How a cost control feature can help you

We explain everything this type of feature can do for your personal finances

When it comes to having control over your money, it can clearly be of benefit to know what you spend it on, at what times of the day or week you are more inclined to spend it, how big a financial cushion you have to tackle unexpected events and how healthy your finances are with regard to applying to banks for loans or other products. All of this may seem a bit overwhelming at first, especially if you have not previously been in the habit of monitoring your money. And to be honest, keeping track of all of this manually, collecting stacks of receipts and invoices or writing down each purchase you make in a notebook like a bookkeeper, is not exactly the most appealing option.

However, the time for making excuses is also passing quickly, in case you have not yet given up on that approach. These days we are lucky enough to be able to apply technological advances to almost every area of our daily lives, and what better way to do this then by monitoring your spending with just one click? For some time now, numerous cell phone features have been available that enable you to access a summary of all your expenses, financial reports and many other services on your smartphone. Since so many of us now have our phones permanently within reach, why not take advantage of this to improve your spending habits?

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The tool that helps you to set and achieve a savings goal.

Find out the real condition of your finances

Before you start to speculate on which items you will have to forgo, it is important to analyze your actual financial position. In other words, the current state of your economic health. This first step is more important than it may seem, since knowing your capacity for taking on debt or your actual net worth is a great point of departure when making any financial decision. It's like when a company wants to sell a new product: it first has to perform a market research study.

A cost control feature will perform a study in order to assess equity, income, expenses and any debts outstanding... Using all of these parameters, it will then be able to give you something like a snapshot of your economic situation. Using this analysis, you will be able to see how healthy your finances are (which means how much capital you actually have and how much you can spend). This is an excellent self-assessment tool rather than being a solvency analysis that enables banks to assess your financial position.

Before you start to speculate on which items you will have to forgo, it is important to analyze your actual financial position. In other words, the current state of your economic health. This first step is more important than it may seem, since knowing your capacity for taking on debt or your actual net worth is a great point of departure when making any financial decision. It's like when a company wants to sell a new product: it first has to perform a market research study.

A cost control feature will perform a study in order to assess equity, income, expenses and any debts outstanding... Using all of these parameters, it will then be able to give you something like a snapshot of your economic situation. Using this analysis, you will be able to see how healthy your finances are (which means how much capital you actually have and how much you can spend). This is an excellent self-assessment tool rather than being a solvency analysis that enables banks to assess your financial position.

Guidelines for monitoring your expenses

The second way a cost control feature can help you is related to the first. If the analysis shows that your financial position is not very good, the application can help you to improve it by monitoring your expenses.

The cost control service will allow you to identify your main expenses and then assess how you can reduce them. Thereafter, it will be easier to create a monthly forecast of your expenses (a budget). This last aspect is very important, since many people impose a monthly spending budget upon themselves without really knowing enough about their own consumption habits and without properly identifying their own needs.

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With BBVA Bconomy, you can compare your expenses and create a financial cushion.

BBVA Bconomy, the expense monitoring app from BBVA

If you are interested in downloading a cost control application, it is highly likely the BBVA App will be of use to you. The App includes a comprehensive feature called BBVA Bconomy that provides you with all types of information on your financial status that will enable you to make better decisions. Among other areas, Bconomy can also help you ascertain your saving capacity, view scheduled account transactions and set savings targets. All this will help you reach your goals.
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A smart chatbot for your finances

Do you know what a chatbot is? They are artificial intelligence applications that hold conversations and offer automated answers to questions asked by users. Specifically, the chatbot available in the BBVA app is a great tool for understanding your day-to-day finances in an educational way. It's designed to help you achieve your goals and make the right decisions. For example, it will answer questions typically asked by people unfamiliar with finances and offer simplified information. And as its automatic learning capacity increases, so do its possibilities. Download the BBVA app now and discover all its features.
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