Planning a big holiday demands a lot of money, and not all of us have the affordability to shell out sacks of money for the purpose of a lavish tour then and there. The whole idea of looking up exotic travel destinations online is quite flowery! But just as we come to think of the ground reality, either we are brainstorming on how to cut extra costs, or making arrangements for money either through family borrowings or loans. Well! It is also not always the case that you have to go for a loan to sponsor your travel. You may also start saving but by bit for all your future travel experience. A dedicated savings account has multifarious benefits. It helps you achieve your goal in the long run and also gives you a chance to enjoy a vacation without any financial burden in your mind. So, how do you do it? Let us tell you!
Start a Dedicated Savings Account – If you are clear in your head about what you want to do with the money in your account, you would make sure that you do not spend that money on anything else. Dedicated savings can grow your money in bigger numbers. Also, ensure not being penalized too much for ATM withdrawals. Instead get an online access of your savings account and transact digitally while booking tickets or hotels. Using a dedicated savings account will help you keep a track of your expenses as the balance reflected shall tell you how much have you spent and how much you should be spending further.
Set up automatic transfers – If you are forgetful or do not trust your family members to fund your savings account on a time to time basis, it is best to set up a system of automatic transfer. Use your regular account to fund your savings account once in every month. Say you transfer 10000 rupees in your savings account on every 7th of the month. That sums up to getting 1,20,000 rupees at the end of a year. Do not forget about the savings account interest rate that shall add on to your savings balance! The whole amount can help you book tickets for your entire family!
Let someone else do it for you – If you are not good with managing savings, let someone else do it on your behalf. Choose a savings goal, set up a transfer mechanism and ask your family to help you reach there. Once you have reached your saving goal, you can enjoy the fruits of your savings as well as the savings account interest rates!
Make a proper budget – Once you have zeroed down to a place, the next thing to do is to budget. If you have a date in mind, even better! You ca start saving right away! Include everything in that budget and start saving in your savings account. This will give you a better cash-flow analysis of how much money you are going to need for the trip!
It is quite evitable that saving creatively for your travel is key to enjoying your vacation without any financial worries. So, start saving very odd penny right now! Do a thorough research on the savings account interest rates, and open a savings account to hoard a good amount of funds for your #vacay!