What if you want to travel for a month, a year, or for the next 10 years? You will need money but first you will need to plan. Here's how to do it
Most of the salaried individuals who have travel as part of their overall financial plan would fall in this category. The number of trips and destinations depend on the budget you have in mind for travelling. "We see a growing interest from our clients who make sure that they travel every year," How do you save for such travel expenses? "
Some may have a longer duration travel plans in mind. "my friend who is a lawyer quit his job as he wants to travel for 9 months",for these kind of travel plans, you need an aggressive portfolio."First, you have to see if you can afford what you want to do. Next, you will have to be involved in the cost details. You should know what your monthly expense would be. You will also have to factor in the currency that you will be spending in, food bills, accommodation and emergencies," Once you know the amount, start investing accordingly. "You will have to plan ahead for it. Full-time travel
When Sachin Bhandary (34) quit his job to travel full-time, he approached a financial planner. "Three years before I quit my job, I met my financial planner and shared my goal. There was a proper financial plan in terms of where and how to save and when the savings will mature and I will have access to them etcetera. It was a mix of SIPs, insurance and other savings and investment instruments. I was also told to limit on personal expenses per month. There was also an emergency fund. Generally, apart from all other savings, insurance and investments; people must have 3 months' expenses available to them as an exigency fund. In my case, we were planning a 2-year exigency, so I could keep paying my home loan EMI and other monthly commitments," said Bhandary, who is now a travel writer. But is full-time travel sustainable? Some say it is possible. "For nearly 3 years now, I've earned nearly 90% of the my living through travel blogging. I collaborate with tourism boards and travel companies," said Nath, who has been travelling full-time for 4 years now.
It may sound interesting to try something new and there is no harm in trying it out. But do have a stable financial plan that will support your desire to travel. "These are immediate expenses. If you are in your 30s, remember that you will also need money for the next 50-60 years of your life," said Sunder. Hence, do keep a separate long-term kitty aside for your old-age needs simultaneously, and don't dip into it.