Tips for saving money quickly and easily

Saving fast is easy if you know how.

You've just received a paycheck and now it's time to save. However, it can be very difficult to save a lot of money quickly without any setbacks. The statistics confirm this: The saving rate in Spain hit an all-time low in 2018. During the most difficult time in the crisis, many Spanish families spent their income on buying assets that they couldn't afford rather than saving for the near or distant future. The good news? This trend is expected to recover in 2019. 

Nevertheless, saving really is easier than you might think. All it takes is understanding the importance of saving, getting organized, and taking the plunge. At BBVA, we want to help by offering a series of tips for saving money fast. Take note!

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Use the six rules and achieve your goals quickly and easily

People typically wait until the end of the month to save. While this is a valid approach, it can slow down how quickly you save (especially if you want to grow your piggy bank as soon as possible). However, in fact, it is much easier if you start saving at the start of the month (or on the day your receive your paycheck). 

Firstly, you must have a second account to which you can transfer money. Then, you should start by transferring a low percentage (e.g., 5%) of your income. You can increase how much you transfer over time based on your financial situation. To help you with this task, you can access the Save Your Paycheck feature in the Set Up Your Account section of the BBVA app. You can use this feature to automate the process from the comfort of your home.

Save with your card

Most of us carry our bank cards around at all times. In fact, this can be a problem if you are not careful. However, using your card responsibly can lead to microsavings

How? Using the Rounding Off tool in the Set Up Your Account section, when you pay with your card, the change (the difference between the total amount and the next euro) is transferred to your piggy bank.

Avoid unnecessary expenses during your working day

Having a coffee, eating lunch in a restaurant, and buying a snack from a vending machine are all unnecessary expenses that you can do without if you organize yourself properly. Instead, you should try to prepare snacks or food at home so you don't give in to temptation at work. 

For example, good options include taking a thermos flask with a hot drink, a lunchbox with homemade food, and fruit and snacks into work. These simple solutions will help you make great strides toward your savings goal.

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Saving money at home

It is also possible to save at home. There are several expenses that you can easily avoid. 

You will make instant savings by unplugging any devices that are not in use, moderating your heating and air conditioning usage, sharing payment services (if possible), and using low-energy products. These are solutions that require little effort and will yield positive results quickly.

Let Bconomy help you

There is a wide range of apps available for Android and iOS that help you better control your finances and achieve your savings goals faster. 

A really useful option is the BBVA Bconomy tool as it gives you a detailed overview of your expenses. Once you know where your money is being spent, you can reduce or eliminate any unnecessary expenses.

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