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How to prepare for your dream holiday abroad

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It’s been more than two years since the pandemic hit, derailing most people’s vacation plans. But, with travel bans easing around the world, it could be the perfect time for a family vacation. There are challenges, however, and experts say you should consider these six major points to plan a stress-free vacation.

Destination research: This should be the first thing to do before applying for that plane ticket. Research the destination of your choice and the hotel you plan to stay at. Check nearby tourist attractions and look for seasonal activities such as festivals in the area. Plan your route only after choosing your destination.

“Before travelling, it is essential to be aware of the regulations and current events of the destination to which you are heading. There could be events or regulations that could impact your itinerary,” said Cleartrip Chief Commercial Officer Prahlad Krishnamurthi.

Plan your finances: If you’re seriously considering going on vacation later this year, it’s best to start planning your budget now. Hotel and flight reservations will need to be made earlier.

“There is pent-up demand for vacations, which has driven up airfare and hotel prices,” said Anup Bansal, chief investment officer at Scripbox. “Planning your vacation will make it easier to book airfare and hotel rooms. You need to budget a much higher amount (usually more than 30-40%) for last-minute bookings, so it’s better to plan your vacations. vacation in advance. A well-designed plan and the right budget will help you cut down on unnecessary spending and ensure a stress-free vacation. It is important that you plan your vacation at least six months in advance,” Bansal added. .

Invest for your vacation: Once you have decided on your destination and allocated a budget for it, it is time to make investments that will help you achieve this goal without too much hassle. This will help keep you organized and provide you with an alternative to using your savings.

Bansal said: “To get the best rates, reservations need to be made quickly and that will require cash immediately. Investments should be made in safer and liquid fixed income instruments to create a large corpus. This will ensure that you don’t break your bank or your funds for emergency or long-term goals.”

Currency Issues: If you’re planning a vacation abroad, the currency exchange can be a pain. Chances are you won’t get a favorable trade. As a rule, currency exchange offices and currency exchange offices at airports charge additional fees; thus, their rates are not entirely competitive.

Sudarshan Motwani, Founder and CEO of BookMyForex.com said, “It’s no secret that airports are an expensive option for exchanging money. Exchange rates can be 8-15% higher than standard market rates. Online platforms sell forex charts at the exact interbank rate, i.e. no markup on top of the rates seen on search engines, meaning you don’t lose any value when exchanging your money . “

Go digital: The pandemic has transformed individual payment preferences from traditional cash transactions to online payments. “You can enjoy the holidays without having to carry cash and the stress of keeping it safe. However, carrying a small but considerable amount of cash can help in an emergency,” Bansal said.

Vaccination mandates: Keep your covid vaccination certificates handy. Adhil Shetty, CEO of BankBazaar.com, said: “Before embarking on any travel, make sure you are clear on all vaccination and testing mandates. Although most countries no longer require RT-PCR testing, there may still be local variations due to infection spikes. You should also review all cancellation and refund procedures before booking tickets if you cannot travel due to infection or due to last minute travel restrictions.”

Also, make sure you have a travel insurance policy that covers any illness while traveling abroad that requires isolation or hospitalization.

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Between inflation and the falling rupee, travel has become more expensive, and international travel in particular. Prices for food, accommodation, and flights have all gone up, and you need to factor in the extra costs when budgeting.

Plus, due to recent interest rate hikes, using a personal loan to finance your trip will become more expensive than ever. So you have to be prepared not only to shell out more, but also to take on a heavier burden in terms of equivalent monthly payments (EMI).

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