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How to save for your holiday

Changing priorities

Changing priorities

For many millennials, travelling is more important than other financial goals such as buying a car, saving for a house or even investing for retirement. Here is how you can save for your vacations.

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Creating a travel fund

Creating a travel fund

Building a separate fund for travel can be beneficial in several ways. With an adequate pool of money at your disposal, you can clinch a good deal, instead of racking up debt or making a costlier last minute booking.

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Where to invest

Where to invest

Leaving the money in your savings account is an option because it gives you instant access. But this also means the money might get used for other expenses. You need to put it away where it is out of sight, yet accessible at short notice. The objective is not to earn high returns but to keep the money aside for a specific purpose. You can consider liquid funds, short-term debt funds and even a recurring deposit in your bank.

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Budgeting for travel

Budgeting for travel

It is not as hard as it sounds. Cutting back on avoidable expenses to facilitate regular savings and doing a bit of groundwork to capitalise on the plethora of deals on offer can help. Do a lot of research on hotel bookings this is because conveyance and hotel bookings account for the largest chunk of travel budgets. So it pays to be on the lookout well before your travel date, to seize the best deals.

Text by Shipra Singh/ ET Bureau

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