How I'm Saving Money For My Trips
Money Saving Tips
Updated 31 July 2019
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Trips can be on a budget, cheap and very cheap. But still, we can't deny the fact that we need some amount of money to travel. Be it transportation or accommodation there is a cost involved.
There is no free travel practically unless its a volunteer exchange or a business trip. Still, in those trips, there are personal expenses, which is nominal.
The vital part of any trip is how you are managing your money, and it starts at the initial phase of travel planning.
I already mentioned in Plan Your Perfect Holiday Calendar, that I spend 60% of my total income on traveling, which I called Travel Piggie :)
Also as I plan my travel at the beginning of the year I know approx how much I'm gonna spend on each trip. Most of the time I plan 2 big trips like 7-10 days long and 5 short trips like 2-4 days long.
So I save accordingly. I also plan at which time I want to travel in the year so that I can invest in short term deposits and get money back before trips.
Recurring Deposits (RD)
RD is a great way to save money on a short term basis.
I invest 50% of that Travel Piggie on RD with tenure max 6 months. In 6 months it gives me a good amount of money and I can travel longer and exotic places.
Debt Mutual Fund
Interest rates in Debt MF are higher than bank deposits.
So I invest 90% of my balance amount in Debt MF. After a year it gives me a chunk amount which I can spend for a long vacation.
Even for a short time of period, it gives a good amount of return. The best part is withdrawal is hassle-free with no exit load. So I can withdraw whenever I want and spend money on short trips.
I use ETMoney app for my Mutual Fund investments, which provides me smooth transactions without going anywhere or searching every website for better research.
Credit Cards
We don't often utilize the benefits of Credit Cards, but we use it all the times.
Most of the credit cards offer cashback and rewards points. There are specific cards for travel which provides free air tickets and booking on hotels on spending a specific amount on those cards.
These cards are great and can save money for travel.
Check out Best Travel Credit Cards.
Cut Expenses
Yes, the most difficult part of all.
Cut your unnecessary expenses. I used to have lunch every day from KFC or McD, which is definately not cheap (and not good for health either). So, I decided to pack my lunch every day.
After a month I checked, I saved around INR 8K in a month just cutting my lunch expenses.
You can cut expenses on fuel by sharing a car, on spending on popcorns, which is practically more than the ticket price at multiplexes :P or alcohol and cigarettes.
You need to figure it out!
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