N26 tools to help you keep your vacation spending in check

N26 tools to help you keep your vacation spending in check

Avoid the post-vacation financial hangover with budgeting and money tracking tools built into your app.

04 JULY 2024

4 min read

Vacations are supposed to be about exploring new places, trying delicious food, and making unforgettable memories. However, it’s easy to get caught up in the excitement and end up overspending. You may have experienced that post-vacation financial hangover, where the fun times lead to a stressed bank account. But from setting a budget to tracking your spending in real-time, there are practical ways to keep your vacation spending in check while having a fantastic trip right from your N26 app.

Crunching numbers

Setting a vacation budget is the key to having a great trip without the stress of overspending. First, figure out how much you can comfortably spend without dipping into your savings or racking up debt. Then, list all your potential expenses: airfare or gas, lodging, food, local transport, souvenirs, and entertainment. Even a quick getaway can add up, so research to get some accurate estimates and add a little extra for unexpected costs.Having a plan of all the activities you’d like to do, even a loose one, also allows you to be intentional about your spending. Once you’ve defined your budget, you can use Spaces to create a dedicated vacation savings pool. By setting aside money in a separate Space, you can keep on track with your savings targets without dipping into your main account. You can even automate transfers on your terms, giving you one less thing to think about. Plus, when it’s time for your trip, you can link a virtual card directly to your vacation Space, ensuring you don’t overspend.

How much are you actually spending?

Striking a healthy balance between indulging and saving can help you enjoy your trip without financial regrets, but this can be tricky when spending in a foreign currency. One of the best ways to do this is to monitor your expenses in real-time. Check your N26 app regularly to keep track on what you're actually spending and if you need to adjust your budget or spending. Additionally, keeping tabs of your transactions can help you quickly spot and resolve any fraudulent activity faster.If you have internet access, N26’s push notifications keep you informed of every transaction as they happen, including card payments, ATM withdrawals, direct debits, and transfers, all in your home currency. This way, you can easily make adjustments on the fly to stay on budget and enjoy your trip stress-free.

Tagging your expenses

With N26, you can set up specific tags for vacation-related expenses to keep track of your spending and stay within your budget. The app automatically sorts your transactions into categories like ATMs, food and groceries, or shopping, and you can customize it further by adding your own hashtags. For instance, you can tag expenses with #portugal_trip or #summervacation to easily track where your money is going.

Giving yourself a buffer

Vacations should include a good helping of spontaneity, and you’ll unlikely anticipate every euro you’ll spend. That’s why it might be wiser to budget some extra cushion money within your vacation Space beyond your planned expenses. This extra cash could be a lifesaver when you stumble upon a must-have item in a local boutique or want to leave an additional tip for a fantastic tour guide. Planning for these spontaneous moments helps minimize stress over unexpected expenses.Remember to also budget for the truly unexpected. This could include fees when traveling abroad, last-minute transportation needs if you’re out late and far from your hotel, or even a bottle of medicine for unexpected motion sickness. An emergency cushion ensures you’re prepared for anything, making your vacation more enjoyable and worry-free.If you prefer, you can opt to create a separate Space for this. Create a dedicated “Travel Emergencies” or “Just in Case” Space to keep this buffer money separate from your main vacation fund. This way, you’re ready for the unexpected without derailing your budget, and should everything go as planned, this could be an extra vacation pot, or you can put this money towards a future trip or financial goal.

Exploring the world with N26

Whether you’re heading to Bali or Berlin, N26 is the mobile bank account that travels with you. Our N26 You features free foreign payments, ATM withdrawals, and premium partner offers designed with you in mind. As an N26 You or Metal customer, you’re covered by an extensive travel insurance package that includes everything from luggage loss, flight delays, pandemic-related cancellations, and more. Find the right plan for you today.