Travelling to new places and going on shopping sprees are some of life’s most enjoyable experiences. They create memories, bring happiness and add a touch of excitement. But let’s be honest, these fun experiences can also cost a lot of money.
From booking tickets and staying at hotels to buying things for yourself or others, the expenses add up quickly and can feel overwhelming.
The good news is that there are simple ways to enjoy these moments without stretching your budget too far. With the right approach, you can manage your spending and savings in a way that lets you make the most of every trip and shopping spree.
Let’s explore how you can keep enjoying these little joys without worrying too much about the costs.
Savings through Fixed Deposit?
1. Choose a separate account
Open a separate savings account or fixed deposit just for your travel and shopping plans. Keeping this account apart from your regular funds makes it easier to save and avoid spending it on other things. A fixed deposit locks in your money, so you’re less tempted to use it before your goal is met. Plus, it earns interest, helping your savings grow over time.
2. Save before you spend
Instead of relying on loans or credit when it’s time to spend, start saving well in advance. Estimate how much you’ll need and deposit money into the fixed deposit regularly. By saving first, you ensure you’re financially ready when the time comes. Once the deposit matures, you can use the money to pay for your travel or shopping expenses or even to settle credit card bills if needed.
3. Set limits on your debit card
Connect your savings account to a debit card and set a limit on how much you can spend. This helps you stay in control while travelling or shopping. With limits in place, it’s easier to avoid overspending and stick to your budget. Any money left in the account can be saved for later or used for important expenses.
4. Make the most of debit card offers
Debit cards come with perks like discounts on shopping, dining or travel bookings. After your fixed deposit matures, use these offers to save even more when spending. For instance, you could get a discount on hotel bookings or flight tickets. These deals stretch your money further, helping you make the most of what you’ve saved.
Savings through Credit Card
1. Cashback
Many credit cards offer cashback on purchases like travel bookings or online shopping. Basically, you get a small portion of the money you spent back into your account. For example, if your card offers 5% cashback, you save Rs.500 for every Rs.10,000 you spend. Over time, this adds up, which reduces your overall expenses.
2. Reward points
Every time you use a credit card, you earn reward points. These points can be collected and used later to get discounts, vouchers or free flight tickets. If you use your card smartly, you can turn everyday purchases into rewards that make future spending cheaper.
3. Special discounts
Credit cards allow you to win exclusive discounts on flights, hotels or shopping and even on specific brands. By keeping an eye on these offers, you can save money on planned purchases. For instance, you might find a special discount on flights or hotel stays during a sale. Combining these offers with cashback or reward points can save even more.
4. Use savings to pay credit card bills
Credit cards charge high interest if bills aren’t paid on time. Use the money saved in your fixed deposit to clear your credit card bills as soon as they’re due. This way, you avoid extra charges and maintain a good credit score. It’s a smart way to manage spending while making the most of credit card benefits.
Manage your savings and cards seamlessly with Kotak811 App
Saving money and using cards wisely doesn’t have to be difficult. With the 811 Mobile Banking App, it’s easy to handle everything in one place. You can set up a fixed deposit, track your spending and even grab exciting offers on your debit and credit cards - all without any hassle. Start making the most of your savings and spending today. Download the Kotak811 app now and take the first step toward smarter money management!
Popular Searches on Kotak811
Kotak 811 | Super Savings Account | Super Savings Account Fees And Charges | Zero Balance Account Opening Online | Lifetime Free Credit Card | Apply for PVR INOX Debit Card | Apply for Image Debit Card | ActivMoney Savings Account | Apply for Online Savings Account | Savings Account Fees and Charges | Apply for Current Account Online | Check Your CIBIL Score | Reactivate My Dormant Account Online | Digital Savings Account | Instant Personal Loan Online | Complete Guide on Fixed Deposit (FD) | Visa Debit Card | 811 Mobile Banking App | Best Digital Savings Account | Apply for Personal Loan Online | Personal Loan for Education | Personal Loan For Marriage | Personal Loan For Medical Emergency | Personal Loan For Travel | Unsecured Personal Loans | Complete Guide on Fixed Deposit (FD) | Visa Debit Card | Unfreeze Bank Account Online
This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Share
