Do you find it difficult to save enough money to travel often? I know I do. When travelling with tourism boards and travel brands, the only thing I need to worry about, in terms of money, is the shopping I might indulge in. When planning my own trips, I often wonder if I need to apply for personal loan, or do I fish into my savings. Decisions, decisions.
Over the past few years, I have travelled on I will be honest, FAM trips (short for familiarization trips meant originally for media) are a good way to travel in less money – they are carefully curated trips where everything is taken care of and you are just expected to travel and experience the destination. The downside of FAM trips is the lack of freedom to make your own itinerary; the itineraries in most cases are extremely tight and round-the-clock.
But I often travel with my family and I travel with my kid a lot, and it requires a fair amount of saving and financial planning. I am planning to take my daughter to her first international trip soon, and saving money is the first step towards that plan. I have considered a lot of options, like bonds, saving accounts and Personal Loan Interest Rates.
In the end, after years of experience and many attempts of dabbling with various methods, I have realized that it is different for every trip and for every situation. For me, a weekend trip will generally be funded by my recent savings. This is the money I have saved from day to day by making smart and/or conscious choices.
For longer trips that require a heftier budget, I am learning to look at bonds, but personal loans are proving to be very attractive for the international trip I mentioned above. Loans are easier to avail these days, and with the paying capacity higher ever, it is convenient to pay a small amount off in a quick time, without putting a dent in your finances.
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I also plan the expensive trips much in advance, and try to save more money up until the trip starts. If this means that I eat out less for two months, then so be it. Travel is much more important than anything else for me, haha.
So, to all those who have been curious to know how I manage my travels and my finances, this is the answer: I plan it according to my current requirements and save for it.
What is your trick to save money for travel? Tell me in comments.