Time flies and before you know it you are celebrating your 25th wedding anniversary. This is a special milestone that you might want to celebrate memorably. You might consider planning a surprise party or a vacation to an exotic location with your spouse.
However, tight budgets can lead to a change of plans. While simple celebrations are worthwhile too, don’t give up on a long-awaited wish due to lack of funds. Here are a few ways to plan for this big day without hurting your savings.
Opening a New Savings Account Online
Opening a new savings account with the best interest rates might be a good way to start. You can save your surplus funds each month in this account for interest accumulation. If you have saved enough, the amount can be further used in various investment options for wealth accumulation. In case you are above 60, a senior citizen savings account could provide you higher interest rates.
Find the Right Personal Loan to Plan a Vacation Abroad
After opening a bank account, consider an instant personal loan. If you have been paying your EMI or credit card bills on time, chances are that you have a good credit score. In such a condition, you can avail of competitive repayment terms and substantial loan amounts. Personal loans also do not require any collateral. This is a good option if you decide to make sudden surprise plans and do not have sufficient funds to cover expenses.
Consider Monthly Income from Term Insurance Policies
If you plan to invest in a term insurance plan to financially protect your family, you can avail of a monthly income option following your 60th birthday. Some insurance plans return all your premium payments when you survive the policy term. With protection against many critical illnesses, term insurance plans can save you enough money to plan your anniversary. Treatment costs for terminal illnesses like cancer alone can erode your life savings completely.
Mutual Funds Can Help if you Have Expensive Plans
In case personal loans don’t suit your requirements, consider investments in mutual funds for long-term potential returns. Use a financial goal calculator first to estimate how much you need to save, based on your age and current savings. Based on your risk appetite choose the right equity-debt ratio in fund allocation. When you consider opening a new account with a bank, look into their investment products as well. Talk to an expert or a ‘Wealth Guru’ to get the best portfolio suggestions.
Make All Plans in Advance
Even when you have saved enough, your costs can escalate when you don’t make celebration plans timely. So, try booking plane tickets in advance or make hotel reservations during the discount season. Little steps like these can help save unnecessary expenses.
Lastly, do make sure you have proper health insurance so that any extensive medical cost doesn’t impact your investment plans. Emergency surgeries and hospitalization can often wipe out life savings in India. You would like to spend your 25th anniversary happily and in sound health.
