By How to build your Travel Fund
Every one of us likes to travel. Don’t we? But how many of us can make it happen finally in reality? In this blog, I will discuss why and how you should build your travel fund.
So, without wasting any further time, let’s consider the first thing first.
The first and the foremost thing we need are to set the right priorities and make proper planning for execution.
As the saying goes, “Practice makes a man perfect”. Once your planning for the execution is made, put that plan into practice.
Now, the question arise, why do we need a travel fund.
Need of Travel Fund
You can answer this question yourself.
Let’s put it in this way.
Why do we budget?
Yes, you got it right.
Similarly, we all have various necessities in life – be it food, clothing, shelter, healthcare, so on and so forth.
But the crucial pain point is the source of finance is constant.
Therefore, in order to reduce the financial burden on your travel plans here are some ways how you can build your travel fund.
How to build your Travel Fund
Firstly, either in an Excel sheet or a mobile app; let’s chalk out a plan.
Some of the fund management mobile apps are; Cash Book, Day-to-day Expenses, Monthly Budget Planner & Daily Expense Tracker etc.
We all have a fixed source of income but have diversified expenses. List them all in details to get an overview of the same.
Next, you need to cut on your addictions or obsessions but try identifying your basic necessities.
For example; have homemade food instead of eating in restaurants or going to cafes like Starbucks for your coffee, no matter they are great compared to the coffee that you prepare at home.
Make sure to observe a “No Spend Day” every week. By “No Spend Day”, I meant to say don’t spend on unnecessary things. For example; snacks from a fast food retail outlet.
Each single rupee accumulates to a huge amount.
You can also get hold of a piggy bank to save the chillers (coins).
Making a recurring account or start investing in SIP with your bank is also a useful step towards building your travel fund
Begin your saving exercise as a regular habit.
You can even start on a side hustle for additional funds that will come handy while planning for your travel budget.
The Final Word
This was just a few insights that I have shared with you in this blog. You can find even more. Building a travel fund is not that easy but also not very complicated. All you need is proper planning and the ability to take the right decisions.
Thus, if you have that desire to explore, start saving from today. #KahaniBantiJayegi
Hope this helps and never forget to share your ideas in the comments section below.
Disclaimer
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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