What is the best savings plan when planning a trip?

Finished yet another office meeting? Finally, got the time to gaze longingly at the Instagram reels of your favourite influencers who’ve been working from the beaches of Bali?

Well, that can be you! Most companies have normalised remote working now. Your dream of going on workations to practically anywhere can definitely materialise, provided you understand that managing finances is crucial while travelling. It is easy to lose track of your expenses and go overboard. This can seriously hamper your other financial obligations, giving you fewer reasons and opportunities to travel in the future. This is why having a savings plan is important.

Here are some ways to save money that will help satiate the wanderlust in you without giving up on your travel plans!

1. Draw up a travel budget
 

A travel budget can save you from the tragedy of running out of money during your trip. The best savings plan is one that helps you stay afloat, no matter the situation. Also, instead of heading out with only a hazy idea of the balance in your bank account, plan for all the expenses ahead and use travel hacks to the best of your ability. For instance, you could create a budget for your food expenses while on the move. You don’t want to splurge at expensive restaurants initially and be broke towards the end of your trip. Instead, consider exploring local food places to get an authentic feel of your destination. You can instantly open bank account online today with IDFC FIRST Bank

2. Choose the best Credit Card
 

One of the best travel tips is to use credit cards for most expenses. A good credit card usually comes with a reward points program that can be encashed to pay for various expenses. For example, if you earn a certain number of airline miles, they can be encashed to defray your next flight tickets. With IDFC FIRST Bank credit cards you can get come with up to  10x reward points, very low interest rates, travel insurance cover, and more. You can also avail of four complimentary railway lounge visits every quarter, which allows you to relax comfortably while in transit.

3. Travel during the off-season

Want to save extra money while travelling? Avoid the peak season and get as much as 50% off on your flight tickets and hotel stays! Keep an eye on the rates, as these are slashed by a fair margin during the off-season when there are fewer people travelling. You can take advantage of this and add to your travel fund by paying for the same amenities at a considerably reduced price. What’s more, the entry fees for local tourist attractions are likely to be lower than usual during off-seasons.

4. Take advantage of technology
 

Thanks to digital penetration, you can access your bank accounts from almost any part of the globe today. Take advantage of the various mobile banking apps that provide a clear picture of your expenses right on your phone. The IDFC FIRST Bank mobile banking application allows you to conduct various banking activities on the go, such as adding money to your savings account, applying for a loan, or transferring funds to another bank account. You can get the status of all your expenses by sending a ‘Hi’ on WhatsApp.

What if you lose your credit card or debit card while travelling? Simply send a message on WhatsApp reporting the loss and get your card blocked to avoid fraudulent transactions. Mobile banking also acts as a great regulatory tool to give you a snapshot of all your transactions and keep your expenses in line with your budget, helping you stick to your savings plan.

We hope you now have a clear picture of how to save money for travel and plan your next vacation without creating a dent in your wallet. IDFC FIRST Bank can be your ideal travel partner by helping you move closer to your travel goals. With a range of amazing products and features that allow you to budget, invest, and save, IDFC FIRST Bank is committed to making your vacations convenient and secure! 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.