Is it possible to save more?

Tips for reducing household expenses.

Since the beginning of the crisis, saving has become a complicated task. Salaries are often out of line with the cost of living, which makes it difficult, but not impossible, to save a few extra euros at the end of each month. In this article, we explain how to grow your piggy bank over time.

Firstly, according to the most recent Family Budget Survey published by the National Statistics Institute, the biggest monthly expense for Spanish families is the house, followed by food. Therefore, at BBVA, we want to offer some advice to minimize your spending in these two areas.

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Use the six rules and achieve your goals quickly and easily

Save more in the home

Before taking on this task, the first step is to get organized. To do this, you should start by creating a budget to obtain an overview of your finances and to determine how much you can save each month. To help you in this task, you can view a breakdown of your expenses in Bconomy, which can be accessed via the BBVA app. You can also compare yourself against other people with the same characteristics and find out if you can save more. 

Once you have set a budget, it's time to save. The first piece of advice is to buy low-energy options if you are thinking about replacing an electrical appliance in your house. While they tend to be more expensive, they are much more efficient and will save you a significant amount of money on your monthly bills. The same applies to the use of LED light bulbs. They consume up to 10 times less energy than conventional lightbulbs and, as with low-energy appliances, are much more economical.

However, even if you change your household appliances and light bulbs for more ecological options, your responsible energy usage should extend to the entire household. This includes simple actions such as turning off the lights or television when they are not needed. In short, these simple everyday actions will lead to substantial savings on your bills. 

It is also important to use heating and air conditioning systems in moderation, as they are two of the biggest culprits of high energy consumption. Therefore, try to keep the temperature inside your house above 21°C in the summer and below 26°C in the winter. This action is good for your pocket and the environment. 

Also, it is a good idea to create your shopping list before going to the supermarket, making sure to include only products that are strictly necessary. A useful way to be more accurate and avoid making unnecessary purchases that increase your final bill is to use online comparison tools to find the best value-for-money offers. 

Finally, another way to save on your monthly bills is to consider the option of sharing your online accounts for music, movie, or TV series streaming services with family members or friends.

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BBVA Goals account
The account that helps you achieve your savings goals.

Applications for saving

There are multiple applications available to help you save. For example, the BBVA Goals Account is designed for people who want to achieve a financial cushion. When you open it, you simply give it a name and set a savings goal and target date. The account sends you notifications so you can track your savings progress. What's more, you have the option to access your money at any time.

You also have access to the Set up your account service with features six rules for greater control over your money and savings. You can set up an automatic transfer of a percentage of the total balance of your current account at the end of the month (or a portion of your salary or budgets), set a maximum balance limit, and access microsavings with the Rounding off feature.

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