7 Tips for your pocket to survive this vacation
Discover how to make the most out of your money on your next vacation.
4 min read
For a fortunate few, the time has finally come to enjoy a much-needed vacation. But like much of 2020, this year is set to look a little bit different.
On top of our health concerns is also added financial uncertainty—an uneasy combination which could have a huge impact on our decision-making while travelling. Nonetheless, our research in April found that about 70% of Spaniards were determined to travel after quarantine. The desire to get away, disconnect and enjoy the outdoors was clear, but for many people, it was also a considerable expense during a time of great economic uncertainty.
To help you enjoy a deserved holiday without breaking the bank, we’ve listed our top 7 tips for your pocket to survive this summer on vacation.
1. Planned or last minute vacation?
The world is in two camps on this front. You either book vacations in advance, or you wait until the last minute to make travel arrangements. Curiously, according to our study, the Silver Generation is the most spontaneous when it comes to travel plans—33% organize their trips only a few weeks in advance, while 11% directly improvise! But which attitude is best for your pocket? The good news is that this year, it’s the last minute offers which are likely to be the most purse-friendly. Lack of demand is forcing hotels, agencies and even airlines to offer some special discounts, so don’t rule out escaping the country during your upcoming long weekend.
2. Save as much as you can before you leave
If you still have a few weeks ahead before your trip, make the most of them! Start to organize your expenses now and saving will be even more effortless. Luckily, all N26 accounts include Spaces, sub-accounts that let you put money away separately from your main account with a key savings goal in mind. The best thing is that you can access your money during emergencies, or if you prefer, lock it to make sure you don't touch it.
3. Sharing is caring—also on vacation
After a tough few months, many of us are choosing to enjoy precious time with family and close friends over our holidays this year. Although respecting the rules and social distancing is essential, this setup will allow you to both make up for lost time, and distribute the holiday bills evenly. Digital features like Shared Spaces will make these easier to track—you can invite a maximum of 10 people to join your space and pay off the holiday home, the beach paellas or the supermarket haul all together.
4. Online shopping: convenient and cheaper
Technology makes life easier, and it can certainly help our bank account out, too—especially for women. According to our study, women trust online shopping more than men (69% versus. 56%). Your pocket can also take big surprises if you choose this way to book your accommodation or buy your flights and tickets for events. The digital generation is, in general, the one that uses this technology the most in its escapes. Of course, always make sure that your online purchases are safe: access trusted or verified websites (look for the padlock symbol or check that the address is https), flee from exaggerated bargains and ask your bank to send you a notification after every transaction you make.
5. Cancellation yes, just in case
Since uncertainty is likely to be a part of your summer travels, we recommend you choose your accommodation wisely. Ensure that there’s a cancellation policy in place which enables you to get as much of your cash back as possible, should you be unable to travel.
6. Forget about fees while you are abroad
Although you might not be travelling abroad frequently, it’s always handy to be wary of issues like commissions. With N26 you can withdraw money anywhere in the world with no hidden fees, and avoid abusive fees with currency exchange. No more unpleasant surprises in your account!
7. Keep track of your expenses
Don’t worry - you don’t need to bring an Excel document in your suitcase! But if you do make the effort to keep on track of your daily expenses while on vacation, you’ll most likely appreciate it once you’re back at home. Conveniently, the Statistics function of N26 categorizes all your expenses automatically, so that later you can see at a glance where exactly your money has gone. For example, how much did you spend at that restaurant? Or on those groceries at the supermarket? With N26, it only takes a few taps to know!
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