Spend, Save and Invest Smartly

Why one Should Plan the Finances for a Holiday?

Oh God...I have spent weeks at my desk. Don’t remember when I took a break last. Are these the words you keep constantly repeating? This means it is high time you took that elusive holiday."Too Many Of Us Are Not Living Our Dreams Because We Are Living Our Fears". So why do you require that holiday? Don’t you want to regain your fitness and rebuild your body? Don’t you want to breathe the fresh air of the sea shores? Time to reconnect with your family and spend quality time with your children .Don’t you say… Oh I have been running from pillar to post, from office to home carrying home my work…Don’t remember when I last had a good nights sleep. Vacations and holidays help you catch on that much needed sleep…Don’t you feel that age is catching up on you and you really need that holiday before you no longer can take one. On a lighter note "You Know You Are Growing Old When Your Birthday Candles Cost More Than The Cake". I would like to remind all of you that the team of financial planners at Moneymindz.com are always there for you to plan your financial needs in an efficient manner. You can explore this unique Free Advisory Service just by giving a missed call at 022 6211 6588.

So Why Do We Go On Vacations

The answer for this is simple. What do you generally do on vacations? You go for a trek, Go Cycling, Go Swimming and Go for Water sports or for Contact Sports. Doesn’t this help you to unwind and burn up those calories?

Oh The Pure Air

A holiday gives us the time to catch up on the scenic beauty of a place and soak in all those wonderful sights. Imagine you go to a hill station. What do you see there? I had recently been to the hill station of Matheran. What lush greenery coupled with the beautiful sight of monkeys jumping from treetop to treetop? Who would not love the white sandy beaches of Goa, The beautiful Corbett National park and the houseboats on the Dal lake and the snow covered peaks of Kashmir.

The Great Food And Ambience

Isn’t this the best time to taste and relish all those mouthwatering dishes? Oh the smell of fried fish and the succulent juices of the crabs cooked on the seashores of Goa, Sipping on hot tea while soaking in the scenic beauty of the tea gardens of Assam. For women it is that time when they sip hot chocolate and binge on that box of assorted chocolates and pastries. Why is it that we can eat whatever we want when we are on a holiday and still have place for some more ? .This is also the time when we can make new friends and even business contacts and if we are lucky meet up with some great film personalities and persons of eminence. Who says holidays are all about Pleasure and Entertainment...We can also make some good business contacts.....

Catch Up On Some Quality Time With One’s Family

Don’t you all feel that you need to spend some quality time with your family? Oh my son has grown up so fast. I hardly know him now. Oh how time flies.....This is the benefit of taking that holiday. Spending quality time with your family.

Planning Your Finances For That Elusive Holiday

Here you need to open a dedicated savings account and need to have great discipline in making those deposits. This account is separate from the account we have for our general savings and expenses. You would be surprised how fast the sums of money accumulate. Here you can plan for that dream holiday without draining too much from your expenses account.

Find Your Travel Trade-Off

If one wants to save there are hundreds of ways to go about it. I personally know a few of my friends who cut down on the number of times they go for that weekly movie. I know people who save by cutting down on the number of times they eat at the hotel and pack up their lunch from home .Here you don’t have to have to do it everyday but only for that period when we need to save for that exclusive holiday.

Budget Cash For Spending On That Vacation

After travelling all the way would one want to spend one’s time in the hotel watching television, Always save up for the additional expenses that can be incurred during the course of your trip. Your wife might see that beautiful bangle that she wants or that beautiful carpet or a silk garment .You might have to spend on snorkeling, or paragliding. Sure you might have to go for a trade off where you might not get that mouthwatering oyster or sushi dish at the Grand Hyatt. However one can always indulge on the succulent crabs and freshly fried fish on the sandy beaches of our holiday destination. Not a bad tradeoff….Here our savings help us to tide over all these unexpected costs and we can enjoy ourselves knowing that we are not blowing ourselves into a financial hole.

Online Benefits For Your Holiday Plans

Here we have a number of travel portals where one can book and purchase a family holiday policy. Remember always book your air tickets or travel tickets early. This can help you save huge costs. Remember “Early Bird Gets The Best Worm.” Here we have a wide variety of online booking portals offering discounted packages to a number of holiday destinations .Here you need to plan your holiday early possibly months in advance in order to benefit from these holiday packages. Thanks to the internet, online bookings are fast which helps us research and then pick up the best holiday package. Get the maximum discount possible on all your cards and membership and discount schemes done by redemption of points and try to pay as much as possible in advance. Use your online options wisely. If you choose that seaside resort you may incur a huge expense .However a resort which is slightly inland can save you huge expenses. Here you might also find midweek airfares cheaper than a weekend flight. Plan a holiday off season if possible and use the online options in order to save on huge costs and get the best deal. Remember that when you book online,hotels are not the only option available to you. You can also book and stay in a dormitory especially in places like Goa which saves a huge expenditure. They are quite clean and family friendly. One can also book online and stay in a guesthouse. These tend to be cheaper than hotels and the food here is generally home cooked. Some companies have their own guesthouses and employees can avail of these facilities at a discount.

The Time Share Option

Here basically a timeshare is an investment in a holiday for a future time period. Here generally this is for a period of 25 years and one can avail of this holiday for a period of one week in a year. However before taking a timeshare one needs to ask oneself the following questions:

• Can I afford this timeshare?
• Will I go for a holiday every year for a time period of 25 years?
• Does the timeshare company have the necessary resorts built?

How Does This Work

  • Time share resorts divide their weeks into Red , White and Blue. Here the high season or the most popular season is classed Red. White is the season which coincides with college and student vacations. Blue is mainly the low season and coincides with a quiet or a lonely vacation. Here a vacation in freezing winter even in a popular resort is blue and Goa in February the prime holiday season is red.
  • Time shares offer the right to use a resort unit at different locations of the timeshare resorts for a definite specific time period which might be a week in a year for a period of 25 years. Here a holiday plan in a timeshare can cost you in a range of INR 1.5- 2.0 Lakhs for an off season plan and may range from INR 5 Lakhs to 15 Lakhs for a red high end peak season plan .In addition one can avail an annual plan at an annual subscription rate which ranges from INR 4000 up to INR 10000.Here the minimum room tariff for a non member is INR 5000 per day. Here a non member if he uses the rooms of the resort for 1 week in a year for 25 years he pays a phenomenally high amount in several lakhs of Rupee’s .A member pays a fraction of the sum.
  • Here time shares incur huge up front costs from a couple of lakhs to about 15 Lakhs depending on what you opt for. Whether it is a studio apartment, single or a 2 bedroom apartment and in which season you opt for it whether peak or general season.
  • However if you are the kind who likes a home away from a home option then time share may be what you need. If you are the adventurous outdoor kind of person then you might not want this option.
  • Here at the end of the 25 year period when the timeshare expires you might have a renewability option and pay afresh and extend the timeshare or the company might place it back on the market. Here the annual subscription fee for a studio apartment might rise in a range of 50% in 4 years to keep up with inflation.
  • Here suppose you have bought a week of timeshare and don’t intend to use it, deposit it with Resorts Condominium International the world’s largest time share exchange ,Here trading power is assigned based on the size of the apartment, The season it is up for whether peak or a lighter season based on red, white or blue, How popular it is with the other time shares ,Customer feedback of your resort, and when the request was made .A request can be made even 2 years earlier or prior to when we want to use this facility. Based on this a request is fed into the computer and the match is made.RCI has a tie up with major time shares in India.

Travel Insurance

• Travel insurance covers you against unforeseen incidents that can occur to you from as minor a case as a flight delay to a medical emergency for you and your family during your holiday. Always take travel insurance when you travel on holiday.

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