The Flapper Life
A budget that will help you take at least one trip in a year
Where does it disappear. We all ask this question to ourselves when it comes to money. Gone in a flash, some may say. Instilling the habit of saving doesn’t come overnight. Some make a new year resolution to start saving.
Most of us started saving when we wanted something. For. E.g. You want to a buy branded bag say for 10000, you start saving 1000 each month and at the end of the year, you’re the proud owner of a branded bag!
The same applies for traveling. If you want to travel to your dream destination, take a trip at least once a year, you need the extra bucks. How to make them?
How to start :
1. Estimate your expenses.
Remember, save first, spend last. Make a list. See, which expense can be curtailed, which expense can be eliminated. One you make a list of your needs and wants; see how much you are left with.
2. A penny saved is a penny earned. Earned to travel.
Every cut you make, adds to your travel fund. An extra 500 will only take you closer to your goal. If it means you need to cut out your branded coffee break for a week, so do it. Every penny counts when it comes to your dream destination.
3. Start a traditional travel fund.
Most of us had a piggy bank when we were kids. Saving coins was our priced possession. It is time to take that piggy bank out again. Put a constant amount in it for regularly. Make it a habit to put a dedicated amount into it and do not touch it.
4. Make a Systematic travel fund.
A savings account for travel will go never out of fashion. With numerous financial plans available, choose the best systematic travel investment plan which will be based on your travel costs and requirement. This TIP (Travel Investment plan) will be solely dedicated for your travel expenses and requirements.
5. Make a savings budget and plan.
Say, your trip costs you 30000 and you have 6 months until the trip. You need to save 5000 every month to reach you goal. Track you expenses accordingly. Chart out a plan on how you plan on saving 5000 every month. Break down the trip cost. Put flight, stay and insurance money on one side, food, shopping and travel expenses on the other. Prioritize.
6. Keep a tab on your credit card rewards benefits.
This is one way to generate funds. Find the most valuable redemption that will help you save the extra bucks for your trip. Whether it is cash back option or banking your points to travel the world, you will enjoy the perks of it.
7. Be patient and keep dreaming for your bucket list.