So it’s the end of a painful and dramatic year and a change in climate and atmosphere beckons. With the Covid-19 vaccines being rolled out in different countries, one can hope for international travel to open up soon.
Yes, in the current climate, one needs to be extra cautious while travelling and planning well in advance for your next international vacation will ensure that you have peace of mind for the coming break.
Sure, you could hand it off to a more proactive partner or parent who would be taking the trip with you. But then where would you be when deciding which hotel to stay at or how many nights to be near the city and then near the beach?
Often, planning for an international trip begins almost a year in advance. Depending on your passport, the visa features heavily in the decision-making with countries like Europe and America having extremely stringent and strict procedures in the visa application.
Countries in Southeast Asia are a lot more welcoming and beckon you over with short flights on budget airlines along with $50 to $100 visas on arrival.
The smart money tells you that, as fast earning millennials your sights are set on the farthest destinations inspired by the multiple HBO shows being consumed on the go.
The smart money also tells you that swiping your VISA and Mastercards on overseas travel is not recommended. Nor is borrowing money. Smart millennials are fast identifying what is necessary for their existence, saying no to menial expenses and investing the money in liquid insured deposits every month for their travel plans.
So view your overseas travel as a short-term goal. This way once you achieve the holiday, the sense of satisfaction is something you can wear alongside your bathing suit and sunglasses on a yacht in the middle of blue waters. The planning begins well ahead of time. A trip in October 2021 encourages you to begin planning 6-8 months in advance.
Starting a travel fund allows you options and fluidity in travel planning. You can now keep an eye out for attractive travel packages and festive offers on airline tickets which can hit astronomic values if purchased closer to the date.
When you possess an adequate pool of money at your disposal, you are in a great position to seize a good deal and not acquire debt in purchasing costlier last minute bookings.
Don’t leave the overseas trip money in a savings account as it could very easily get spent thanks to the instant access. As the goal is short-term the returns hardly matter. In order to build up your travel fund, put away approximately 10% of your monthly income for 8-12 months into a fixed deposit account at least 3 months prior to your travel date. As the goal is short-term the returns hardly matter. You pay a minuscule interest of 6.25% and you can offset it further with tax.
Starting a recurring deposit works great too. Liquid funds are subject to low volatility ensuring it is suitable for short-term requirements. Budgeting for overseas holidays doesn’t need to be a daunting task.
Scoping out aggregator sites for amazing deals on holiday villas and hotels is fun and a great money-saving strategy. Hotel bookings and conveyance become the big chunk of hotel budgets. It pays to keep an eye out for the best deals well before your travel date.
Poor planning eventually leaves you spending unnecessary high amounts on tickets, rooms and airport travel. Your sightseeing and day trip budgets take a hit and this leads to a less than a rewarding holiday.
Plan. Plan. Plan. And you’ll love saving money, making smart purchases and having a fun and comfortable time away from the hustle and bustle of daily life. Go ahead and start a Travel fund for your next trip on Wizely today.
