Winter vacations can call for a lot of expense. Electricity bills surge because of our frequent use of heaters, and even food bills can cause a serious dent in our pockets. And if you haven’t been saving up for it for a while, it can get frustratingly difficult to plan one out. Here is a guide to help you save during those tough times, so that you can enjoy your winter vacations to the fullest!
#1 - Have A Winter Savings Account
- The best mechanism to ensure a good corpus is to save regularly, and this is sound advice not limited to just winter vacations. Go for whatever pattern suits your pocket - either weekly, monthly or quarterly.
- If you need to ensure regularity, you may want to set up a separate savings account. The money could either be transferred directly from your salary account, or you save throughout and deposit the money yourself.
#2 - Grow Your Savings
- Planning and budgeting travel can get stressful. An ideal way to start would be with a Systematic Investment Plan (SIP) that puts you in the habit of of saving on regular basis.
- The dual advantage to this is that your savings will grow by themselves. Consider mutual funds - that have delivered healthy returns year after year across most sectors and industries.
- SBI Mutual Fund’s Systematic Investment Plan allows you to save money on a monthly, quarterly or weekly basis, while earning benefits of compounding interests! If you are planning local getaways, five-star stays, or international trips, this is the best way to invest for a systematic and longer period of time. Click here to know more about SBI Mutual Fund’s Systematic Investment Plan
#3 - Go For Cheap Flights
- Some advance planning can go a long way in saving big. Airlines tend to offer discounts during certain days of a year or for selected destinations. Booking while discounts are available helps save significant amounts of money on flights.
- This allows for a bigger budget for the trip, and you’re able to plan it in a better and organised manner.
- Another hack for getting cheaper flights is booking right after midnight - prices are usually low at that point, and last minute deals always make it go easy on the pockets.
#4 - Credit cards to the rescue -
- Plenty of credit card providers offer rewards - such as frequent flyer points to their customers to travel. Do a bit of advance research and pick a company with the best deals on travel and flying miles.
- A credit card doesn’t just give you good deals and makes travelling cheaper, but also acts as an incentive to travel more. Collecting and keeping tabs on miles becomes a habit, and you tend to travel more to see new places.
#5 - You Don’t Need To Splurge For A Great Vacation
- Sure all of us want a luxury vacation - good accommodation, great food and comfortable travelling. But, it’s important to travel, see and discover the places planned. Go around and take a look at the local architecture, dig your spoons into the delicacies and Interact with the locals.
- Sure you can take a five star, but even five star accommodation can have wildly varying rates across hotels. Pick the one that brings you the most value.
- Or, you could even skip the five star entirely, and take an Airbnb if it’s a large group you’re hanging out with. This will help save costs, the food bill should come out to be low, and you won’t spend money on unnecessary expenses.
#6 - Reduce Housing Costs
- Housing can take up a lot of our finances - mortgage, interests, repairs all might not leave anything to be saved in the end.
- Do away with them, and maybe channel those funds into other investments instead - they could range from safer bets like fixed deposits to the high-return- generating equity markets.
- This will ensure a regular sum to be saved on a monthly basis and even though it may not make many comfortable initially, you’ll begin to see the growth in your corpus pretty soon.
#7 - Live Smart
- Is your gym membership eating up all your savings? Or pizza too tempting an option rather than cooking? It is important to sit once in a while, plan a weekly budget, or see where are your savings and funds are vanishing.
- Once that has been done, opt for less costly (but similarly valued) options. Opt for runs out in the nature and chuck your costly gym membership maybe. Learn cooking your favorite meals and prepare food in batches. Look for cost effective options to enjoy your winters!
Where Are You Headed?
Winter vacation funding is simple once you delve into the details. Savings, combined with investments, and smart choices, can come together to deliver a much-needed, memorable and enjoyable vacation that you’re sure to want to repeat very soon. Get started!
I hope you enjoyed this article about amazing tips to save money for your winter vacation on a budget.
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