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Why Being Financially Savvy is an important Travel Skill

You’re probably wondering why this topic is being talked about on a travel blog of all places. Here’s the thing, we’ve picked up lots of different travel skills over the years, many of which we’ve talked about on our blog – whether it’s packing well and being prepared for all eventualities without overpacking, or ensuring you don’t get museum fatigue in Europe. However, all of these skills mean nothing without the means to travel. And this is where money comes in. And that’s why we believe being smart about money is definitely an important traveller skill.

Whether you’re a full -time traveller who has quit their job to live a life of travel or someone like us, with a full-time job, and the means to travel, it usually comes down to one thing. When you’re travelling, you’re busy travelling, and probably not making money, and that too, while spending money. So smart ways to work around this could include the following tips:

Financially Savvy

1.Study

No, we don’t mean go back to school. We mean study finance. Understand key concepts, understand the economy, understand the different kinds of investment out there. This will help you make informed decisions when it comes to investing your money or knowing which options are right for you. There are so many places you can do this, but begin with blogs and one of those finance apps for beginners.

2. Invest.

Find a way to make your money work, instead of you having to work all the time. Even if it’s something as simple as tax-saving investments, you’ve found a way to save money that would otherwise be squandered away. Money that should belong to you. The riskier or bigger investment commitments depend entirely on how much you can put away, and in what frequency & for what duration. You can do this by looking into a pension plan or by checking out a retirement planning calculator.

3. Keep an eye on prices.

Knowing when to spend, and how much you should be spending is an important skill to have. For instance, if you have a fair idea of what ticket prices to a specific destination normally are at a certain time of the year, you’ll know better while planning your travel, whether it’s a good time to travel to the destination you have in mind or whether you should be looking at going elsewhere at that time of year.

Financially Savvy

4. Look for bargains, learn to haggle. 

Not only are these important skills while travelling, but while travel planning too. It’ll help you get more bang for your buck. Naturally, we’re talking about being smart and working with off-peak discounts or any other kind of deals you can strike with travel providers. That doesn’t mean being unabashedly cheap or exploiting developing tourism destinations though.

5. Be curious

It’s always good to be curious, because you never know when a good financial opportunity may strike. Or when a useful piece of information may be offered to you. So keep an open mind, and most importantly, keep your eyes and ears open.

Travelling should be something you enjoy, worry free. And if you have the right financial skills, you most certainly will enjoy it! Look into a company like Aegon Life Insurance Company Limited. It’s been around in India since 2008, and has a complete product suite, aimed at a great customer experience. It’s one of the world’s leading financial services organisations and has a host of options from life insurance, pension and asset management and more.

About Aegon Life:

Aegon Life Insurance Company Limited launched its pan-India operations in July 2008 with a vision to be the most recommended new age life insurance Company. The fulfilment of this vision is based on having a complete product suite, superior technology, providing customized advice and enhancing the overall customer experience. This joint venture adopts a local approach with the power of global expertise to facilitate a direct to customer approach, leveraging digital platforms to bring transparent solutions to customers and to prioritize their needs. Aegon is one of the world’s  leading financial services organizations, providing life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance.

 

About Pension Plans:

Retirement plans, also known as pension plans are investment plans that provide you a steady source of income after retirement. They let you allocate a part of your savings to accumulate until you retire, leaving you with a sizeable corpus of funds to use later. Once you retire, pension plans provide you either a lump sum amount or regular pay outs to help you meet your daily expenses. In the event of your death, the lumpsum amount goes to your nominated beneficiaries.

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