Outlook Money
Systematic Investment Plans SIPs are a way to save money in a disciplined manner and secure your future. Money saved can serve as an emergency fund or a travel fund.
Think about your desired destination and compare the difference in the value of currency. Determine the time period of your trip and plan accordingly.
Choose a mutual fund that suits your vacation plans. Liquid or ultra-short-term debt funds can be the best option for less than a year away trips due to lower risk.
Make contribution timely and consistently if you want to achieve the desired result, inconsistency will only delay your trip.
It is better to not take up any financial obligations while you are working towards accumulating a travel fund as it will slash your savings.
Monitor your savings weekly or bi-weekly to estimate the time of accumulation of your desired amount of money for your trip.
It is better to work towards a goal than enjoy your trip with the saved money instead of spending money and recovering for it by overworking.