Tips for saving money every day

Tools that help you achieve your goal.

Although saving may seem impossible, it's really not that hard. The issue tends to be a lack of planning and even less willpower. Therefore, if you organize yourself a bit better and follow these tips, achieving your savings goal can be easier than you might think. However, it is vital to set yourself realistic targets

At BBVA, we understand that this process is complicated. Therefore, we have put together some useful tips to help you save money on a daily basis and keep your finances in check.

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Use the six rules and achieve your goals quickly and easily

Tricks simple for save

As we have already mentioned, organization is key. To know how much you could save each month, you need to have a clear idea of your income and expenses. The My Everyday Operations feature in the BBVA app gives you the control you need over your finances. All your transactions are sorted by category, which will help you plan and make decisions for your savings. Another useful feature is Projected Transactions. This tool helps you manage your finances by predicting your income and expenses for the next two months. 

Once you have a clear picture of the numbers, the next step is to create a budget. You need to decide how much of your income to use to cover expenses and how much to put toward your savings. A good technique to employ is the 50/30/20 method (its name represents the percentage distribution of your income). 50% is allocated to fixed expenses, 30% to personal expenses, and 20% to savings. This method is made easy with the Set Up Your Account tool, which helps you manage your money by applying six simple rules: Minimum Balance, Maximum Balance, Rounding Off, Paycheck Savings, Month-End Savings, and Budget Savings. You can use all these tools for free. 

Another key recommendation is to avoid compulsive buying. We are talking about any unnecessary expenses that are not included in your savings plan and which have the potential to set back any progress you have made. To avoid falling into this trap, wait a few hours before making a purchase. During this time, think carefully and decide if you really need to buy it. 

Today, this especially applies to online shopping as consumers are exposed to an endless number of tempting offers. On the other hand, it is true that the internet can be beneficial for shoppers because, if you know how to use it properly, you can get fantastic deals for the things you really need. Therefore, the best advice is to use an online price comparison tool to find the best value for money. 

Finally, any extra income you receive should be put toward your savings. By doing so, your piggy bank will grow faster. What's more, you'll be able to bear any unexpected future expenses without putting a big dent in your savings.

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

Where should I put my savings?

By following this advice, it is possible to make savings. So, the next question is: Where should I put my savings? 

A good option is the BBVA Goals Account which is designed to help you reach your savings goals. It is very easy to use: once you have opened the account, simply choose a name for your goal and set a target amount and date. The account will send you notifications about your savings progress. What's more, you can access your money at any time if you need it. Also, there are no administration or maintenance fees.

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