How to control monthly expenses

Tips for saving.

Thanks to new technology, managing your monthly expenses is now easier than ever. You can install apps on your cell phone offering features that make saving much easier. However, it is also essential to be well organized and committed to achieving your goal. 

If you are reading this article, you're probably looking to get a better grip on your finances and reach the end of the month without spending all your income. At BBVA, we want to give you some tips for successful saving.

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Proper organization is key

The first step toward managing your monthly expenses is being organized. The best way to do this is to create a budget tailored to your needs so you can check and adjust your savings progress at any time. Before drawing up your budget, it is advisable to break down your fixed income and expenses to obtain a clear picture of how much money you can afford to save each month. 

There are several money-saving strategies that you can adopt, such as the 50/20/30 method. This model is based on a rule of proportions: 50% of your income is allocated to fixed expenses, 30% to personal expenses, and 20% to your savings. This is a simple method. In fact, the only difficult part is deciding how to categorize your expenses. It is essential to complete this step before you start. 

Do you want to start using it? BBVA offers Bconomy, a feature that enables you to distribute your expenses and implement the 50/30/20 method. The BBVA Set Up Your Account service will also help you with the 20% allocated to you savings by applying six different tools, including Paycheck Savings, Month-End Savings, and Budget Savings.

Tips for saving

Buy only what you need: unnecessary payments put a dent in your overall balance. If you want to improve your finances, you should get rid of any products or services that you purchased without thinking. What's the best way to do this? Take time to think before making any purchases. If you have not decided after thinking for some time, you probably don't need to buy it. 

Search for the best offers: The internet (especially online comparison tools) makes it easy to find the best value-for-money deals and discounts. However, this can also become a drawback if you are not careful because being exposed to some many great offers can be very tempting. 

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Reduce your monthly household expenses: this can be done with simple actions, such as turning off the lights and television when they are not in use. It is also advisable to choose low-energy devices such as LED light bulbs and A-rated home appliances. You'll be pleased to see a significant drop in your electricity bill.

Save any extra income: this will enable you to bear any unexpected costs in the future without having to break your stride toward your savings goal. If you don't have any additional expenses, your financial cushion will start to build up quickly. 

Make a shopping list: Going to the supermarket without knowing what you need is a very common mistake as you can end up spending much more than intended.

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