There was a time when you used to ask your father to give you money for trips and outings. Now, however, you are earning money. Why ask your dad when you can travel(Travel Insurance) with your money?
In India or abroad, you can travel on your own with your own money. Want to know how? Tune in to find out!
Travel helps you recharge and relax, away from the hustle and bustle of everyday life. But travel can be a nightmare if you are like one of my friends who forget to follow imperative steps to ensure before heading out on a trip. There are ways to make your dream vacation a reality.
8 Short-Term Investment Options For Your Next Vacation:
1. Dedicate a Fund For This Purpose:
The first step towards your vacation plans is to allocate a fund where you save money regularly. Once you have chalked out where, when, why and how you will visit a place, how long will you stay in that place and what places will you visit; it is time to allocate a fund(Mutual Funds) to keep money that can be used for travel-related expenses. Only when you save, you can begin investing.
2. Keep a Bank Fixed Deposit (FD):
Keep some money in a Bank Fixed Deposit. Maintain it until the end of its tenure. This will ensure you don’t waste that money on unwanted items. A Bank Fixed Deposit is a safe option to invest your funds for short terms as well as long terms. You can choose to have interest credited each month to the bank account or go for reinvestment for cumulative returns. [Get Personalised Advice For Bank Fixed Deposit –Visit]
3. Have a Corporate Fixed Deposit (FD):
Corporate Fixed Deposit is offered by companies and are riskier than bank Fixed Deposits but offer higher interest than bank Fixed deposits too. Corporate FDs come with a minimum tenure of a year. The interest added to this investment is added to your income and if interest earned exceeds Rs 5000 per year, TDS is deducted. [Get Personalised Advice For Corporate Fixed Deposit –Visit]
4. Liquid Mutual Funds:
Liquid Mutual Funds are debt oriented schemes. You can put your surplus funds in a liquid mutual fund and earn low-risk returns in short term to medium term. You can withdraw your money when you need it without worrying over exit load. You can use liquid fund investment to keep funds for large purposes like travel. Liquid funds are subject to capital gains that are taxable. [Get Personalised Advice For Liquid Mutual Funds –Visit]
5. Post Office Time Deposits:
Post office time deposits have tenures of one year, two years three years and half a decade. There are annual interest payments but premature withdrawal before the expiry of half a year isn’t permissible. There are fixed and assured returns. You would be taxed as per your income tax slab.
6. Debt Mutual Funds:
Invest in Debt Mutual Funds. One such option is Low duration funds. Your investments will be made into debt and money market instruments where the underlying security’s maturity is between six and twelve months. Enough time to keep aside funds for short term. [Get Personalised Advice For Debt Mutual Funds –Visit]
7. Recurring Deposits:
You can accumulate money by investing through recurring deposits in case you don’t have a lump sum. Here, an amount of money is deducted from your bank account at regular intervals with varied tenures ranging from 6 months to a decade! For withdrawing before the tenure completes, you will be charged penalty according to the mentioned rate.
8. Reduce Costs:
Not exactly an investment(Investment Planning) option but equally imperative, if you are seriously considering a vacation, cutting down on expenditures, is a great way to set aside funds for any purpose including travel. Don’t buy that fancy car, refrain from purchasing that new laptop, avoid the temptation of that brand new gadget or clothes set, prevent yourself from window shopping and avert unwanted expenditures. [Get Personalised Advice For Investment Planning –Visit]
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