More Queries
Citi Knowledge Center
Quick reads to keep you up-to-date on money matters.
8 ways to save for and during your vacation!
Investment

8 ways to save for and during your vacation!

The best thing about the holiday season is getting the chance to escape from the confines of a cubicle and having a fun-filled vacation. You have to plan ahead and save for the vacation to convert dream into reality. What's more, you can even save during the vacation. Here are a few tips to do so.

 

1. Build a travel corpus

Plunging into your general savings to fund your vacation expenses is not a good practice. It indicates the lack of a proper plan or budgeting for your vacation. It is a sure prescription for overspending. It also defeats the very purpose of your general savings. To avoid such a situation, it is best to have a dedicated travel corpus. You can explore the idea of having a systematic investment plan for creating a travel corpus.

2. Choose the right travel card

Travel credit cards are a safe and secure means of spending your money while traveling. Especially, overseas. Some of the cards offer fraud protection and come loaded with privileges like access to airport lounges, clubs, hotels etc., and rewards like frequent flyer miles.

3. Plan in advance

Planning your vacation in advance gives you an overall estimate of the expenses. It also helps you get a discounted price on bookings.

4. Look for off-beat destinations

Many holiday destinations have become tourist traps and are crowded during the annual vacation season. So, avoid the rush by researching for off-beat destinations. Contact a travel agency for expert advice and scour the web for information on your vacation topic. A combination of these resources will provide you with some tips on accommodation, places to visit and things to do.

5. Pick the off-season

Most destinations are in high demand during certain times of the year, like the hill stations during the summer holidays. Demand pushes up the prices during these peak seasons, making travel quite expensive. So, try avoiding the peak season when you are traveling to a tourist destination. This will reduce your costs considerably.

6. Search for the best prices

While you may check the prices with hotels directly, you should definitely check the the prices online as well. Most travel websites negotiate deals with property owners and service providers in tourist destinations and hence can offer you more attractive rates than the hotels or airlines themselves.

7. Look for deals or coupons

Be sure to ask the travel agency, airline, cruise line, hotel or other vendors about discounts that are available. That way you'll know if you qualify. Major hotels and airlines offer fantastic deals depending on whether it is the peak or off season. Also, booking online is generally known to reduce costs.

8. Don’t ignore travel insurance

Any emergency like a medical expense or loss of baggage, especially when you travel abroad, can jeopardize the whole vacation and deplete your savings in one go. Opting for travel insurance protects you against such eventualities.

Having fun or going on an adventure doesn't have to break your budget. By planning ahead, you can make your vacation both fun and affordable.

For more, visit Citi Help, the one - stop destination for all your queries.