Maximize your money: how to save

Discover the best money-saving techniques.

The statistics show that the saving rate of Spanish households hit an all-time low in 2018. However, these figures may also suggest a modest, yet promising, economic upturn during these times of crisis. However, are these figures significant enough not to be overlooked? Of course, if you compare Spain with the European average.

How can we improve these statistics? How can we save more? In this article, we offer several techniques to boost your finances without giving you a headache. We present a list of methods including simple cost reduction, smart consumption, the 50/30/20 method, alternative approaches to saving money, and avoiding the temptation to make unnecessary purchases. In short, these tips will help you achieve your goal.

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The best techniques for saving

There are numerous techniques for saving money. The first approach, as obvious as it may seem, is to spend less and consume responsibly. This simple strategy will help you to have more money at the end of the month. Reducing costs is typically associated with consumption. However, simple gestures, such as turning off home appliances and using water responsibly can have a significant effect on your bank balance.

Another related technique involves searching for deals. It is advisable to compare prices regularly to find the best value for money. Here, the internet is very useful as there are numerous online comparison tools to facilitate this task.

Another helpful and commonly used technique is the 50/30/20 method. It works by dividing your income into three blocks for different purposes. 50% is set aside for basic needs (e.g., household and food expenses), 30% goes toward more enjoyable, yet not strictly necessary, expenses (e.g., leisure and holidays), and, finally, 20% is allocated to your monthly savings. However, before using this technique, it is important to determine what to assign to each percentage to avoid any unexpected surprises in the future.

Apps to help you save

These are good strategies for saving as much as possible and getting the most out of your income. Nowadays, there are numerous apps that can help you save more. A good option is BBVA Bconomy, which you can access via the BBVA app. This feature makes it easier to achieve your savings goals as it lets you analyze your spending in detail and see where to make cuts.
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In addition to Bconomy, BBVA offers Set Up Your Account, a service consisting of simple rules to manage your accounts automatically. It enables you to set minimum and maximum balance limits, round off payments, and establish money-saving rules for your budgets, paychecks, and month-end balance. You can access these services at any time, completely free of charge (the only requirement is to be the holder of at least two BBVA accounts).

If you intend to save, Bconomy is the tool you need to succeed.

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