How to plan a vacation without going into debt?

Exotic foods, gorgeous sights, and lots of fodder for your social media accounts are just a few reasons you maybe counting down the days until your next vacation. However, you’re probably not looking forward to the financial hangover that will set in once you’ve returned to reality. Now, when we say debt, we don’t necessarily mean debt in specific. However, we definitely mean the unnecessary credit card bills that seem like too much at the time of paying. With a bit of planning though, this can be avoided. At Multipl, with our dedicated goal-based approach, saving for a holiday and splurging later becomes easy peasy. In this blog, we will discuss how you can make that happen!

Make a budget for your trip

Savings and budgeting are inextricably linked. You want to come out of your trip debt-free, so some planning ahead of time will help you accomplish that aim.

Examine your financial situation and create a budget for your vacation.

Decide whether you’ll utilize the entire vacation fund or just a portion of it and keep the rest for another trip. If you haven’t begun saving yet, consider how much you can put aside each month and how much time you have before you plan to go. Make a roadmap for smart spending by creating a goal on Multipl. These plans can be as short as three months as well. When you are creating this goal on the Multipl app, you also earn reward points called MBits. These reward points can be used to redeem various rewards.

Make a funding goal for each month

One of the best strategies to avoid holiday debt is to save up methodically once you’ve calculated how much your trip should cost. Make a long-term or short term savings goal using the Multipl app for yourself, and save money in monthly SIPs. The SIPs can be automated, so it’s not an issue even if you forget any particular month.

Multipl works on the simple concept of having short term goals and saving for them. Hence, you can create goals spanning 3 months to a year or for a custom period of your choice. You can also do a one-time payment or monthly SIPs. Once you choose a goal and fill in the details, the Multipl app will tell you how much amount would be deducted towards your saving.

When is the perfect time to travel?

Low-season trips are less expensive because travel companies are eager to book as many aircraft tickets, rental cars, hotel rooms, and other services as possible. So you can match your available travel windows with destinations that tourists don’t overrun with a bit of study.

Plus, there are just so many blogs about how to travel smarter, how to save better, and a lot more- do read them. You’ll be surprised how much a day’s planning can help. We remember one specific instance of one of our users who had shared her story with us. Well, she has become a full-fledged Travel Blogger now, and she told us how a short term investment plan with the Multipl app helped her save well in advance for her “unplanned trip”. She had created a default travel goal in 2020 March of ₹1 lac for the 12 months, hoping that the Pandemic would be (in the worst-case scenario) be over in another year. Multipl app created a custom short term investment plan for her and helped her save 17% annually on her travel savings. Thus, she saved ₹1lac by paying considerably lower in SIPs, multiplied her savings with market returns and also got amazing offers on her holiday booking from one of the many travel partners of Multipl. Her trip cost came down significantly just by planning it in advance.

The table below shows the savings you can earn on the Multipl app for your travel goal in different periods of time:

Duration3 months6 months12 months
Cost of trip (₹)100,000100,000100,000
Expected return rate8%8%8%
Discount with Multipl Brand Saver5%5%5%
Monthly SIP (₹)30,03615,1127580
Savings for 3, 6, 12 months

Multipl has a plethora of travel deals with guaranteed future savings when you make your booking after your goal is completed.  The brand partners such as MakeMyTrip, Yatra Holidays, Pickyourtrail, EaseMyTrip, Voyaah Travels, Beyonder, etc. provide exclusive pricing to Multipl app members.

Brand Partners

Strategically Plan Your Flights

Did you know that early morning flights are usually less expensive than other times of the day and that buying your tickets on a Tuesday is generally less costly? If you can, try to book as per this. Also, if you have some time to spare, go for flights with stopovers. Some stopovers can be day-long too and so you can explore the intermediary city for the day.

Last-minute flight booking is never a good idea and you’ll have to be extremely lucky to get a good deal and a valid voucher. Though, if you have been using the Multipl app to save for your travel goal, you’ll know that there are multiple travel aggregator rewards too!

Join a group trip.

This one is fairly simple and most travel aggregators provide a group trip service. Instead of going all solo, you go as part of a group and so a lot of boarding and lodging costs get shared. Thus, the aggregator can pass on the quantity discount to you.

A Word of Caution

Now, the entire logic behind planning in advance is to ensure that you don’t have to think twice before spending on your vacation. However, it is easier said than done and sometimes, our YOLO spirit kicks in making us overspend. Our advice is, never do that. Because, as they say, slow and steady wins the race and haste makes waste!

Once you start travelling without the burden of credit and EMI, you will never look back. Because it just makes your holidays more fun.

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