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.