Over the last few years, the cost of living has risen exponentially. Let it be anything from groceries and other household expenses to a holiday package, everything has become more expensive than what it used to be. Moreover, life has become extremely busy and fast paced these days. To de-stress and take time out for themselves, a lot of people prefer going for a holiday with their families. While going for a vacation is a great idea, it is important to ensure that you don't put your future in jeopardy for some moments of enjoyment at present.
Your wish-list may have some top international holiday destinations such as Maldives, Madagascar, Europe and America among others. But it is imperative for you to consider expenses associated with trips to such destinations. Today, even a domestic trip to destination such as Kerala and Kashmir costs you pretty penny if you want to experience luxuries in stay and travel.
We have listed down steps that can help you to plan your holiday, without hurting your financial well-being.
Every individual prioritises his / her goals separately. While some might consider buying their own vehicle important, for some others going on a family holiday might give more satisfaction and joy. Hence there is no fixed amount that every person should spend on a holiday. However, it is important that you don't compromise on your other long term financial goals such as retirement or child's education etc. in order to fulfil this wish of going for your dream vacation.
PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.
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