Budget for your next holiday today and save more

6th October 2015

 
 

Holidays and vacations, though anticipated by everyone, tend to adversely affect our financial budgets. Every time you meet someone upon their return from a holiday, the statement “I have spent too much” is always part of the conversation. We, at MyBankersOnline, are providing short tips on how to plan and budget for your holiday whilst maintaining the excitement and eliminating expenditure regret later.

First and foremost, decide on an absolute amount as the budget for the holiday. This is essential because all further planning is entirely dependent on the amount you wish to spend on your vacation. Most individuals either dip into annual savings or utilize a personal loan when planning a vacation. Try not to exhaust the entire savings or loan amount for the holiday.

Once the budget is decided, check with your travel agents for airline and travel fares. It is essential to book tickets in advance; airfare increases drastically as the respective flight date approaches. Saving a few thousand rupees on your airfare automatically increases your budget for your holiday. Similarly, apply for the respective visas in a timely manner to avoid delays in planning as the vacation time approaches.

Use a higher exchange rate value whilst preparing the budget for your holiday. If the prevailing dollar conversion rate is Rs. 109, use Rs. 110 for your calculation. This leaves cushion for unforeseen expenditures in your budget. Additionally, start purchasing the required currency in a timely manner to mitigate risk of high conversion rates at the time of travel.

Book hotels and travel tours online. This is essential as it not only eliminates the hassle of hunting for lodging upon arrival, several hotels offer attractive ‘early bird’ discounts. You can save hundreds of dollars on accommodation cost by booking hotels in advance; this saving can add a further boost to the miscellaneous budget for your holiday. Similarly, use estimated values to determine food cost for the trip; this helps in budgeting the required expenditure during the vacation.

Lastly, make a plan to set aside a certain amount from your monthly income to repay the loan amount or refurbish your savings account. This is the final step to eliminate regrets of overspending during a vacation. We, at MyBankersOnline, believe that following such steps would not only create an optimal budget for your holiday, but would also allow you to enjoy your vacation time with peace of mind from a financial aspect. A little amount of planning would turn your holiday into the ideal break you need!

 

 

 
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