings bank account and make regular transfers there.
Open an Online Zero Balance Savings Account
Opening an online zero balance saving account to save money for travelling can be helpful in this regard. Access to a zero-balance account comes with a set of exclusive features –
1. Requires maintaining no minimum balance
2. Selected financial institutions offer virtual debit cards for better convenience
3. Net banking facility
4. Online account opening and complete e-KYC documentation
5. No charges on debit cards
Get a New Credit Card
1. Book now, pay later: With a credit card, you can complete your booking and pay the amount later, even in affordable EMIs.
2. Earn reward points: With every credit card transaction, you accumulate reward points. You can later redeem these points for discounted travel bookings or other benefits.
3. Welcome gifts: Credit cards typically come with welcome gifts that enable users to save considerably on future transactions.
Additionally, if you are planning to travel internationally, you can opt for a dedicated travel card. It helps you avoid extra fees when spending money abroad.
However, it would help if you spent with responsibility not to accumulate debt on your new card.
Keep Checking Travel Plans & Offers
The last tip on this list to save money to travel is to keep a tab on travel plans and offers. Travel agencies, airlines, and hotels often come up with limited time offer to help you save significant money. Subscribing to newsletters, social media accounts, and notifications can be very helpful in finding these offers.
Success stories of travelers visiting places on a small budget are all over the internet. Let them inspire you to satiate your wanderlust within your budget.