Snigdha, a fresh graduate placed in a small company, loved to travel. She planned to visit a new place every year.
Well, noble intentions.
Only thing was, there was a bitch called reality that hit her like a 22-ton rig on a Colorado outback. She realised that using her current savings to fund her travel plans was not a very cool idea. (Hell, there are other things – far more important things – to do with current savings, right?)
So?
Is there a breezier way to finance your travel without digging into your savings piggy bank?
We give you 7 such ways to pull off a coup with your li’l sojourn and become the Hannah Montana of the travel planning world.
Save regularly: We know. This is all that yadda yadda you keep hearing. But, hey, try it out before you shove your thumb up at it.
Make use of the LTA benefit: Make use of your Leave Travel Allowance benefit, which is available twice in a block of four years. This not only covers your travel expenses, but also helps save taxes.
Look out for deals, discounts and offers: More yadda yadda. But, you know what? Let’s give you a greenhorn tip here: we know you do your research on various travel options available, but do it at least 2 years in advance. Just messing with you. Do it at least 2 months in advance and see if you don’t save!
Make your liquid money work harder: Instead of parking your liquid money in a savings account, invest it in liquid mutual funds and ultra short term bond funds. Ultra short term bond funds may be risky (as there could be volatility if institutional investors in these funds redeem at large) but can help get better returns on capital that you need to withdraw in the short term.
Take a quirky part-time job: If you have ample time left after office hours, try taking up a part-time job to put some life into your cash flows. Help out at the library; work at a convenience store; write short stories on paid gigs; do affiliate marketing; do any damn thing that brings in the moolah without giving you the blushes, put that money into a SIP, and watch it grow!
Crowd funding: Hey, why not?Crowd funding platforms can be used to raise money for your travel. Just make sure it is part of a larger cause that can appeal to donors and you’re on the highway to funding success.
Volun-tourism: Also known as “volunteer tourism”, this is a form of tourism in which travellers volunteer to do service or help people in the places they visit. Usually, there is a fee to participate, but this beats what you’d have to spend if you had to travel on your own pocket. However, any form of volunteering work that pays remuneration does not constitute volun-tourism.
While saving regularly is the most preferred mode of planning your travel finances, funding your travel using non-conventional means can be both exciting and rewarding.
Last heard, Snigdha went on a 4-day escapade to the Bahamas all by herself. She was heard giggling away to her girlfriends that she spent just half of what she’d have spent had she gone the tried-and-tested way to mobilize funds for her trip.
Something tells us she read this blog post of ours before finalizing her travel plans. Just sayin’.