Everyone needs vacations from time to time to take a break from routine and rejuvenate themselves. While going on vacations is joyous, it is also quite important that your vacation takes place without hassles.
Let’s look at a few tips which will help you manage your money better while taking a vacation:
Determine your budget
It is very important to determine what your budget for the vacation is before deciding on anything else, especially when you wish to travel to foreign locations.
Let us take an example. Let’s say Satish didn’t consider his budget when he took his family on a tour to Europe and made all payments by swiping his credit card. When he came back from the vacation, he faced an exorbitant amount as credit card dues – an amount he found impossible to repay. This resulted in lowering of his credit score and ultimately affected his credit rating.
An occasion as special as a family vacation should not cause nightmares for the rest of your life. Therefore, first determining how much you can spend is a good way to go. Only after this, you should decide on the location and other details.
Prepare in advance
When you go on a holiday with your family, you would want to have a memorable trip and bring back a few pleasant memories. This is possible only when you do good research on the place you are visiting and plan your itinerary well in advance. This doesn’t mean you need to work on huge spreadsheets for your vacation, but you must definitely look at important details like the places you would like to visit, mode of travel, where you would like to stay and so on. Planning in advance not provides peace of mind, but also saves money. When you make your reservations in advance, you save on hotel bills and travel costs.
By planning, one doesn’t end up wasting time or money. This is because as all your plans are already chalked out, making it a lot easier to enjoy.
Grab deals and offers
Opting for travel agents to plan your travel is definitely easier, but may cost a lot. On the other hand, by doing some homework yourself, you can end up with a lot of money saved by taking the advantage of ongoing discount deals.
Let’s say Raj wanted to take his family to Singapore for a holiday, and so he browsed multiple travel websites for various options and combinations. On finding that he was getting a great deal on accommodation on one website for a limited period, he immediately took the offer. He also checked out other websites for cheap airfare and excursion packages and found a few good deals. On the whole, Raj saved a huge amount by doing research and picking discount offers, which would have otherwise cost him several times more had he opted for a one-stop product from a travel agent.
Secondary destinations
Sometimes, offbeat destinations – which cost much lesser – are as good as popular destinations.
For example, if you want to go on a beach holiday near Mumbai, Alibaug is a popular but expensive destinations as all tourists pick this place. However, there are many resorts which are a little farther off and are not so popular but offer you accommodation at much lower rates and also let you experience the beauty of the beach.
Peak season travel
Every place has a set of peak season and off season depending on the weather, festivals and several other factors. If you’re planning to visit a place during its peak season, you’ll end up paying more. On the other hand, if you arrive at your destination just before or just after its peak season, you may get handsome discounts on accommodation, excursion and travel.
You must, however, consider the climate and other comfort-related factors before deciding on this.
Keep luggage in check
Everyone likes to carry different clothes, shoes, accessories etc. when going on a holiday. But do remember to consider baggage restrictions by airlines. Also think about what you may shop at your holiday destination, as this luggage will be added to what you’re carrying. You may end up paying for extra baggage to the airlines, which can work out to be very expensive.
Travel insurance
Travel insurance is very important, especially when you’re going abroad for your vacation. If you don’t have sufficient travel insurance cover, you will have to pay a lot should a loss or damage occur.
Now, a few precautions
Take care to secure your credit cards, debit cards, wallets etc. Don’t keep all your valuables at one place and do remember to keep some money safe in your hotel room while going out. Each one of your family members should have some money with them. This way, in case any emergency occurs, all your folks will be able to act.
It is not wise to carry all your debit and credit cards on a vacation. A couple of credit cards and a debit card are sufficient for a trip. When you are abroad, you must always carry a copy of your passport and all relevant phone numbers with you to help you in emergencies.
BankBazaar.com is an online loan marketplace.
Disclaimer: All information in this article has been provided by BankBazaar.com and NDTV Profit is not responsible for the accuracy and completeness of the same.
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