The Covid-19 pandemic certainly has derailed all of our travel plans last year and the coming year. While we may not be certain when it’s safe to travel again, we can set up a travel fund to be used in the future.
With the Chinese New Year celebrations coming up, some of the ang pau money can be channelled into your travel fund.Decide how much to contribute If you’re setting up a travel fund with your loved one, it’s important to set a goal and decide how much each person can contribute. It’s important to take stock of other financial responsibilities and daily expenditures too. Contribution to the joint travel fund can be in equal amount for each person or the person who earns more contributes more. Decide what works for everyone.To make saving money easier, you should create dedicated savings accounts for this purpose.