“All work no play makes Jack a dull boy”
This age-old saying applies to everyone at every stage of life. All of us urge for some vacation time in search of a break from the routine. If you too desire to take a foreign tour, but unsure of how to plan and go ahead, this post might help. Below are 5 systematic steps to plan your abroad trip.
- You can’t go blindfold when planning for an international vacation. Determine the place of your interest on the globe. Discuss with people you wish to be there. Identify the tourist spots in the chosen place. More importantly, estimate the head count. Be clear about who you are planning the vacation with, be it your spouse, family, friends or all alone. These are the initial factors to consider before moving ahead with the next steps.
- Now that you are clear about your destination, headcount, the number of days etc., estimate the amount you will have to spend for the trip. Include all the fares including airfares, local travel, boarding, lodging, shopping etc. Get the details of local costs from someone who already made a visit to the place, or someone residing there or do extensive research on the internet. Also, decide if you would prefer a tourism package or explore on your own.
- Never deplete your emergency fund or some other savings to enjoy a vacation. As a part of thorough financial planning, it is important to dedicate savings separately for each money goal. So, allow a time-frame to make this vacation dream come true and dedicate savings for it. This systematic planning not only helps you enjoy the hassle-free experience without financial constraints but also ensures that your finances are not disturbed. You neither have to disturb you retirement corpus that you have been building for years, nor you have to disturb the amount you have been accumulating your child’s higher education.
- Simply saving may not help. Only with proper investments, your money can grow in the given time frame. Invest in mutual funds after analyzing your risk profile, income etc. and get the desired results. Approach certified financial planners at ArthaYantra to get a holistic financial planning done that includes all your money goals, however big or small they may be. Secure your financial future with planning to rest assured, besides meeting your life goals.
- Once you are ready with the estimated amount, budget out your trip and stick to it strictly. Never depend on credit cards or other cards during your vacation time, unless it is an emergency. Enjoy within the allotted budget by making wise choices all through the journey.
In conclusion, it is better to go ahead with a dedicated plan to enjoy a foreign vacation or any vacation for that matter. Park your money at right channels and let them grow to meet your travel goal. Do not deplete your funds or savings that are otherwise allocated for other expenses. Be patient and wise when spending your hard-earned money.