After a long period of pandemic, it is time to make up for lost time by planning the most anticipated vacations in a long time. It is the ideal time to spend time with family and friends on the beach, in the mountains or on cultural visits, and all of this can be done taking care of our pockets.
The Financial Education department of EFPA Spain has prepared a document that contains some keys to avoid spending more than the account during the summer period and to optimize savings capacity as much as possible.
Create a savings plan
Creating a small savings plan in advance that is adjusted to the economic capacity of each one can avoid borrowing to cover the cost of summer plans. Limiting the daily budget on travel and accommodation, among other expenses, can be a good way to avoid waste and spend above the initial budget.
Avoid getting into debt with fast loans
The expenses derived from the vacations should not out of balance the private accounts. For this reason, it is essential to draw up a savings plan several months in advance that allows you to avoid opting for quick loans that carry high costs.
Use comparators to get better prices
It is convenient to compare different accommodation and transport alternatives to find the most competitive one that best suits what you are looking for. It is essential to be very attentive to commissions, surcharges or hidden service expenses behind offers with a too attractive price. It is often useful to read the comments and opinions of other users who have previously used these services.
Avoid using credit cards to pay in installments
It is important to avoid the excessive use of credit cards to defer payments. If the amount of charges is very high, it may lead to the payment of high commissions, as interest, which will increase expenses very abruptly. In the event that one is hired, it is recommended to review the conditions well.
I nformarse conditions change currency
If the planned trip is abroad, you must contact a bank that reviews the conditions of credit and debit cards and agreements with local entities. If a currency other than the euro is used at the destination, it is advisable to travel from the country of origin with the local currency in your pocket and avoid transactions with banks or exchange offices in the country or at the airport itself. In any case, it is necessary to inform yourself before the exchange rates against the euro and the variations.
Future finance planning
The pandemic has cut the leisure expenses of millions of Spaniards who have been able to increase their ability to save. This allows, no matter how distant it may seem, to start planning for retirement, reducing future effort and improving the economic conditions of each one. In addition, it is important to analyze the investment options of the current scenario to get the best return on savings.
Review planning and prepare for the end of the year with a financial advisor
After the holidays , it is a good time to go to the trustworthy entity and request an appointment with a qualified financial advisor who will solve all the doubts about the most suitable financial products, loans, mortgages, savings for retirement …
In this way, facing the return to work smoothly in financial matters is possible.