Saving for vacation
Let's say a family of four plans a month's holiday in the US in about four years. They should start with a tentative list of places they'd like to visit and the cost associated. It would involve a bit of research on the internet.
Compare costs across tour operators can give you an idea of itinerary and costs. You can customise the places and calculate approximate costs. Add about 25 per cent as buffer for local travel, eating, shopping and so on. Let's say this works out to Rs 12 lakh. You need to take into account inflation for the next four years and draw a plan to start saving for this goal through planned investments.
Image: The Roman Colosseum, Rome