Wondering how to travel on a budget? While it may seem like travelling is only for the wealthy, you don’t have to spend a fortune to go out of town. There are many different ways to travel on a budget — including using reward points or travelling during off-seasons — that can save you a lot of money. Here’s a budget travel guide for beginners.
Start Saving Early with Multipl
With Multipl, you can set a Travel Goal for your next tour by entering your goal amount and time duration. This best online investment app helps you leverage the power of mutual funds. Also, to automate your savings, you can even set up monthly SIP instalments.
Let’s say you’re planning a trip to Dubai and came up with a budget of ₹1.2 lakh. You also need to save this amount within 12 months. With Multipl, you can set up SIPs of ₹10,000 for 12 months and ensure you don’t miss out on any payments.
You also benefit from the power of compounding. Assuming an annual return of 8%, you would need to invest only ₹1,15,524 to reach your goal. The effect of compounding will help you save ₹4,475.
Enjoy Rewards with Brand Co-investment
Yes, you heard that right! Multipl partners with brands to co-invest in your saving journey. To better understand, let’s continue with the above example: you set a 12-month travel goal of ₹1.2 lakh. Without brand co-investment, you save ₹4,475. However, if you add the EaseMyTrip voucher, it’ll invest up to 10% of your investment amount (10% of ₹1.2 lakh) = ₹12,000.
So, if you add the brand co-investment option, you save (₹12,000 +₹4,475) = ₹16,475. In other words, you need to invest only (₹120,000 – ₹16,475) = ₹1,03,525 to reach your goal.
(These numbers are for understanding purposes only. Actual numbers may vary as per market conditions.)
Additional Benefits of Multipl
Here are some additional benefits of using Multipl:
Free: The Multipl app is completely free. There are no hidden charges from Multipl.
Easy to use: Multipl is easy to use, even for beginners. Once you complete your KYC, you can create an account and start investing in minutes.
Security: Multipl is a secure platform. It doesn’t sell your data to any third party.
Hassle-Free Withdrawals: You can withdraw your money from a goal anytime without any hidden charges. There is no lock-in or penalty.
Travel in the Off-Season
Along with using rewards from brands, travelling during the off-season is another great way to save money. Each tourist destination has a peak period of demand when prices are high. This will include flights, tours, hotels, and even dining, making affordable travelling difficult. For example, summer is the peak season in Europe, when most people come to visit.
Be Flexible with Your Destination
You can take advantage of great discounts and deals if you’re flexible with your destination. Research locations where your currency holds more value, or consider exploring lesser-known or underrated destinations. This can also be rewarding because it offers unique cultural experiences at a lower price.
Embrace Local Cuisine
While traveling, eating out can quickly add up. Therefore, embrace the local cuisine and opt for street food or affordable local restaurants. Not only will you experience authentic flavours, but it will also save you money compared to dining at high-end establishments. Also, consider visiting local markets and grocery stores to purchase snacks and meals.
Final Words
Vacations don’t have to be costly. Whether you’re a travel newbie or a vacation veteran, it’s easy to save money on trips by planning early and keeping an eye on prices.
More importantly, using rewards from Multipl can significantly cut down on flight and hotel costs. Otherwise, traveling during the off-season can help you save money and vacation on a budget.
