As the pandemic eases, more and more countries are welcoming international travellers. However, you can never be too cautious with the virus as vaccines and treatments are still developing. In this situation, a private charter flight could be a dream solution to visit under-the-radar destinations as a safe alternative.
There are a few answers you need to seek before you start planning to travel via a charter flight – How to own a private jet? How much does it cost to own a private jet?
Cost of a private jet
How much do private jets cost to buy? It depends on the duration of your flight, length of stay, the type of flight and the service provider. The cost could be upwards of Rs. 25 lakhs and the maximum cap could be in crores.
How to plan a vacation?
The first thing you need to know is how much do you need to own a private jet. After that, you need to consider your financial requirements and prepare a budget. You need to plan your charter flight in advance to get a window for better deals. There are several options to help you accumulate resources for a charter flight.
- Set up a dedicated travel fund over and above your savings
- Invest in mutual funds and the stock market today to build wealth
- Plan a few years in advance to give yourself ample time to leverage equity to gather funds.
Smart money management
- Get travel insurance; the cost of travel insurance is low, and it could save you a lot of money
- Keep an eye out for charter airline discounts and set up travel alerts to grab the best deal
- Get a prepaid travel card to avail best exchange rate benefits and protection against forex rates volatility
- Try to avoid taking a loan to travel on a charter flight
Seek the help of a financial advisor
Before you draw out your budget and make investment plans, it is prudent to reach out to a financial advisor who can guide you with your investment strategy. An expert can help you by suggesting customised mutual fund and stock investment plans that are unique to your risk appetite, investment horizon and goals.
- Can I use credit cards while booking a charter flight?
Yes, with credit cards, you can book a flight with ease and get reward points. However, be mindful of the amount you spend and ensure timely repayments to avoid penalties.
- How early do I need to book a charter flight?
The earlier you book, the better deals you are going to get. However, there is no hard and fast rule as some charter flights allow booking two to three hours prior to departure.
- Can I change my destination mid-way of my charter flight?
Yes, but there will be additional costs to account for the extra flight time and landing fees at the new airport.