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Automate savings and manage joint expenses: the keys to overcome the ‘September slope’

  • Automating a minimum of monthly savings, managing shared expenses and covering for future unforeseen events are some of the keys to recovering financial health after the holidays.
  • Digital banking, which offers tools to organize finances from the mobile itself, facilitates day-to-day savings objectives through its functionalities.
Madrid - After a long summer of enjoyment with family and friends comes the inevitable return to routine and, with it, the September slope. During vacations, spending on travel, hotels and leisure increases and worry about money is reduced. Although more than a third of Spaniards are more cautious with their finances now than before the pandemic, as the mobile bank N26 already advanced in its Europe’s Happy Place study, it is essential to find the keys to optimize post-vacation savings. Controlling personal finances is the best way to protect the safety of your savings. Unlike traditional banks, which require going to the branch to carry out certain operations, digital banking provides different tools that facilitate savings objectives. Through the mobile, it allows to reorganize savings where and when it is most convenient for the user. With the right tools and habits, cleaning up your accounts can become a matter of a click. Set a savings goal It is important to have a financial cushion to deal with the unforeseen events that arise on a day-to-day basis. However, it is not always easy to cut monthly expenses. Therefore, it is essential to set realistic savings goals in line with monthly income and personal circumstances. There are different methods to ensure savings. The most efficient is to calculate the percentage of income that can be dispensed with throughout the month and automate the withdrawal of that amount from the main account, so as not to be tempted to use it. For this reason, it is important to have a secondary bank account or make use of a sub-account specifically intended for savings. The mobile bank N26 offers with its N26 Smart, N26 You and N26 Metal accounts the possibility of creating separate sub-accounts from the main account to achieve savings goals and monitor progress. In addition, other functions such as rounding allow the customer that, after each payment made with their card, it is rounded to the nearest euro, saving the difference in the space of their choice. Managing shared expenses From the electricity bill to the joint birthday gift, the management of shared expenses plays a fundamental role in terms of savings. Today, banks offer alternatives that allow you to settle or ‘do the numbers’ at the moment. For example, the typical dinner for a group of childhood friends can be closed instantly and without problems thanks to features such as Split The Bill from N26, which allows you to split the account instantly among everyone, whether or not they are bank customers. For recurring expenses, such as bills, one option is the use of shared spaces to be able to manage them with friends, family or partners. This functionality also allows you to create rules that automate the periodic withdrawal of money from the main account to the subspaces. Insurance as a tool against unforeseen events Insurance, although at first it may seem like an additional financial burden, is one of the best tools to avoid inconveniences when unforeseen events arise. The easiest way is to hire them through the bank itself. User-friendly mobile banks, once again, allow clients to contract the insurance that best suits their specific needs in a few minutes. Today, financial institutions such as N26 offer various insurance products to their clients, from coverage of mobile phones, tablets, laptops to home or pet insurance, so that they can protect what matters most to them without having to worry about the state of their bank accounts. With the right habits and the right tools, it's easier to look out after your bank accounts following the summer break. Digital banking offers functionalities that provide a global vision of savings, providing data in real time and allowing control of personal finances wherever and whenever the client wants.
About N26 N26 is Europe’s leading digital bank with a full German banking license. It offers simple, secure and customer-friendly mobile banking to millions of customers in 24 markets across Europe. N26 processes over 140bn EUR in transactions a year and currently has a 1,500-strong team of more than 80 nationalities. The company is headquartered in Berlin, with offices in multiple cities across Europe, including Vienna, Paris, Milan and Barcelona. Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has raised close to US$ 1.8 billion from some of the world’s most renowned investors. Website: n26.com | N26 Press Contact: press@n26.com
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