Summer Vacation

Read this small Article before you plan for your Vacation

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Summers may entail tolerating the scorching heat but it is also the period when most families look forward to their ‘summer vacation’ where they travel to different places and spend memorable time with their loved ones. We often don’t think twice while spending for such vacations since it’s a much-needed break. However, if developed sensibly, you can easily plan a fun holiday within your budget and moreover end up saving too.
Given below are some financial planning tips for a vacation:

1. Plan in advance:

Last minute planning can prove to be a costly affair since travel fares and hotel tariffs largely increase during summers. You can save a lot of money if you plan beforehand. Once you have picked the location, go through the different travel options in addition to accommodation choices. Heavy discounts are often given to people who book in advance. If you wish to take a holiday abroad, keep the exchange rate in mind. Such detailed planning will ensure a smooth, fun trip without any last minute hassles.

2. Work out the various costs:

Once your destination is decided and the tickets are booked, the next important step is to understand the expenditure which will be incurred during the course of the journey such as sight-seeing expenses, meals, transport charges, souvenirs to be taken, shopping etc. Make sure you have adequate funds to take care of these outflows.

3. Begin saving beforehand for your journey:

After you have calculated the cost of the total trip, determine how much you need to save in order to pay the amount comfortably. For example, if the cost of your vacation is Rs. 50,000 and if you have 5 months before you leave, make sure you save Rs.10,000 every month. This could mean not going out for fancy dinners often or keeping some luxury purchases on hold but it’ll be worth the effort.

4. Keep unforeseen expenses in mind:

When you create a budget for your vacation, place some cash aside to take care of emergencies that might occur during the journey. It could include losing your baggage and shopping for spare clothes, doctor expenses in case of any family member being injured, spending an extra night at the hotel due to train/flight delays etc.

5. Be aware of credit card/debit card charges:

At times, card firms might impose additional charges on credit/debit cards especially when they are used in a foreign country. Call up your card company and check the fees you might have to pay while performing any transactions. It’s recommended to carry some cash instead of being completely dependent on cards.
Summer vacation trips are the best time to relax, bond with your family and create precious memories. Don’t let shortage of funds ruin your outing. Make a proper financial plan so that you enjoy every moment instead of worrying about the expenditure.

Source: Axis MF

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