A vacation is a luxury, not a necessity. So do not holiday at the cost of savings meant for much more important goals. Similarly, do not borrow to travel. Banks can charge anywhere between 13% and 30% for a personal loan. You could land up paying stiff EMIs every month for three years for a fortnight’s break.
Using the credit card to bear the holiday expenses is also a big no. While you could rack up rewards or get cashbacks, it makes no sense to pay an interest of 18-45% by rolling.
You will not have to borrow.
Ideally, 1 to 3 year of planning is required for domestic or international holidays.
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