Travel may be costly, whether it's due to high gas prices on your road trip or rising travel demand, which raises hotel and airline expenses. You may want to go on wonderful vacations without jeopardizing your long-term financial stability by carefully arranging your trip expenses and wisely investing your money in various ways. Most people do not have this kind of money in their accounts because they want to invest their earnings for higher returns. This is one of the reasons why many Indians avoid visiting Western countries. Here are the various options to fund your next International Holiday:
- LIC Policy
If you have a life insurance policy from LIC (Life Insurance Corporation), you might be eligible for a loan against its cash value. This can be a good option if your policy has accumulated a significant cash value over the years. Be aware that any outstanding loan amount can reduce the death benefit paid to your beneficiaries.
- Gold Loan
Gold loans are a quick and convenient way to finance your holiday. You can pledge your gold ornaments or assets as collateral and receive a loan against them. Interest rates are typically lower than personal loans, making it a cost-effective option. Just ensure you repay the loan as per the terms to retrieve your gold safely. SahiBandhu is India’s most trusted Gold loan aggregator and provides an easy way to avail gold loans with end-to-end loan management lifecycle.
- Mutual Funds
Mutual funds offer a flexible way to invest your money. By systematically investing in equity or debt funds, you can grow your wealth over time. Consider setting up a Systematic Investment Plan (SIP) to invest a fixed amount regularly. Over the years, the returns from your mutual fund investments can help fund your holidays.
- Sponsor's Account
If you have a generous family member or friend willing to sponsor your holiday, you can create a separate savings account for these contributions. This ensures that you keep track of the funds allocated for your trip and use them responsibly.
- Key Investments
Consider long-term investments like real estate or stocks. Real estate can appreciate in value over time, allowing you to sell it or use it as collateral for a loan. Stocks, on the other hand, offer the potential for significant capital appreciation. Invest wisely and give your investments time to grow.
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September 27, 2023
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