Thirty-three countries, across six continents! A young couple started their journey (literally) at the age of 26. Now, at 33, they wake up every morning in search of a new place to explore. From a one-off destination to a world tour, Trisha and Mayank Modi have done it all.
Business Standard caught up with them to learn more about their adventures and how they manage to budget their travels so effectively.
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Saving more, spending less
Their secret is prioritising savings. To help achieve their travel goals, they started using tools like the ICICI iWish deposit account, which helped them develop a habit of saving consistently from a young age. “We made it a point to save at least 30–40 per cent of our earnings and spent about 10 per cent or so of our savings on our travels,” said Trisha.
By opting for affordable destinations, primarily within India and Southeast Asia, they managed to make the most of their funds.
(The iWish flexible recurring deposit is a special type of recurring deposit (RD) offered by ICICI Bank to its savings bank customers. It’s similar to an RD, the only difference is that – instead of investing a fixed amount monthly, customers can invest any amount at any time during the tenure).
Financial planning for a travel lifestyle
Mayank is a financial auditor (CPA) and Trisha, who was a key account manager after doing an MBA, is now a travel content creator. They maintain a joint bank account for short trips and emergencies. “This ensures we always have some readily available funds,” Modi says. Larger sums like yearly bonuses, are strategically invested in the stock market and mutual funds.
”This is what we have been doing for the past few years, but this strategy could change in the future,” Mayank adds. “It’s important to stay flexible as investors.”
Budgeting for travel
When planning vacations, here are a few key financial considerations they advise:
1. Daily budgeting: Set a daily spending limit for hotels, food, and activities. If you overspend on one night, compensate by choosing cheaper options later.
2. Payment methods: Research whether your destination prefers cash or card payments. Carry a mix of cash, a low-forex markup credit card, and a forex card with zero markup.
3. Extra budgeting: Add 30 per cent to your estimated budget for price fluctuations and unforeseen expenses. This way, you can enjoy your trip without compromising on quality or returning home broke.
Choosing flights and travel insurance
When booking flights and hotels, they would opt for cancellable options to mitigate losses if plans change. Always book directly with airlines for better support in case of issues, they say. And, purchase travel insurance as soon as you book your trip.
Consider insurance factors such as inclusions, pre-existing conditions, and the activities you’ll be undertaking. For instance, in Europe, ensure your policy covers theft of your wallet and passport, they add.
Take a look at some of the travel plans:
Schengen – For 10 days
Digit
Medical coverage: $250,000 (Rs 2.08 crore)
Plan name: Happy Traveller – Double Secure
Premium (inc. GST): Rs 1,366
Plan highlights:
1. Adventure sports covered
2. Personal accident covered
3. Outpatient expenses for injuries
Reliance
Medical coverage: $250,000 (Rs 2.08 crore)
Plan name: Reliance Travel Care Individual
Premium (inc. GST): Rs 1,027
Plan highlights:
1. Pre-disease (PED) cover (emergency due to mentioned PED)
2. Adventure sports covered
3. Daily allowance in case of hospitalisation
Care
Medical coverage: $200,000 (Rs 2.08 crore)
Plan name: Care Explore Gold
Premium (inc. GST): Rs 1,567
Plan highlights:
1. Life-threatening condition due to PED – covered up to $10,000 (Rs 8,35,406)
2. Home burglary insurance covered
3. Adventure sports cover available as an add-on for Rs 320
Tata
Medical coverage: $250,000 (Rs 2.08 crore)
Plan name: Travel Guard Plus
Premium (inc. GST): Rs 1,322
Plan highlights:
1. Flight cancellation
2. Trip cancellation allowed
3. Loss of passport will be compensated
India (domestic) – For 15 days
Bajaj Allianz
Medical coverage: Rs 750,000
Plan name: Bharat Brhaman
Premium (inc. GST): Rs 382
Plan highlights:
1. Adventure sport as optional cover
2. Daily hospital allowance as optional cover
Tata
Medical coverage: Rs 100,000
Plan name: Domestic Travel Guard
Premium (inc. GST): Rs 1,056
Plan highlights:
1. Accommodation due to trip delay
2. Loss of ticket will be compensated
3. Emergency medical evacuation
Star health
Medical coverage: Rs 500,000
Plan name: Star Domestic Travel Insurance Policy – Platinum
Premium (inc. GST): Rs 517
Plan highlights:
1. Adventure sports death, permanent and total disability (PTD) & repatriation of mortal remains
2. Emergency hospitalisation expenses
Mayank is a financial auditor (CPA), and Trisha, who was a key account manager after doing an MBA, is now travel content creator
Collaborations and sponsorships
Trisha and Modi leverage social media collaborations with lifestyle and travel brands to boost their savings. They also earn through their travel website, trywanderingmore.com, and by working with hotels and tour operators to reduce travel costs.
For aspiring travel bloggers, they recommend reaching out to brands via social media to get in touch with PR and media contacts. A well-prepared proposal and media kit can open doors to fruitful collaborations.
Planning and budgeting resources
When planning their trips, Trisha and Modi use websites like budgetyourtrip.com for initial estimates but always plan for a 20-30 per cent higher expenditure. They use Google Flights and Skyscanner for flight costs, Booking.com and Airbnb for accommodation, and various other tools for internal transport and activities.
“We often plan a budget for multiple destinations before choosing one,” Trisha says. “Cancellable bookings and travel insurance ensure we don’t face big losses if plans change.”
For their six-month world tour, they initially planned a budget of Rs 35 lakh, but as with most adventures, the actual cost exceeded their estimates.
Investing in travel while young
Their biggest takeaway? Travel while you’re young. “Younger travellers have more energy, are more adaptable, and can travel on a budget,” they say. “Prioritising travel earlier in life creates a richer, more fulfilling journey.”