Home insurance: basic concepts

Taking out home insurance is essential to protect ourselves against incidents that may affect our home, but it is often not easy to understand the policy terminology. We explain some basic concepts you ought to know.

A home insurance policy is a contract by which the policyholder (the person who takes out the policy) pays a premium (amount of money) to the insurance company in exchange for being guaranteed coverage for a risk that is defined in the policy. For this reason, it is important that, when taking out the policy, you study each of the clauses of the contract carefully. We help you to familiarise yourself with the terminology used by the insurer to make the whole process easier.

Building

The building is understood to be all the structural elements of a property, that is to say, the foundations, walls, ceilings, doors, windows, as well as the electrical installation, water and security devices. Basically, all those elements that if we were to turn the house upside down would not fall, as well as any structure attached to it (the garage, the swimming pool…).

You have to bear in mind that each insurance company may have small variations when considering which elements make up the building. Even so, you should be aware that the amount of the building cover does not represent the purchase price or the current market value, but the cost of rebuilding the home.

Contents

The contents refer to all those elements or goods found inside the property: furniture, electrical appliances and other electronic devices, as well as clothing, jewellery, works of art and any valuable personal effects. Contents cover can help you recover the cost of replacing your items that have been damaged in various situations, or that you have lost in the event of theft.

Bear in mind that you will need to make a list of all items before taking out insurance, and belongings above specifically stated values will require additional cover. It is also important to remember to let the company know if you want to add any new items you have acquired after signing the policy.

Civil Liability

Civil liability cover protects against damage caused to third parties by those legally responsible. In the case of home insurance, it covers the person who has taken out the policy or any member of their family (including pets if they are added to the policy) living in the home, for incidents in the home that may affect another person.

This is an essential type of cover in any home insurance policy. A water leak that causes damage on the floor below, a flowerpot that falls from your balcony onto a car, or the breakage of a neighbour’s window while your children are playing ball, are examples of incidents that would be covered.

Watch out for the small print

Yes, it’s a no-brainer, but we must read the small print of our policy carefully to avoid last-minute surprises. For example, terms such as burglary and theft may seem similar, but while many policies cover damage caused in case of burglary (subtraction of property by use of force or violence), other companies do not insure you in case of theft (theft of property due to negligence), as may be the case if you have left your front door open.

The lack of maintenance of a property or not taking the corresponding precautions if you have a dangerous dog are two more examples of imprudent actions that could be classified as negligence, and which would not be covered by the majority of home insurance policies.

And finally, shop around before you buy. The insurance market offer is very varied thanks to the entry of insurtech and the competition between different companies. Take the time to make a comparative study that will allow you to find the option that best suits your needs and the type of home you want to insure.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

One of the most important details when taking out home insurance is to calculate the value of the contents, that is, all the things we have at home. This will allow the insurer to compensate us in the event of a claim or theft.

A home insurance policy should include the value of the contents of the home, which includes furniture, household goods, valuables and jewellery. Calculating their value is easier than we think, as Sara Casals, junior product manager at 11Onze, explains.

The most advisable way to estimate the value of our belongings is to do it room by room, drawing up a list of all the goods and assigning a replacement value to each one of them, which is what it would cost us at the moment to buy the object on the market. We should bear in mind that the valuation of the contents will determine the price of the insurance, so it is not in our interest to value it above the real price, as this would increase the cost of the insurance.

Jewellery and valuable objects such as works of art have a special treatment and must be declared in their corresponding section. Furthermore, regarding this type of objects, “the level of cover that the insurer will offer us will be related to the security measures that we have in the home”, says Casals.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

Beyond the convenience of having home insurance to deal with unforeseen events, there are circumstances in which homeowners or tenants may be legally obliged to take out this type of insurance.

Seven out of ten people in Catalonia already have home insurance. In many cases, having such insurance is simply a matter of choice to save headaches in the event of a claim. However, in other situations, homeowners or tenants are legally obliged to take out such insurance.

As 11Onze agent Amadeu Vilaginés points out, a homeowner may be obliged to take out home insurance when applying for a mortgage, but he clarifies that the bank can only oblige us to take out basic cover and that we are free to do so with the insurer of our choice, as stipulated by European regulations. In the case of tenants, they are only obliged to take out this type of insurance when this is indicated in the signed rental contract.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

Have you checked the coverage of your home insurance? It is worth checking how it reflects some aspects that could lead you to overpay or receive limited compensation in the event of a claim. We offer some recommendations to protect you from unpleasant surprises.

Building cover covers the cost of repairing or rebuilding your home in the event of a disaster. To differentiate it from the contents, a very graphic formula is to imagine that we can turn our home upside down. Everything that would fall down would be the contents, while what would not fall down would be the building.

Keep in mind that the value of the building coverage does not represent the purchase price or market value of your home. Nor should it include the value of the land on which the house or building was built. In reality, it is the amount that would be needed to rebuild the home back to the way it was. This value is known as the “reconstruction cost”.

Home insurance also includes a section dedicated to your “contents”, or your things (TV, clothes, computer, bicycle, etc.). The amount that appears in that section is the amount that the insurance will pay you as a maximum if something happens to your things, so it should more or less correspond to their real value.

The clauses of the policy, under scrutiny

Here are some elements that you should take into account so that you don’t overpay and so that the insurance doesn’t underpay you in the event of a claim:

• Avoid duplication. If your building has insurance, check its coverage, as you will be able to exclude from your policy the elements of the building that are already included in the community insurance. Bear in mind that, in the event of a claim, if an element is covered by both the community insurance and your private insurance, you will not be paid twice.
• Make sure the valuation of the building is correct. If the sums insured are much higher than the value of your home, you are paying for protection that you do not need, as, in the event of a claim, the insurance will only pay for reconstruction, nothing else. On the other hand, if the reconstruction value of your home is higher than the insured sums, the insurer will only pay up to the insured sums, leaving you with a shortfall in your recovery. Therefore, you should adjust your policy to be slightly above the value of your home, but without paying for unnecessary cover. As a guideline, bear in mind that the valuation should range from around 800 euros per square metre for normal flats to 1,300 euros for a detached house.
• Check that the valuation of the contents is adequate. Be aware that insurers impose limits on the individual value of the personal things they cover by default. Normally, your valuables will need additional cover. You need to register them or your insurance will only reimburse you up to the individual limit you have by default in your policy. We recommend that you take photos (or a video) of all your things. To estimate their value, first, make a list of the valuable items and calculate their cost, and then estimate the figure for less valuable items such as clothes and kitchen utensils and round up their value.
• Keep an eye on how glass cover reflects. Glass cover includes everything from windows to mirrors. You should make sure that windows are included among the building covers, while mirrors are included in the contents. Sometimes insurers use this separation to exclude part of the windows from the coverage, so check if they are all covered.
• Consider coverage for aesthetic damage and sanitary ware. Toilets, countertops and other items should be protected by these coverages. Some insurers include these elements as part of the contents, which can be detrimental if the insured capital is lower than the real one. In addition, it can lead to bathrooms and kitchens being excluded from specific coverage, such as aesthetic damage if only building damage is covered and bathrooms and kitchens are considered as contents. You should check that the coverage for aesthetic damage covers the necessary repairs to maintain the aesthetic uniformity of your home after an incident, as insurers play a lot with the limitations of this coverage, especially in bathrooms and kitchens. Make sure that your insurance covers sanitary ware as a building and does not have hidden exclusions. Neither does the clauses regarding aesthetic damage, which must cover a minimum capital of 2,000 euros.
• Make sure that the insurance covers the replacement value of the contents. The actual value is the value that most insurers calculate to replace your stolen or damaged items. It is calculated on the basis of what the same item would cost today (the replacement value) minus the loss of value due to age, wear and tear (depreciation). Hence the importance of the insurance not covering the actual value, but the replacement value, which is the price for which your item (of the same maker and model) could be bought today if it were new. In short, the replacement value is the market price. If your insurance uses the actual value, you will probably want to look for insurance with a similar price but using the replacement value.
• Check that the policy includes legal defence. Without such coverage, your insurance will not offer you the support of a lawyer in the event of a legal dispute. This is one of the first coverages that insurers tend to cut back on in order to offer lower prices.
• Check if the price reflects security features. The fact of installing a security door makes most insurers lower the price of coverage related to burglary. The same applies to security measures such as alarms or grilles. Also, elements such as smoke or water sensors should help you reduce the price of water-related and fire-related coverages. Make sure that these modifiers are included in your insurance if you have them.

We can highlight that it is essential you review the insured capitals and adjust them to the characteristics of your home; check that all the limits are adequate and cover what you expect, and that your insurance includes some modifiers in the price to adjust what you pay each year to the changes you make to your home.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

The pandemic allowed household savings to recover figures not seen in more than two decades, but runaway inflation is complicating the accounts of many households. It is becoming increasingly difficult to balance the books and even more difficult to dedicate part of our income to savings. We offer eleven tips to improve family finances.

Over the course of 2021, families increased their spending in almost all product categories, with the exception of communications and alcoholic beverages and tobacco, according to the National Statistics Institute (INE). The data presented by the INE at the end of June show that average spending per household in Spain rose to 29,244 euros in 2021. And half of this amount was spent on housing and utility bills alone (33.8%) along with food and non-alcoholic beverages (16.4%).

Variation in average spending per household in 2021

If we add to this the runaway inflation rate so far this year, which in June stood at 10.2% year-on-year, it is not surprising that families are finding it increasingly difficult to make ends meet, and even more challenging to save. It is symptomatic that a Nielsen report indicates that in April this year 93% of the products in the shopping basket were more expensive than in the same month in 2021. And it should be borne in mind that in 73% of cases the increase was more than 5%.

Families are forced to tighten their belts because in recent months prices have soared, especially in the areas of energy and food. And at this time of year, holiday accommodation and restaurants are also playing a role, with double-digit price rises. In short, families are forced to prioritise and scrutinise their accounts in order to balance them, with the risk of forgoing healthy eating.

Although the Bank of Spain calculates that families saved 943.7 billion euros in 2021, record figures not seen since 1999, the situation has changed radically in the first few months of this year due to inflation. In any case, at 11Onze we have compiled 11 tips to help you save money.

1. Apply the 50/30/20 rule. This first piece of advice is very simple. It is about spending 50% of our salary on basic needs (light, water, rent, mortgage, telephone, food, studies, and so on), about 30% of our salary on leisure (out-of-home breakfasts or lunches, holidays, gifts, and so on), and the rest, the remaining 20%, it goes to savings.
2. Cancel unnecessary subscriptions. To how many digital platforms are we subscribed? Do we use them all? Should we continue to pay them? What about that subscription to that magazine we never read? All automatic subscriptions must be reviewed, and we must choose whether they are necessary and useful for us to continue paying. Today there are several online content platforms that are legal and free, you just have to look them up on the Internet. And remember that libraries are also a major source of books and also audiovisual content.
3. Review your electricity, gas, and phone contracts. We need to look very carefully at the contracts we have with the various electricity and gas companies and the type of contract we have for our mobile and home telephones. This is one of the factors that makes us spend money without being aware of the total expenses at the end of the year, as these are expenses without which we cannot live, but we can indeed reduce them.
4. More meals at home. Reducing the number of times we go out to eat or buy take-away food can become a very good source of savings. We must not stop going to restaurants either, but we must reduce meals outside, especially if our family is large; our pocket will appreciate it.
5. Reuse. When something gets damaged, see if you can repair it and extend its life before throwing it into the rubbish. Buying second-hand clothes, books, furniture, and even household appliances is also a good saving tool.
6. Avoid impulsive shopping. One of the main reasons why we do not make good use of our money is compulsive shopping. From now on, when you want something, give yourself time to think about whether you really need it. You will find out that you do not need much of what you want to buy.
7. Compare prices. How many times have you bought a mobile phone, for example, and the next day you see an offer for the same product in another shop? That’s not comparing. We must learn to compare everything we buy, including food when we go to the supermarket or when we buy in superstores.
8. Use the car less frequently. The car is an expense many people cannot do without, but we can reduce it. If possible, try to share a car or make use of the means of public transport. As far as possible, use a bicycle, and above all, use your legs, for walking is healthy and free.
9. Choose a good financial institution. How many credit cards do we have? Do we need to have so many? What commissions does our financial institution charge us? We think it is enough to have a financial institution that supports us because that is where we keep our money, we receive our salary and we are charged all our expenses, as well as where we pay our bills. But we have to check if this financial entity helps us to have a good personal economy, or if, on the contrary, we need a change. Nowadays, there are many financial institutions with tools that help you to control your expenses and at the same time help you to save: let’s choose a good financial institution for our future.
10. Adapt to your income. If you earn a certain amount, do not do more than your economy can afford. You do not have to go all out; make responsible use of your money according to your earnings.
11. Be far-sighted. We should analyse the evolution of our expenses in recent months to see where our money is going and where we can cut back. Given the current inflationary situation, in some cases, it will be necessary to apply a “war economy” depending on how we foresee the evolution of income and expenses.

Money does not create happiness, we know this already. But we can transform our money into a tool that can bring peace of mind to our personal economy. Given the current inflationary situation, in some cases, it will be necessary to apply a “war economy” depending on how we foresee the evolution of income and expenses.

If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.

Money has been a part of our lives since we were young. From the first coins we put in the piggy bank, the money our grandparents gave us on our birthday, our first summer job, the help of our parents to satisfy our first whims… And suddenly, comes the age in which, among many other changes, for the first time we have control over our money. But have we been taught about how to manage our money? Will we be able to become independent, to have enough resources until the end of the month? The answer is yes, it’s up to us to control all of this, and it only takes a little bit of organisation to get the most out of it.

Why do we need money?

The first stereotype about money we have to break is comparing ourselves to others. Calculating what we have or earn myself compared to other people around us is neither objective nor realistic. Everyone is born and raised in certain conditions and many of them are out of our control or influence. If you’re studying and you’re just starting to figure out what your life will be like, take the pressure off yourself, because nothing is written, and the important thing is not where you start from but where you are going to arrive. So, the first thing to do is to analyse the current situation and determine our medium-term goal. Living at home with our parents and focusing on our studies will not be the same as having the willingness to become independent, although to achieve this we have to invest part of our time working. Determining this will lead us to the next question: how much money do I need to live?

At this point, we need to start playing with our finances and differentiate between fixed and variable expenses, just as companies do. Fixed expenses are there every month whether we want it or not, such as the rent of the flat, the gym, the transport card, or a Spotify subscription. Variable expenses are those whose amount can vary from one month to another depending on our needs. For example, although food is essential, we do not spend the same one month and the next, and this is precisely one of the points where we can cut on expenses. By this we do not mean stopping eating or only buying the cheapest products on the market, regardless of their quality. Rather, we mean the opposite: focus on responsible consumption.

How can I reduce my monthly spending?

One only has to look at the current environment to see that consumer trends, that is, the type of purchase that most of the society makes, are changing, and more and more people seek local products, more quality, and less quantity, instead of buying in large industrialised superstores. These small changes allow us to make conscious purchases, prioritizing only the products we need and taking care of our health and economy at the same time. An example that we can apply to our daily lives could be to drink water in reusable containers (glass or metal bottles) and thus avoid the daily purchase of water bottles, replacing them with larger bottles that are cheaper and last longer.

We can do the same at the time of purchase, carrying our bag to avoid buying plastic bags. Another useful trick can be to organize our weekly menu to know what we will eat each day and therefore planning beforehand what we need to buy. Nothing more and nothing less. When it comes to hygiene products, we can opt for family packages, that imply more quantity for less money, or alternatives such as soap bars or menstrual cups that, in addition to being cheap, do not generate waste. There are also bulk stores where you can buy only the amount you need, whether for groceries or cleaning products. Research your area and look for the option that best suits your pocket, always remembering that what has always been done, or what most people do, is not always the best option for you.

With regard to transport, it is also necessary to look for this balance and consider alternatives to private transport, which means a higher cost if we add petrol, taxes, insurance and car repairs. Public transportation or cycling are two inexpensive options that can help us control our spending while caring for the environment. Even when going out we can cut expenses if we act conscientiously. Booking in advance, taking advantage of offers and discounts, or establishing the amount we want to spend before the night starts will help us keep some control. If the latter part is the most difficult, a trick can be to carry only the amount we want to spend. That way, there will be no room to go over budget and this will allow us to better manage the nights out , without spending a single more euro than we planned.

Monitor your finances from your mobile phone

These are some of the recommendations that will help us keep track of our savings, but the important task is to analyse our particular situation and ask ourselves the following questions: What income do I have? How much should I spend on fixed expenses? What do I have left for leisure? Do I need to save for the future?

Our main advantage is that there are currently applications for almost everything. Controlling our finances has never been so easy. Most banks have been pulling up their socks for years so that the new digital customer experience is intuitive and agile. In a single click, we have at our disposal all the information we want, from the total balance of the account (the money we have), to the expenses we have made with the card, seeing graphically where we are spending most of our money. This will allow us to get an idea of our current situation and where we need to direct future efforts.

Work and save, our two greatest allies to have money

A key tool for managing our savings are digital piggy banks, a secondary account where we will put the money we want to spend on a specific activity. The operation is simple: we have to set a goal, be it a trip or something we want to buy, and from there we calculate how much we would have to deposit each month. We need to find a balance between what we want and our current resources. If we want more money, we will have to work harder. If we can’t work harder, we need to manage it more efficiently. Whatever our situation, taking control of our finances and knowing at all times what is happening in our bank account is a must.

Our last piece of advice is to keep in mind that we never walk alone. We have parents, family, and a lot of people around who can help us understand what all that money has to do with, which is ultimately about understanding how the world works today. Having their support and following their advice is an indispensable pillar for this first contact with the world of finance to be clear and understandable. When we take control of our money, we take control of our lives.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

Are you required to take home insurance in order to get a mortgage? The answer is yes. But that does not mean you must take it out with the bank that has granted you the mortgage. And if you have done so, you have the right to change it to any insurance company that offers you better conditions. We explain how to do it.

Traditionally, banks have taken advantage of the granting of a mortgage to force you to take out other products, especially home and life insurance, in most cases with uncompetitive conditions. Fortunately, the mortgage law of 2019 makes it clear that, although the financial entity can demand the contracting of home insurance, the client has the right to contract it with the company that offers the best conditions. And they can even change insurer if they wish to do so.

The only condition for changing is to wait for the annual expiry of the policy contracted with the bank. By giving formal notice two months before the expiry of the policy, the customer can indicate to the bank his or her decision not to renew the home insurance contract when it expires.

In addition, the user must present the bank with a copy of the new policy, which must include the assignment of rights corresponding to the capital that is still subject to mortgage. This is a formality that the new insurance company can help you to do correctly.

Linked interests

A thorny issue when changing insurance is usually the linking of the mortgage interest rate with the insurance contract with the bank. In fact, it is likely that the mortgage clauses contemplate a rise in the interest rate if the insurance is not taken out with the bank.

In this case, it is necessary to be careful not to lose out financially and to calculate how much we gain and how much we lose with the change. There can be a slight financial loss in the first years of the mortgage, when the part of the instalment corresponding to interest is very high and that of capital amortisation is very low. However, as the years go by, the impact of the interest rate becomes minimal because almost everything we pay is capital, so this coercive clause is no longer an impediment to changing the home insurance to another insurer.

Using a mortgage calculator, it is possible to find out the exact date when it is in our interest to change to another insurance company to get better conditions and price. The savings can be significant, more often than we thought so.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

Summer is coming and many people are already starting to plan their holidays to be able to disconnect from the routine by taking a trip or moving away from their usual residence for a few days. Even so, before leaving the house alone, we need to take into account some important aspects to avoid surprises on our return.

The return to normality after the sanitary crisis was a source of joy for many citizens who could finally enjoy their summer holidays without restrictions, but it also cheered up people prone to kleptomania, whose usual line of ‘business’ had been disrupted by the virus.

Theft claims at the height of the pandemic were down 23.5% in 2019, but over the past two years we have been approaching the figures prior to the movement restrictions. During holiday periods and weekends, home burglaries tend to increase and, according to a study by Unespa, Catalonia, with 58%, is the autonomous community with the highest probability of suffering a home burglary.

We would therefore like to give you some simple tips that you can follow to avoid burglary in your home while you are away on holiday or, at least, to alleviate the possible consequences.

Basic precautions before leaving

• Do not leave valuables in easily accessible places. If you do not have a safe, it is preferable to take them to a specialised company to store them before hiding them in a corner of the house. If this is not possible, write down the serial number, make and model of the objects to facilitate their identification in case of theft.
• Notify a trusted person of your absence to collect the mail or raise and lower blinds on a regular basis, but avoid telling everyone in the neighbourhood or posting it on social media.
• Make sure you close doors, windows, openings in interior courtyards and the garage. Don’t forget to set the alarm. Even so, try to make the house look occupied with the help of a trusted person who can enter from time to time or with a home automation system that allows you to programme the lights on and off in the house.
• Don’t leave a message on your mobile or landline answering machine that you are out. You can always activate call forwarding or reply to messages when you have access to Wi-Fi if you are outside Europe and don’t want to spend money on calls.
• A home insurance policy with theft cover is a highly recommended option. Bear in mind that it also protects you against unforeseen events, such as a water leak, and can provide cover in the event of squatting or theft from people outside the home.

On your return, in the event of theft

• Do not hesitate to call the police or the 112 emergency telephone number immediately if you hear noises inside your home or find doors or windows forced open.
• Contact your insurance company and have the inventory of stolen objects ready.
• File a report and notify your bank if you suspect that a computer or any other digital device that could contain relevant information about your financial data has been taken, so that they can override your online banking passwords.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

Here we present 10 recommendations for you to enjoy your holiday and save on bookings and many other things.

This year, many people are expected to go on holidays in July, but will we have money for our much-desired holiday? I am sure we are all thinking about summer and, therefore, on the holiday; many of you already have in your mind the place where you want to travel, but you are waiting for new recommendations on whether we will finally be able to take a plane and enjoy a well-earned disconnection.

Holidays are necessary to reset ourselves, to enjoy our beloved ones’ presence, which is very necessary, and to recharge the batteries to get back to work with a clear head. It is also a time when we try not to pay so much attention to expenses: we usually eat too much, we buy things we know we will not find in our city, and we go to that hotel that we desired so much. That is why we are telling you some tips for saving on holidays, so that the return in September is more tolerable and free of headaches.

1. Start saving a year earlier if you can
   The first recommended step is to create an estimated budget of the amount you want to invest in your next destination so that you can create a savings plan a year earlier. The most comfortable method is opening a savings account or wallet at your bank and making a recurring automatic monthly transfer; this way, before you start your holiday, you will have the saved amount you need to avoid unforeseen expenses.
2. Book in advance
   The online world provides us with a huge price variety. Besides, if you can have the dates for your confirmed holiday at the start of the year, you can save a lot of money, you will get better prices on your plane or train ticket, etc. The earlier you book it, the better! And the same thing will happen with the hotel; we even recommend that you book a table in that restaurant you’ve been following on Instagram using applications that offer very interesting discounts, even 50%. It is important that you check cancellation costs on your bookings, in case it is necessary.
3. Take advantage of breakfast
   Everyone knows breakfast is the most important meal of the day and it is necessary for large walks. Make use of breakfast if it’s included in your hotel nights; get ready and eat like a king; take advantage and grab a fruit for mid-morning, in case you get hungry before lunch.
4. Schedule sites
   If you love making a presentation of your next trip and sharing it with the rest of your travelling companions, you’re lucky, because this is another way to save money. If you list the sites you want to visit, you have the option to visit their website and make the reservation. You can find promotions and, if you are several people, you can benefit from group discounts. In addition, if you purchase the ticket in advance, you may even avoid long queues.
5. Currency exchange
   Even though currency prices cannot be controlled, before exchanging currency, check with your trusted bank a few weeks before your trip, to know if it is better to wait till the day before the departure. In many cases, the recommendation will be to do so at the airport, as exchange houses try to offer the best prices. One important thing: if you want to make credit card purchases during your trip, exchange an amount, even if it’s small, in case any unforeseen event arises (train ticket, tips, etc.).
6. Use cards moderately
   As we mentioned before, when you’re on holiday, the last thing you want to think about is how much you’re spending, but we almost always exceed ourselves… Try to implement the recommendations that we have made so far and try to avoid the use of credit cards as much as possible if it is not planned in your priorities. At that moment, it will be an impulsive purchase, but later, it will become an important amount of spent money.
7. Road trip
   If your holiday option is to take the car and go to some nearby villages, use GPS, which always recommends the best route to avoid making unnecessary miles and thus save on petrol. Visiting destinations near home is a highly recommended option; we often forget the wonderful places we have near our city that we can visit without taking a plane.
8. Avoid restaurants for tourists
   Plan your time well and, when you visit some particular place, if it is in a tourist area, avoid rush hours for lunch or dinner: normally, restaurants in these areas are of poor quality and high cost. It is preferable to walk four steps and look for alternative places that are frequented by locals, to ask the hotel receptionist, the taxi driver, and, of course, to look at the options Internet searchers provide.
9. Hire free tours
   Find them in the centre of big cities or ask that friend who travels a lot, who has certainly used them. They’re tour guides that take you around the city and tell you a lot of very interesting things without a specific fee. If you like it, it’s optional to leave a tip.
10. Finance your holiday
    If it has been a difficult year and you cannot follow some of the advice that we have mentioned, such as planning in advance, do not give up to a few well-earned days of rest, find your closest travel agency, and finance that trip you are so excited about; you can also consult your bank and extend your credit card so that you can cope with your expenses or borrow a small loan that you will return comfortably month by month.

Summer is here. Use these recommendations and start daydreaming. And remember, split the amount established for your pleasure throughout your holidays and do not spend more than expected.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

The latest pension reform will not solve the problem of dwindling social security contributions, and many people are turning to private pension plans as an alternative to supplement public pensions. But are there other options? Is it possible to enjoy our retirement before the age of 50? An ideology that promotes aggressive saving and investment says yes. Lara de Castro, HR Business Partner of 11Onze, explains it to us.

The recent pension reform does not solve the basic problem that there are fewer and fewer contributions to Social Security, which does not give much confidence in the ability of public pensions to guarantee welfare in our retirement. The FIRE movement, which stands for Financial Independence, Retire Early, proposes finding ways to increase income and decrease expenses, along with aggressive investments to accumulate wealth quickly.

De Castro explains, “The goal, if you embrace this movement, is to retire before, or around, 40“. But how is this achieved? There is a predetermined roadmap, to achieve this goal, which uses various strategies that hinge on two basic elements: saving and investing,” adds De Castro.

Once financial independence is achieved, paid work would become optional, allowing us to retire well before the official retirement age. If you still have time and want to know more, watch the video below.

11Onze is the fintech community of Catalonia. Open an account by downloading the super app El Canut on Android and Apple and join the revolution!