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The Ultimate Guide to Saving Smartly for Your Dream Vacation

Arjun’s lifelong dream was to visit the captivating city of New York. Eager to turn his dream into reality, he diligently calculated the expenses. As he worked through the numbers, he came to a disappointing realisation: New York was way too expensive. Suddenly, his excitement faded away, leaving him disappointed. This is because Arjun did not save enough money for his dream vacation.

At Multipl, we can’t see you in such grief. So stick with us, and we’ll show you six smart ways to save for your dream vacation.

Decide when to Travel

If you have debt right now on your shoulders, it’s best to avoid travelling. Your main focus should be freeing yourself from that unpleasant debt. Also, if you travel during the off seasons, you’ll surely save a lot of money on flight tickets and other expenses. 

Set a Clear Budget

The next most important step is to create an expense list! You can use an Excel sheet to maintain a record of all your expenses. 

Write down all your expenses one by one, starting from travel, food stalls, hotels, tourist attractions, etc. Plan everything out like an itinerary, and write the approximate cost you’ll spend in the following column as shown below.

Expense NameApprox CostBreakdown
Flight Tickets₹ 20,000
Stay (5 days)₹ 15,0005×3000
Hotels₹ 15,0005×3000
Food₹ 10,000
Transportation₹ 7,000
Tourist Attractions₹ 4,000

Create a Travel Goal with Multipl

As soon as you get your first paycheck, you cut all expenses, invest and save the remaining funds. Great job! But did you save money for your dream vacation? Having money in your savings account is different from having a savings account for travel. 

Once you have a clear budget, Multipl can help create a Travel Savings Goal. This online investment app helps you save money by leveraging the power of mutual funds. Once you set the goal amount and time duration, Multipl recommends the best mutual funds based on your risk profile and market valuation. You can also automate the saving process with AutoPay Mandate.

For example – if your total cost (budget) for the trip is ₹1,00,000 and you have 10 months before your trip, starting today, you can set up monthly SIP instalments of ₹10,000 and ensure you don’t miss any payments.

Restrict Eating Outdoors till your Vacation

If you want to save for a trip, start it right away. Try to cut down on weekly outside snacking. 

After all, you’ll be eating delicious outside food every day you’re on vacation. So cutting down now will definitely pay off later. If cooking every day is too much for you, try meal prepping on a day (preferably on weekends) for the entire week. 

Eating outdoors is usually more expensive than home-cooked meals, whether it’s a ₹100 sandwich or a ₹500 pizza. Also, a ₹100 sandwich may not seem like a lot, but over time, your expenses will shock you. 

A Tip from Multipl

You can take up a part-time job somewhere to make additional money until you go on your vacation. The extra money will help you reduce your financial burden.

Group Travelling is Less Expensive than Going Solo

No doubt travelling solo has its own advantages. However, if you travel in a group, you can significantly reduce stay and travel expenses. You can share rooms with double/triple occupancy. Sometimes you also get combo flight deals, which is another way to save extra money on vacation. 

Even group rates for museums and amusement parks are way cheaper when calculated individually. If you save money on these things, you can spend money on other things like food!

Explore the Local Culture

The two main reasons travellers go on vacation are to relax and to experience the local culture. For example, if you’re Indian, you definitely love Indian food; but if you go to an Indian restaurant in Paris, it’ll be expensive. Instead, you can try the local cultural food from Paris as it’ll be less expensive and you’ll learn more about their culture. Enjoy the location and everything it offers, and you’ll have a vacation to remember!

Final Words

Saving money nowadays is difficult since we have a habit of going overboard with our expenses. However, by following these six smart tips, anyone can make sure they save enough money to fully enjoy their dream vacation. Download the Multipl App from Play Store/App Store.

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