Work-life balance is a constant struggle among millennials. They want to excel in their professional life by reaching new heights of success and accomplish their wanderlust dreams as well. While embarking on a journey that cuts them off from everyday life is easy, the post-vacation headache about finances isn’t easy to tackle. This usually happens because the foundation of the vacation isn’t based on proper planning and execution. Thus, the love-hate relationship with the account balance for a few months after the trip.
So, is there a definitive guide that can help plan a vacation without making you blow the entire life savings? Well, yes!
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Plan. Plan. Plan.
We all know the number of days off from work we have in our hands each year. So, the first step is to define the month of the vacation, the city or country of visit and finally the number of days. Whether you select a three-day weekend to visit Sri Lanka or a full week to backpack in Paris, you must have a plan in mind about everything. Next, start looking for flights and accommodation to grab the best possible deals. Check a few discount sites and get a rough idea of the budget and start saving to achieve the benchmark.
Squirrel Away Cash Monthly or Invest
If you don’t want money to be a cloud over those much-awaited days of freedom, start putting away a small chunk of money in one of those ‘rarely-used’ accounts. Even better, invest in a savings plan to achieve your travel goals. Savings plan comes handy for those vacations that can easily burn a hole in your pocket. For example, if you have always dreamt to backpack across Europe, but your finances aren’t allowing you to take that well-deserved treat, investing in a savings plan can help you. Define your travel year and squirrel away cash on a monthly basis to make that dream happen.
Scope Out for Additional Expenses
You know you are going to the States, and there are excellent opportunities for adventure sports that are a part of your bucket list. So, be sure to scope out all the additional expenses before you board that plane. End-minute financial decisions while on the trip might hamper things planned for the next half of the vacation. So, make a point of scoping everything out. From pub hopping to shopping – everything should be planned.
To achieve this feat, you can invest in two separate saving plans for maximised returns.
Make Advance Bookings
One of the best ways to keep the budget intact is by making advance bookings for all things planned. From flights to hotels, local travel and adventure activities – if you know you are surely doing it, book it.
However, if you don’t have the money to make advance bookings right away, there are options wherein you can lock the booking amount for 3-5 days, and it remains unchanged despite the demand. Make use of such features to keep the finances in check.
Be an Expert on Exchange Rates
Currency exchange makes for an important part of vacation planning when going abroad. While many of us think the best exchange, rate is available in the home country, it is actually the opposite. The truth is that foreign banks often offer a lower exchange rate. Also, be sure of asking your bank about the chargeable foreign transaction fees on your debit and credit cards. This proactiveness will keep you away from incurring extra charges every time you swipe.
Opt for Alternative Investment Options
As mentioned earlier, one of the best ways to plan your finances for that much-awaited vacation is by opting for a savings plan. Insurers like Future Generali offer multiple saving plans that can easily cater to individual needs. These plans are flexible, provide tax benefits and offer maturity and death benefits while working towards your dream.
In a nutshell, you can enjoy the vacation while being financially responsible at the same time. Budgeting and tracking everything may seem like a chore at first and may also take some practice. But, isn’t it better than coming back from a dream vacation with a huge credit card bill simply because you didn’t plan?