- Date : 13/02/2018
- Read: 3 mins
Smart tips to save up for your dream holiday
The world is a book, goes the popular saying, and those who do not travel, read only one page. Of course, we would love to read that picturesque book cover to cover, but where do we get the money?
Here’s five quick ways to pump up your vacation fund:
Investment options aren’t limited to the long term. There is much to gain from short-term fixed deposits and floating rate funds, too. If you are not averse to taking risks, the stock market can also offer exciting possibilities. Want a safer bet? Invest in Mutual Funds! Also consider Gold Exchange Traded Funds – the perfect way to cash in on the yellow metal’s high liquidity without actually buying any.
The best part: Your money is not locked in for years.
The challenge: High returns are often accompanied by high risks.
Sell your clutter
Just like you call the local kabadiwala to clear the newspapers every month or so, it’s prudent to take stock of the in-house clutter – clothes, fitness equipment, furniture, gadgets, and other little-used things that no longer serve their purpose.
The best part: You just need to get online and post pictures of the things you wish to sell on ecommerce websites such as Olx, Quikr, eBay, Amazon and the like.
The challenge: Quoting the right price. To make a sale – quickly – keep the offer reasonable.
Fancy managing a company’s Facebook page or doing a bit of graphic design in your spare time? All you need is internet connectivity.
The best part: You get to work in your time, your way.
The challenge: If you have a full-time job, it can be tricky to manage freelance projects on a regular basis. Also, you may have to deal with payment hassles. So, make sure you have records of all financial dealings.
Do online promotions
So, you are addicted to Facebook, and your twitter/blog followers multiply by the day? You should consider affiliate marketing – that is, promoting companies, products and services online. All you need to do is grab an affiliate link and share it on your social media pages. If someone makes a purchase using your link, voila, you land a decent commission!
The best part: You get paid for spending time on social media.
The challenge: You need to find things that’ll interest your friends/ followers for this to work. Consider online shopping portals (like Flipkart and SnapDeal), matrimonial sites (like Shaadi.com and BharatMatrimony.com), travel operators (like MakeMyTrip and Yatra) and online job portals (like Monster.com and Indeed.com).
Take a loan
Most banks today offer travel loans (some have it under personal loans) that cover all trip-related expenses, right from the flight tickets to the hotel accommodation. Lack of funds needn’t defer your Bahamas holiday!
The best part: Most banks disburse the funds in a couple of days. And you can repay the amount in EMIs that fit into your monthly expenditure.
The challenge: Finding low interest rate and flexible repayment options. The eligibility criteria vary across institutions based on age, income, occupation, etc. Consider both loans and NBFCs when on the lookout.
Related: Types of Loans in Under 60 Seconds
Don’t let money kill your travel dreams. Get smart, plan, and pack your bags for the Bahamas!
This article is intended for general information purposes only and should not be construed as investment, insurance, tax or legal advice. You are encouraged to separately obtain independent advice when making decisions in these areas