Ways to save almost without realizing it

Bconomy, Set Up Your Account and Expected Transactions.

In the world of savings, there are almost as many different types of savers as there are people. Some savers who prefer to tighten their belts and reach their goal as quickly as possible. Others aim to strike a balance between their savings and expenses. Finally, there are savers that opt for longer savings goals to have money available on a day-to-day basis. However, these different approaches to saving money have one thing in common: they depend on your reason for saving. Indeed, saving to buy a house is not the same as setting aside money for a vacation or a new cell phone. 

Nevertheless, whatever your reason for saving, money-saving programs will help you achieve your goal, by helping you to organize and break down your finances or automate the money-saving process. In short, these programs enable you to save without realizing it.

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Use the six rules and achieve your goals quickly and easily

Programs to make day-to-day savings

At BBVA, we understand just how hard it is to save. We also know that being organized is the key to achieving your goal. Therefore, the BBVA app features a wide range of services and tools to help you stay on top of your finances. 

The first useful feature is Set up your account. Not only will you have better control over your finances but, also, you can automate your savings and avoid daily concerns. How? By applying one or more of its six simple rules with no fees (Minimum Balance, Maximum Balance, Rounding off, Paycheck Savings, Month-end Savings, and Budget Savings). 

With the Minimum Balance and Maximum Balance rules, you set a lower or upper limit. When one of these limits is reached, money is transferred automatically to or from a savings account so that your balance stays with the desired range. In the first case, funds are transferred from your savings account to your checking account, while, in the second case, the transfer is made in the opposite direction. 

The Paycheck Savings, Month-End Savings, and Budget Savings tools work in a similar way. There is only one difference: you can set up automatic transfers of a percentage of your paycheck (first option), your month-end balance (second option), or extra funds from your budgets created in Bconomy (third option). 

The Rounding off rule is a simple microsavings tool: whenever you make a purchase with your debit card (when the total price in euros is not a whole number), the change in cents is transferred to your savings account. For example, if you pay €6.50 for a tee-shirt, the difference between that amount and €7 (i.e., 50 cents) will be transferred to your savings account. 

In addition to the Set up your account feature, the BBVA app features Bconomy, a tool that breaks down your expenses into different categories and subcategories so you can see where to make cuts. It also lets you compare your spending habits with those of other people with similar characteristics. By doing so, you can see if your family is above or below average. 

Finally, the Expected Transactions service estimates your income and expenses for the next two months, helping you to make the best decisions in advance.

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

An account focused on saving

Money-saving programs can be very helpful in this complicated task. However, in addition to these tools, it is essential to have a savings account to which you can transfer money

Therefore, a good option is the BBVA Goals Account created exclusively for saving money. After opening the account, you simply give your savings goal a name and set a target amount and date. Based on this information, you will receive notifications to keep you up-to-date with your savings progress. And, of course, there are no fees.

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