Plan that perfect vacation!
When you are on a vacation, it seems boring if someone tries to talk to you about personal finance. And, yet, there’s a close connection between the two. Vacations are discretionary expenses, which are not compulsory for anyone. Indeed, there would be lakhs of people who do not make this expense. However, vacations—especially when taken with friends or family—make us happy.
Now, any activity is much more relaxed and fun if we plan it beforehand. While it’s important to figure out where to go or what to buy and eat, it’s even more important to plan the finances in advance.
Proper financial planning should be done not just for big life goals such as retirement, property purchase, and education, but also for short-term goals such as taking a vacation. In fact, like the big-ticket goals, planning the finances of our vacations can help us have more fun! Instead of being constrained by money issues, saving and investing for a specific goal can help us by actually being able to spend more, while being mentally relaxed.
Investing successfully for casual, short-term goals, such as a vacation, also gives us the confidence to plan and invest for high-value life goals.
Take a cue from this issue of Samriddhi to know how you can plan your investments better. And, of course, also to have more enjoyable vacations!Read More