Automate your savings: it's easier than you think

Helping you save.

One of the most common mistakes made by savers is to try to save money manually at the end of the month. Savings plans tend to be neglected and fail over time because savers cannot stay on track toward their goal. 

The best way to overcome this problem is to automate the process of saving. This simple action involves setting up automatic transfers of your savings to a different account. As this is an automatic process, you don't have to worry about constantly checking it. The only thing you need to do is program the parameters for saving via the BBVA app or bbva.es. Then, BBVA will take care of the rest. It's much easier than you would expect. 

The only real difficulty is deciding how much money you want to allocate to your savings. You must be realistic and base your savings goal on your income. If you're not sure how to do this, a good tip is to follow the 50/30/20 model, the preferred choice of savers worldwide due to its simplicity. It is based on a percentage rule: 50% of your monthly earnings are allocated to fixed expenses, 30% to personal expenses, and 20% to your savings. It is crucial to make a distinction between different types of expenses to implement your savings plan successfully.

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Save with Set up your account
Use the six rules and achieve your goals quickly and easily

Automate your account

Automating your savings will help you grow your piggy bank. However, it also gives you control over your account. The BBVA app offers two tools designed to help you with this task: Set up your account and Bconomy. 

Set up your account: an exclusive BBVA service that lets you manage your savings with six simple rules: Paycheck Savings, Month-End Savings, Budget Savings, Rounding Off, Minimum Balance, and Maximum Balance. What's more, there are no fees. The first three options are identical apart from one difference: you can set up automatic transfers of a percentage of your paycheck (first option), your month-end balance (second option), or extra funds from your budgets created in Bconomy (third option). With the Minimum Balance and Maximum Balance rules, you set a lower or upper limit. When one of these limits is reached, money is transferred automatically to or from a savings account so that your balance stays with the desired range. 

Finally, the Rounding off rule lets you access microsavings. Whenever you make a purchase with your debit card (when the total price in euros is not a whole number), the change in cents is transferred to your savings account. For example, if you pay €7.65 for a tee-shirt, the difference between that amount at €8 (i.e., 35 cents) will be transferred to your savings account.

An account focused on saving

Bconomy: While the Set up your account feature focuses on automating the process of saving, Bconomy aims to give you greater control over your expenses. This tool gives you monthly breakdowns of your spending in categories and subcategories so you can identify and eliminate any unnecessary expenses. 

It also offers the option to create spending budgets to better organize your money and compare your spending against other people with similar characteristics in a specific area.

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

An account for saving

The BBVA Goals Account has been specially designed to help you achieve your savings goals. After opening the account, simply give it a name before setting a target amount and dateBased on this information, you will receive notifications about your savings progress. There are no fees and, of course, you can access your money at any time.
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