How to save money and not spend it

Four techniques for saving money and an app to spend less.

How can I save money and not spend it? This is a question that anyone aiming to build up short- or medium-term savings will probably have asked themselves. It is an internal struggle that is inherent to human beings, which we tend to overlook when we get too comfortable in a certain environment or situation. Therefore, in this case, it's not surprising that once we achieve a certain financial cushion, we tend to neglect our finances. This is a big mistake! 

You are probably reading this because you want to learn how to save and, above all, how to keep hold of the money you have built up. Therefore, at BBVA, we want to show you several techniques to help you save and our app to stop you from dipping into your savings

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Techniques for saving

Firstly, it is essential to be organized. Preparing a good plan is crucial. It will be your guide throughout the savings process helping you to stay on track towards your goal. This means knowing your income and fixed expenses so you can get an idea of how much you can save each month. Once you have this information, you can proceed to the next step. 

The next step is to create a budget. Your budget should be based on a realistic goal that you can reach each month. Here, it should also be noted that any extra income you receive should go towards your financial cushion. You never know when you might have to bear an unexpected cost which could disrupt your savings plan and set back any savings you have made so far. 

A good idea is to download the BBVA app to help you organize your money. The BBVA app features the My Everyday Operations service to help you control your money by displaying your income and expenses in different categories. You can also plan and make decisions about your savings. 

The final tip is to search for the best offers. Online comparison tools make it easier than ever to get the best value for money. However, as with everything, there is a downside: as you search online for offers, you will be exposed to an enormous range of discounts at very attractive prices. It can be very easy to give in to temptation and make unnecessary purchases. However, this should be avoided at all costs.

Tools for spending less

Once you have put these techniques into practice and reached your savings goal, it is time to hold on to your money. Once again, we ask ourselves the following question: How can I save money and not spend it? At BBVA, we understand that it's not easy to maintain your savings. Therefore, we have created the BBVA Goals Account to help you hold on to the money that you have worked so hard to save. 

With the BBVA app or bbva.es, you can create a savings goal in the My goals option and set a deadline to achieve it. For example: save €1,000 for a trip over 9 months. 

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

After creating your goal, you must choose how you want to achieve it. Now, you can decide to automate certain processes. For example, you can schedule a specific amount of money to be automatically transferred to a savings account on a regular basis, whereby the money can only be used if your balance approaches zero (this stops you from using this money for everyday expenses). You can carry out this transaction at any time, completely free of charge. What's more, the My Goals feature will send you notifications about your progress towards each goal.

You also have access to the Set up your account service. This service consists of simple rules that help you to automatically manage your accounts. It lets you set a minimum or maximum balance in your accounts, round up card payments to the next euro (saving the difference in cents), and set savings guidelines for the beginning of the month (with your salary) and for extra money from your budgets (at the end of the month). 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).

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