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.