“To travel is to find solace in this chaotic world” –I wrote this quote when I first went on a solo trip to Bangkok. It was my first international trip and that too solo. It was sunset time and I was sitting at the Wat Arun temple beside the river Chao Phraya. People often ask me how I fund my travels and afford traveling once per month.
Travelling is more like a habit to me. My parents were travellers and we used to often go for trips. When I started working, I decided that I will not compromise with my travel plans. I don’t come from a billionaire background that I can travel the way I do, nor I get free collaborations for every time I travel. Currently, I am one of the top travel bloggers in India despite the fact that I don’t shut my work and also run my digital content firm, take mentoring sessions and am also working on my books.
I fund my own travel and I take at least 1 trip a month. It is not hard if you plan well. You need not to quit your job to travel or take loans. You can plan trips with your own earned money. All you need is a trip budget planner. I do have one. I plan my trips in advance. Here are some tips that I will not share with you that have helped me to afford travelling once per month.
Tips On Planning Frequent Trips Without Going Broke:
- First make a list of places you want to visit and when. Once you are sure about your place and time of the trip, you can book your tickets in advance. Booking flight tickets and hotels in advance always help you save money.
- Put a part of your income as your travel budget. You can either make FD (fixed deposit) of the same or you can have a separate bank account where you can save money for travelling.
- Another way to save money is to invest in mutual funds. It is an amazing way to invest money with minimum risk involved and can help you get high returns. When it’s about travelling I would suggest you to go for SIP (systematic investment plan) because here, you can start from Rs500 as well. There are various companies with amazing plans such as L&T Mutual Fund and more.
Here are some of the investment options:
Fixed Deposit:
FDs, also known as term deposits, are one of the best options for people looking for an assured income as they are risk-free. In FDs, a lump sum amount is locked-in for a specific period. Investors can choose tenure usually in the range of 7 days to 10 years.
PPF:
The Public Provident Fund (PPF) is a post office savings scheme in India. PPF is an ideal option for investors any day because it offers multiple benefits such as lock in period of 15 years, low-risk appetite, tax benefits and a steady interest on the money deposited. In PPF, the maturity amount and the overall interest earned during the period of investment are tax-free.
Gold:
Many banks sell gold coins now-a-days. An alternate way of owning gold is via paper gold. Investment in paper gold is more cost-effective and can be done through gold ETFs. Such investment (buying and selling) happens on a stock exchange (NSE or BSE) with gold as the underlying asset. Investing in Sovereign Gold Bonds is another option to own paper-gold.
Debt Mutual Funds:
Debt mutual fund schemes are suitable for investors who aim for steady returns. They are less volatile and, hence, considered less risky compared to equity funds. Debt mutual funds primarily invest in fixed-interest generating securities like corporate bonds, government securities, treasury bills, commercial paper and other money market instruments.
Mutual Funds:
Investing in mutual funds offers you as an individual investor with a means of investing in a variety of securities across equity, debt, and global markets that you may find difficult to invest on your own. Mutual Funds have a default advantage of diversification and it is managed by professionals.
I believe smart investments and savings helps you a lot. I keep at least 20% of my earnings as my travel budget. Mutual funds are also good for a long term investment when you want to plan an international trip. My mutual fund investments helped me travel to Thailand hassle-free and I didn’t have to compromise with the hotel and shopping.
Don’t think that travelling frequently will make you go broke. Smart savings and right investment is the key here. Hope you find this article useful. Feel free to write to me or leave a comment below if you have any questions.
Disclaimer: This information is for general information only and does not have regard to the particular needs of any specific person who may receive this information. L&T Investment Management Limited, the asset management company of L&T Mutual Fund or any of its associates; does not guarantee/indicate any returns/and shall not be held liable for any loss, expenses, charges incurred by the recipient. The recipient should consult their legal, tax, and financial advisors before investing. The recipient of this information should understand that statements made herein regarding future prospects may not be realized or achieved.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Also read: Inside Ancient Temple Of Patal Bhuvaneshwar -India’s Most Mysterious Cave Temple
