Tips for saving at home almost effortlessly

The home, one of the leading sources of our expenses.

Household expenses make up a high percentage of family budgets. This was the conclusion drawn from a detailed analysis of the latest Family Budget Survey published by the National Institute of Statistics. This survey shows that Spanish households in 2017 spent almost a third of their expenses on paying for their home, water, electricity, gas, and other fuels. In other words, the house is where most of their money went. The second highest expense was food, amounting to 14% of the budget. 

These figures show that Spanish families have made a great deal of progress in the fact that they spend most of their money on their house and home life. At BBVA, we know that most household expenses are fixed. Therefore, here are a few tips to save money around the house.

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Minimize your expenses

The first step is to identify your family's income and expenses. In other words, you need to draw up a budget. If you start there, it will be easier to save as this step allows you to visualize your spending and, in turn, reduce or eliminate any unnecessary expenses. Once you have created a budget and identified your income and expenses, the next step is to reduce your consumption levels, starting with energy

In every home, there are multiple household appliances that consume electricity continuously. Therefore, to reduce your energy bills, turn off any appliances when they are not in use. For example, during the day, open the curtains instead of turning on the lights. Likewise, remember to turn off the TV when you are not watching it. These two simple actions will help you to save on your bills. 

Similarly, heating and air conditioning are two of the most energy-consuming systems in the house. So, try to use them in moderation. Of course, you can turn on the heating and air conditioning, but it is important to use these systems responsibly. Try to keep your house at a comfortable temperature (about 21°C in winter and about 26°C in summer) and avoid any extremes lows or highs.

Take time over the monthly shop As mentioned above, food is the second biggest household expense for Spanish families. Therefore, it is advisable to spend time when you make a shopping list. This will help you find the best value-for-money offers and only buy what you need at the supermarket. It's also a good idea to go shopping on a full stomach as you will be less tempted to buy unnecessary treats. 

Another tip is to share music, movie and TV series streaming accounts. These services typically offer package deals at discounted prices for friends and family members sharing the same account. 

It is also a good idea to use LED or low-energy light bulbs, as they consume up to 10 times less electricity than standard bulbs. While they are more expensive, they will save you money in the long run. 

Choose low-energy appliances to reduce your electricity bill. The European Union has created an energy efficiency scale ranging from A to G. When buying an appliance, choose one with an A rating. While they are normally more expensive, you will make significant savings on your monthly bills.

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Your money always under control

Once again, the first step is to get organized and identify your income and expenses. There are many apps that facilitate this task, such as the BBVA app. 

The BBVA app offers the My Everyday Operations feature, which organizes your income and expenses into categories and subcategories. You can also create budgets to stay on top of your finances. This helps you understand where your money is going, which is crucial information for planning and making decisions.

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