--- title: 6 Steps for a Guilt free and Debt Free Vacation. description: Vacations can be fun & guilt-free if they are paid in cash instead of a credit card. Here are the 6 steps to plan & save for a debt-free vacation. image: https://www.financialplanningindubai.com/hubfs/Stock%20images/long%20boat%20at%20island%20in%20Thailand.jpeg --- [![Financial_Planning_in_Dubai_logo](https://www.financialplanningindubai.com/hs-fs/hubfs/Financial%20Planning%20in%20Dubai%20Logo_9090-2.png?width=90&height=90&name=Financial%20Planning%20in%20Dubai%20Logo_9090-2.png "Financial_Planning_in_Dubai_logo")](https://www.financialplanningindubai.com/?hsLang=en-gb) - [Home](https://financialplanningindubai.com/) - [Blog](https://www.financialplanningindubai.com/blog) - [Services](https://www.financialplanningindubai.com/services) - [Islamic Investments & Takaful Plans](https://www.financialplanningindubai.com/blog/salama-hyat-plus-takaful-plan) - [Medical Insurance](https://www.financialplanningindubai.com/blog/topic/medical-insurance) - [Free Resources](https://www.financialplanningindubai.com/free-finanical-tools) - Tools - Calculators - [S&P 500 Investment Calculator](https://financialplanningindubai.com/sp-500-investment-calculator/) - [Life Insurance Calculator](https://www.financialplanningindubai.com/life-insurance-calculator) - [SIP Calculator](https://financialplanningindubai.com/sip-calculator/) - [Lumpsum investment calculator](https://www.financialplanningindubai.com/lump-sum-investment-calculator) - [Inflation Calculator](https://www.financialplanningindubai.com/inflation-calculator-uae) - [Net-Worth Calculator](https://www.financialplanningindubai.com/blog/free-personal-balance-sheet-template-networth-statement) - [The Best Budget Planner for Expats](https://www.financialplanningindubai.com/expat-budget-planner) [Book A Discovery Call](https://www.financialplanningindubai.com/meetings/damodhar?hsLang=en-gb) # 6 Steps for a Guilt free and Debt Free Vacation. ![Damodhar Mata](https://app.hubspot.com/settings/avatar/e63bc971ec29ebe6c012fd042c1a8215) [Damodhar Mata](https://www.financialplanningindubai.com/blog/author/money-mata-aka-damodhar-mata) 27 Nov 2013, 16:46:57 ###### [Financial Planning,](https://www.financialplanningindubai.com/blog/topic/financial-planning) [Credit card Dubai,](https://www.financialplanningindubai.com/blog/topic/credit-card-dubai) [Holiday,](https://www.financialplanningindubai.com/blog/topic/holiday) [savings for holiday,](https://www.financialplanningindubai.com/blog/topic/savings-for-holiday) [vacation](https://www.financialplanningindubai.com/blog/topic/vacation) With the holiday season just around the corner, most of us are already planning for our vacations. I bet most of us have already booked the air tickets and are busy planning the smaller details of the travel. ## Guilt Free Vacation Vacations can be a bliss and free of guilt, if they are paid from the savings set aside for the vacation, and the biggest comfort would be that you don't have to worry about the huge credit card bill waiting for your return. When we use our credit card for paying our vacation expenses, we usually cannot pay it back in one shot when we return from the vacation, so we pay it over a period of 6 -12 months if not more!! ![Young couple calculating their domestic bills at home](https://www.financialplanningindubai.com/hs-fs/hubfs/Stock%20images/Young%20couple%20calculating%20their%20domestic%20bills%20at%20home.jpeg?width=1000&name=Young%20couple%20calculating%20their%20domestic%20bills%20at%20home.jpeg) When this debt is paid off, we are ready for another vacation and then the cycle continues. The credit card companies usually charge 35 % - 40 % interest on the credit extended along with exorbitant service and currency exchange charges. As a result, the cost of our vacation goes up by 30% - 50%, depending on how soon we pay back the credit card company. Just imagine how much more fun you could have had with the extra 30%-50% money during your vacation.![Observation Wheel, Hong Kong](https://www.financialplanningindubai.com/hs-fs/hubfs/Stock%20images/Observation%20Wheel,%20Hong%20Kong.jpeg?width=1000&name=Observation%20Wheel,%20Hong%20Kong.jpeg) You could have flown business class of first class instead of the economy class, or you could have stayed in a better hotel room, or you could have spent more on shopping, instead you are paying the money as interest to the credit card company. IS there a way out? YES there is!!! by following the simple steps listed below; ## 6 Steps for a Guilt free and Debt Free Vacation ### Step 1 : Skip   If you have not already planned for your vacation this year, talk to your family convince them, and together as a family decide to skip the vacation this year. I know it is a difficult decision, but bear in mind that it can make all your future vacations bliss and guilt free. If you have made the bookings then you can start planning for your next vacation.   ### Step 2 : Set your Savings Goal   Whatever money you were planning to spend this year on vacation, multiply it by 1.5, and set it as goal for saving for your next vacation. for Eg : if you were planning to spend AED 20,000 for vacation this year, multiply it by 1.50, the result would be AED 30,000/-. This is your savings goal for your next vacation.   ### Step 3 : Automate your savings   Setup a E-saver / Active saver / Smart saver account ( Online savings account, which does not have a debit card and has restrictions on withdrawals), and setup standing instructions from your salary account for your savings goal / 12 to be credited to the E-saver account every month. So if your savings goal is AED 30,000 then you must transfer AED 2500 per month. Most of these online savings accounts offer interest rates up to 2.50 % on you savings with them, as a result you would have saved AED 30,409 at the end of 12 months.   ### Step 4 : Spend on cash only    Use only the money you have saved for the holiday you. Don't give in to the temptation of spending on credit cards. If possible keep your credit cards at home.   ### Step 5 : Buy Travel Insurance > Although travel insurance cannot help people avoid misfortunes during their travels, it offers consolation in the form of monetary compensation, which can be very useful in many situations.  > >   > > Most travel insurance companies offer travel assistance and 24-hour emergency services to help their customers deal with unfavorable situations during their vacations. > >   > > If you meet with an accident or lose your travel documents, you can seek assistance from your insurance company. > >   > > The company will offer the best advice or contact local emergency services to help you solve your problems in the shortest time possible. - [https://www.travelinsurancereview.net](https://www.travelinsurancereview.net/) ### Step 6 : Start again  6. Come back and start fresh savings for the next year's holiday.   ## Follow this cycle to enjoy wonderful holidays every year, guilt free, debt free and more importantly interest free... ![Damodhar Mata](https://app.hubspot.com/settings/avatar/e63bc971ec29ebe6c012fd042c1a8215) [Damodhar Mata](https://www.financialplanningindubai.com/blog/author/money-mata-aka-damodhar-mata) Author, Blogger & Independent Financial Advisor. My goal is to give you actionable tools for creating passive income and building wealth. More than 10,000 expats have already used my ideas to jumpstart their journey towards financial independence. Connect with me to start yours... Share this article on [mailto:?subject=Check%20out%206%20Steps%20for%20a%20Guilt%20free%20and%20Debt%20Free%20Vacation.%20&body=Check%20out%20https://www.financialplanningindubai.com/blog/2013/11/27/how-to-save-for-vacation](mailto:?subject=Check%20out%206%20Steps%20for%20a%20Guilt%20free%20and%20Debt%20Free%20Vacation.%20&body=Check%20out%20https://www.financialplanningindubai.com/blog/2013/11/27/how-to-save-for-vacation) ##### Read more - [The Real C-Suite – The Only Title That Matters 🏆](https://www.financialplanningindubai.com/blog/breadwinner?hsLang=en-gb) - [The Wealth Secret 99% of Investors Ignore – Will You?](https://www.financialplanningindubai.com/blog/the-iceberg-of-investing?hsLang=en-gb) - [From Risk to Reward? The Shifting Case for China Investing](https://www.financialplanningindubai.com/blog/from-risk-to-reward-the-shifting-case-for-china-investing?hsLang=en-gb) ## Further Reading [![Six simple steps to guilt-free & debt-free Ramadan celebrations.](https://www.financialplanningindubai.com/hs-fs/hubfs/Ramadan%20Shopping%20(350%20%C3%97%20250%20px)-2.png?width=300&name=Ramadan%20Shopping%20(350%20%C3%97%20250%20px)-2.png)](https://www.financialplanningindubai.com/blog/ramadan-celebrations?hsLang=en-gb) ###### [Ramadan](https://www.financialplanningindubai.com/blog/topic/ramadan) ##### [Six simple steps to guilt-free & debt-free Ramadan celebrations.](https://www.financialplanningindubai.com/blog/ramadan-celebrations?hsLang=en-gb) The holy month of Ramadan is a time to fast, pray and give for the benefit of others. It is... [Read More](https://www.financialplanningindubai.com/blog/ramadan-celebrations?hsLang=en-gb) [![Do you need a Will in UAE? - Free Educational Seminar](https://www.financialplanningindubai.com/hs-fs/hubfs/12-1.png?width=300&name=12-1.png)](https://www.financialplanningindubai.com/blog/do-you-need-a-will-in-uae-free-educational-seminar?hsLang=en-gb) ###### [Wills and Inheritance](https://www.financialplanningindubai.com/blog/topic/wills-and-inheritance) ##### [Do you need a Will in UAE? - Free Educational Seminar](https://www.financialplanningindubai.com/blog/do-you-need-a-will-in-uae-free-educational-seminar?hsLang=en-gb) ## What is a Will? A Will is a legal document, stating how you want to distribute your wealth and who... [Read More](https://www.financialplanningindubai.com/blog/do-you-need-a-will-in-uae-free-educational-seminar?hsLang=en-gb) [![5 Financial Planning Tips for People With 100% Variable Income](https://www.financialplanningindubai.com/hs-fs/hubfs/5%20Financial%20Planning%20Tips%20for%20Freelancers%20and%20People%20With%20Variable%20Incomes%20(350%20%C3%97%20250%20px)-2.png?width=300&name=5%20Financial%20Planning%20Tips%20for%20Freelancers%20and%20People%20With%20Variable%20Incomes%20(350%20%C3%97%20250%20px)-2.png)](https://www.financialplanningindubai.com/blog/tips-for-people-with-100-variable-income?hsLang=en-gb) ##### [5 Financial Planning Tips for People With 100% Variable Income](https://www.financialplanningindubai.com/blog/tips-for-people-with-100-variable-income?hsLang=en-gb) If you are on 100% variable income, there is no upper limit to how much money you can make, but... [Read More](https://www.financialplanningindubai.com/blog/tips-for-people-with-100-variable-income?hsLang=en-gb) *Damodhar Mata | Your Trusted Financial Advisor in Dubai* ![Damodhar Mata-7-2](https://www.financialplanningindubai.com/hs-fs/hubfs/Damodhar%20Mata-7-2.png?width=119&height=119&name=Damodhar%20Mata-7-2.png) *I can help you grow wealth, gain passive income, and achieve your goals faster and with ease. * **Top Pages** - [Home page](https://www.financialplanningindubai.com) - [Best Life Insurance](https://www.financialplanningindubai.com/best-life-insurance-dubai) - [Best Investment Plan](https://www.financialplanningindubai.com/blog/how-to-invest-in-uae) - [Retirement Planning in the UAE](https://www.financialplanningindubai.com/retirement-planning-in-uae) - [FIRE Early Retirement Guide](https://www.financialplanningindubai.com/blog/early-retirement-in-uae-fire-guide) - [Best Child Education Plan](https://www.financialplanningindubai.com/childrens-education-planning) **Top Blog Posts** - [Financial Planner or Financial Advisor?](https://www.financialplanningindubai.com/blog/financial-planner-or-financial-advisor) - [How to find the Best Financial Advisor](https://www.financialplanningindubai.com/blog/best-financial-advisor-uae) - [Win With Money Challenge](https://www.financialplanningindubai.com/blog/30-days-win-with-money-challenge) - [FIRE guide for expats](https://www.financialplanningindubai.com/blog/early-retirement-in-uae-fire-guide) - [Pay Yourself First](https://www.financialplanningindubai.com/blog/how-expats-in-uae-can-grow-wealth-using-pay-yourself-first-strategy) - [Google Reviews](https://www.financialplanningindubai.com/testimonials-financial-advisor-in-dubai) **Other pages** - [About us](https://www.financialplanningindubai.com/about-us) - [Testimonials](https://www.financialplanningindubai.com/testimonials-financial-advisor-in-dubai) - [Services](https://www.financialplanningindubai.com/services) - [Contact us](https://www.financialplanningindubai.com/contact-us) --- © 2024 Financial Planning in Dubai. All rights reserved. [Follow us on Facebook](https://www.facebook.com/finplandubai/) [Follow us on LinkedIn](https://www.linkedin.com/in/damodhar/) [Follow us on YouTube](https://www.youtube.com/@mytwofils) [Follow us on Instagram](https://www.instagram.com/moneymatadubai) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Damodhar Mata", "url" : "https://www.financialplanningindubai.com/blog/author/money-mata-aka-damodhar-mata" }, "dateModified" : "2019-09-17T07:01:52.204Z", "datePublished" : "2013-11-27T12:46:57.000Z", "headline" : "6 Steps for a Guilt free and Debt Free Vacation.", "image" : [ "https://www.financialplanningindubai.com/hubfs/Stock%20images/long%20boat%20at%20island%20in%20Thailand.jpeg" ], "mainEntityOfPage" : { "@id" : "https://www.financialplanningindubai.com/blog/2013/11/27/how-to-save-for-vacation", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.financialplanningindubai.com/hubfs/Financial%20Planning%20in%20Dubai%20Logo_9090-2.png" }, "name" : "Financial Planning in Dubai" } } ``` ```json { "@context" : "https://schema.org", "@type" : "Organization", "address" : { "@type" : "PostalAddress", "addressCountry" : "UAE", "addressLocality" : "Emaar Square, Burj Downtown, Dubai,", "addressRegion" : "Emaar Square", "postalCode" : "124422", "streetAddress" : "Building No 1, 4th floor" }, "alternateName" : "Financial Planning in Dubai | Independent Financial Planner", "logo" : "https://www.financialplanningindubai.com/hs-fs/hubfs/New_logo.png?width=100&name=New_logo.png", "name" : "Financial Planning in Dubai | Independent Financial Planner", "sameAs" : [ "https://www.linkedin.com/in/damodhar/", "https://www.facebook.com/finplandubai", "https://twitter.com/finplandubai", "https://www.instagram.com/moneymatadubai/", "https://www.youtube.com/channel/UC-Zc9NxnCZDw0j_HkTerMWw/videos", "https://in.pinterest.com/finplandubai/" ], "url" : "https://www.financialplanningindubai.com/home01" } ```