(Disclosure: This post is sponsored by Credit Sudhaar)
Travel is always exciting. Not only it lets one unwind but more importantly it lets one learn about culture, cuisine and above all self. Whether one is backpacking, going for adventure or hiking in jungles, travel is liberating.
Most of the urban dwellers travel during vacations owing to the school going kids and other wise work pressures. Since Diwali season is just round the corner and people may be planning to travel to fully optimize the vacation season, following are the must follow tips to keep a check on the finances.
Plan the cost of travel
The travellers do plan the cost and budget for the travel. However, it is only wise to have an extensive budgeting done. Many a times the travellers fail to take into account smaller expenses that clubbed together can inflate the cost. Expenses like a coffee break, eating out, local travel cost etc if are not planned properly then can result into a much higher expense. Buying souvenirs, tiny demands from kids etc add to the cost of travel, which usually get ignored while planning.
Hotels and travel
If one has missed on planning and booking way in advance then it will be prudent to look out for last minute deals. These can be as sweat as the one booked way in advance. At times these can even turn out to be cheaper. A good deal can help in bringing down the cost of vacation.
Stick to the budget
This is as an important task as would be efficient planning. Many a times the travellers just let the expenses go beyond the original budget. This naturally puts pressure on the following months’ budget and the available disposable cash for day to day expenses may get compromised.
Use credit card wisely
Stemming from the point of sticking to one’s budget, judicious spend on the credit cards is that one must adhere to. Ease at which the cards can be swiped generally make one go much beyond the planned and earmarked funds. The option to pay up in parts is another factor that makes one complacent and let go of the controlled usage of cards. Especially when one is having good time, the emotions are high and the travellers do tend to go over board. One must realize that the credit on cards comes with most high interest rate.
Plan for repayment of obligations
The travellers would also need to plan to meet their obligations on repayments. Whether it is the utility bill or an EMI of loan or the due date of credit card, one cannot afford to miss out on the payment dates. The bank account has to be adequately kept funded to avoid any misses. Not only missing the payments will attract penalties but non payment of loans and other credit outstanding can lead to low CIBIL score.
In case one is travelling abroad, then the following needs to taken into consideration to keep the costs under check.
Consider signing up an insurance cover
Medical emergencies can knock one down any time. While travelling abroad, if one is not covered for any such exigency and god forbid, in case of any such requirement, the financial implication can be devastating. The medical expenses if not covered can be financially draining.
Travel insurance that is a low cost cover will help against the perils like loss of passport, other documents, delayed flights etc. It may only be prudent to get oneself covered.
Roaming on phone
Your local phone costs a lot if is used while roaming internationally. While some affordable packages have recently been rolled out by the service providers, it may be wise to compare these against the local phone connections. One can get the local phone numbers on the arrival in the destination country.
Follow the above points while planning your travel and safeguard your financial interests.