Traveling leaves you speechless and then turns you into a storyteller. If traveling is your passion too and you love to visit places with bewitching landscaped views, mountains, beaches, historical stands, etc. But if money is stopping you from exploring the world and you are struggling with how to save more money for travel, we have some tips and tricks that will help you save money to explore your love for traveling.
The first thing that needs to be sorted out is where you want to travel. What amount is needed to travel to the particular location, and how many days will your trip last? You do not have to be extremely specific with your approach, but with a slight idea, the saving journey would become much easier and more strategic.
List these down in your planner, explore how much money these places will cost, and start saving your funds accordingly.
1. Budgeting for travel
Saving can be loosely called a synonym for budgeting, and anything we do to save money starts with the process of creating a budget. If you have planned to see a place and searched about the expenses you will have to incur to explore the place, the first step you must take towards saving money is to create a budget for the same. It does not have to be a long and tiring process; just jot down the money you will need to book tickets, hotels, and places to see. It will make your saving journey much easier.
2. Create a savings plan
After you are done with budgeting for your trip, the next step is to create a full-proof plan of where you want to go, places you want to visit, hotels you want to stay in, and any other planned activity. This will give you a clear picture of how much funding will be required for your trip. This is another tip that you must keep in mind when thinking about how to save money for travel.
3. Start a dedicated travel fund: Open a travel friendly account
Start a dedicated travel fund if you are an avid traveler and enjoy every bit of traveling and learning about novel places. Open a separate savings account where you can add on a certain amount of money each month just for your travel needs and use it when the trip is planned.
4. Opt for off season
The trick behind this tip is that when you go to a place during the off-season, the price of each thing is lower. From hotels to flight tickets, you can get them all at a very affordable price and save some pennies. For instance, if you want to go to Goa, plan a trip from October to mid-December, as from December end to February, the city is dotted with tourists around the world and all things are highly priced at the time. You should always plan in advance to save more money, as demand is less than peak times.
5. Keep checking travel plans & offers
Offers, discounts, and sales are the grab shots you should always be looking for. They turn out to be the best answer to saving on a vacation. Offers on hotels, flights, and full-fledged tour packages can do wonders for your pocket. Search for offers and packages before you make your bookings, and make it a habit to do so each time you travel to a place to save a good amount of money.
6. Assess your expenditure
Expenditure should be kept in check before and while traveling, making your trip even more fun and pocket-friendly. Try to cut expenses that are not so necessary before leaving for the trip. Moreover, when you are on the trip, try to constrain your shopping spree, unnecessary expenses, etc. to save money and end your trip within the set amount.
Open an online savings account now with Kotak Mahindra Bank to save your travel funds.
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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.
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