Useful tips for saving at home

Tools for creating budgets.

The secret to having more money in your account is not just earning more, but also spending less. Indeed, spending less can be complicated because all the individual costs of living (e.g., electricity, water, food, and internet) can add up and put a dent in your monthly finances. This conclusion was drawn by analyzing the most recent Family Budget Survey published by the National Institute of Statistics, which found that Spanish homes spend almost 45% of their income on the household (including the mortgage) and food

Initially, this may seem like a startling statistic. However, once you have created a budget, you realize that it is quite normal. Additionally, you help to understand the importance that has the save at home for create a ‘colchón’ financial stable. At BBVA, we understand how important it is to you to reduce your fixed expenses. Therefore, we want to offer some useful tips to help you along the way.

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Cut your spending

The first thing that owe do for save at home, as have mentioned previously, is elaborate a budget. This will give you an overview of your income and expenses. It will also identify any unnecessary expenses which should be reduced or eliminated as soon as possible to boost your savings gradually. 

Once you have a clear picture of your income and expenses, the next step is to reduce your household bills. We recommend the following: 

  • Replace conventional light bulbs with LED options as they use up to 90% less energy and last for approximately 10 years. While they are more expensive, you will save on your energy bills in the long run. 
  • Don't waste electricity. Remember to only turn on the lights and home appliances when you need them. This is a simple tip that requires little effort and can lead to significant savings. 
  • Choose low-energy appliances (A-rated devices) and use them responsibly. While these appliances tend to be more expensive (as is the case with LED light bulbs), they will result in substantial savings on your monthly bills. 
  • Not waste the water you help also to save at home. A good idea is to install flow limiters on your taps. This is a quick and easy fix that will save up to ten liters of water per minute when you shower. 
  • Sell whatever you don't need via different apps. In addition to gaining space in your home, you will earn a bit of extra income too. 
  • Share your online music, movie and TV series accounts with family members, friends, or colleagues, and save on your monthly bills. 
  • Plan your monthly shop before going to the store. To do this, make a list and look for deals that offer the best value for money.
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A tool to manage your budgets

There are many apps to help you with this task. One good option is Bconomy, a tool designed by BBVA to help you create budgets to diversify your payments. It also breaks down all your expenses into categories to help you understand your spending habits and overall financial health. This information is based on your monthly savings, economic freedom, housing expenses, and the money you use to pay off loans or make deferred payments (if any). 

In addition, you can access the Projected Transactions feature in Bconomy. This tool estimates your income and expenses for the following two months so you can make the best decisions in advance to save money at home.

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