Holidays are a break that every individual needs to rejuvenate. Holidays with the family are a perfect way to spend quality time together. Travelling with parents is an experience as this is when you see a different side to them and also you can be with them for a longer time without work and other commitments bothering you. Usually it is seen that vacations with parents are taken to domestic destinations but travelling abroad is amazing as well and it is worth it to plan a trip with them.
When planning a trip to take your parents for a vacation abroad there are some essential things that need to be kept in mind. Let us talk about a few of them:
Choose the Destination by considering all options and possibilities
The destination should be chosen carefully keeping in mind the needs and requirements of the parents. It is not advisable to plan a backpacking trip with them. If the parents have issues with walking too much or at an age where they get tired easily, a place which has to be explored by walking should not be chosen or enough time should be there. Health status, mobility and age are some of the factors which should be kept in mind while choosing the destination.
Make Reservations in advance
Always do the hotel and flight bookings in advance so that there is no problem later. When the parents can go to the hotel after the flight and rest, they will be more energetic to move around. Going from one place to the other to look for accommodation can be both tiring and irritating for them. Aged people take time to recover from long flights and ensuring they have a comfortable place to stay and rest in is very important. Doing some research and choosing good flights and hotels is worth it.
When planning a holiday with parents abroad you need to cater for travel, accommodation and food. Apart from these conveniences provision also needs to be made for some conveniences which otherwise are not needed by a young couple. For example, you might need to spend more money on cabs as they cannot walk a lot or the public transport is not convenient. All meals will need to be provided for when you travel with seniors. At the end of the day, a vacation with parents might cost more than one you take regularly. Thus, proper planning and budget is required. If the expense seems higher, keep enough time to save and then go for a holiday. Spending all of your savings on a holiday and then being in trouble later for lack of funds is something which should be avoided.
Top 3 ways to do save for a holiday:
Have a separate holiday fund without investible surplus and then spend from this fund to fund all your holiday expenditure. This could be done with regular systematic investments in suitable mutual fund schemes and then redemption would be needed to fund your expenses for the holiday.
Short term planning:
For a quick planning, short term debt funds or recurring deposits may be considered
These funds could be considered for parking money for very short tenure. For example, you may invest in a liquid fund till the time you plan or find a great deal to can purchase the tickets or holiday package.
There is always an option to leave the money in savings account but that can be used up as it is easily accessible. Thus, to have a separate plan to budget for a holiday is important.
Some other tips
When planning a trip and budgeting for it, there are some other things which can come in handy:
Look for deals by travel portals and airline companies. Sometimes these deals help in saving a lot of money
Cut back on avoidable expenses to ensure proper saving
Keep 3-4 months in hand when planning a longer international trip with parents
Always spend a lot of time in researching. Checking on hotel locations, reviews, conveyance options etc. must be looked at
Planning a trip can seem daunting but when it comes down to reality it is not much of a big deal. Apart from choosing the destination and doing the bookings, the most important thing is to do the financial planning. Budgeting for a holiday and having enough funds without burning a hole in the pocket is essential to enjoy a holiday with complete peace of mind. Holidays are the ideal way to spend time with your parents and family and ensures good bonding. Adjust your expectations and plan a holiday which can be done at their pace and not yours. Holidays are the best way to create memories and if individual considerations are kept in mind and a little preparation is done, these are memories you will always cherish.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully