How to save on household expenses

Find recommendations and advice you can put into practice at home in order to strengthen your personal economy

Whether it's to enjoy those well-deserved vacations, qualify for the mortgage you want so much or simply keep some money by for a rainy day, taking good care of our finances is a goal that we all pursue. It is essential to save, whatever the reason, but it's not always that easy. Especially when taking into account the many expenses we have to cover every month. To help you to achieve your goal, it's important that you learn how to save on your household expenses and this way be more efficient in your spending. 

How to go about it? There are many ways, but if you follow some general guidelines you will be surprised how easy it can be to save money. What is most important is to find the right strategy and keep it up until it bears fruit. It may not be easy at first, but being a good saver will give you interesting returns earlier than you think.

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Ten tips to increase your savings

Apart from mortgage payments, insurance and the purchase of material goods, household expenses take up a large part of our monthly expenditure. Read these ten tips, which are easy to follow, and which will help you to manage your household expenses more efficiently:

  • Plan your budget: this is, without a doubt, one of the main factors that will help you to save. Planning your budget in detail is the first step towards making your financial goals a reality. Take as long as you need - it's better to take longer preparing a realistic and profitable strategy than making mistakes because you are in a rush.
  • Reduce energy consumption: society has evolved considerably with regards to energy efficiency. And this is an area where you can certainly reduce your household expenses. There are many ways to do this, such as taking advantage of natural light, opting for low-consumption lighting and household appliances, always using a cold wash setting, installing a thermostat, insulating your home naturally with curtains and carpets, and so on... The list is long and the capacity for saving is extraordinary.
  • Check the contracted capacity: this point, also directly related to energy efficiency, is fundamental. One of the biggest household bills is electricity, but you can reduce it. Check your power rating, as it might be higher than you need. Calculate the best rating for your home to help you save money.
  • Shop smart: grocery shopping is crucial for your finances as it is one of the highest monthly household expenses. So, shopping carefully is sure to save you money. Avoid going to the supermarket every day. A weekly shop can save you a lot of money. This way, you buy what you really need, you become better organized and you avoid impulse buying, which is one of the biggest barriers to saving.
  • Buying cheap also is possible: as well as planning ahead, look for offers and discounts. It's easier than you think. Bargains exist, either in the supermarket or elsewhere. You could become an expert bargain hunter and save lots of money. Time and patience, as with everything.
  • The freezer, your best friend: throwing away food is not only a bad habit from an ethical point of view, but also from an economic one. Everybody has left-overs after a large dinner, or perhaps you haven't used up some of your weekly shopping. Most food can be frozen without spoiling and it is a great way to save money, and reduce food waste.
  • Recycle as much as you can: besides separating household waste, there are many other things you can do, such as recycling old objects for a different use.
  • There's no place like home: you don't have to stop going out, but you can certainly organize more social activities at home. Why not invite your friends to a dinner party? This is a common custom in countries with colder climates, but dinner parties are usually good fun.
  • Vacations, in advance: obviously this is not always possible, but try to reserve your vacations at least two months in advance. A vacation in the low season is ideal, as you will get a cheaper deal and also avoid the crowds. Don't forget that saving doesn't mean going without vacations.
  • Perseverance, perseverance and perseverance: the last piece of advice and probably the most important one. All of the above will be no use if you don't have the necessary willpower. Like with any goal, not giving up is the key, and the reward will be worth it.
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BBVA helps you to save

In every important mission, you need a good ally. BBVA wants to help you to save and offers you the ideal tool to do so, BBVA Bconomy. With the BBVA expense tracking app, you will have much more information about your finances than before. You will be able to analyze your expenses in detail, discover how to reduce them and you will find it easier to achieve the financial cushion you need. And all of this on the screen of your smartphone, wherever you are and whenever you want.

If you would like more information, try out BBVA Bconomy and discover all its exciting features. Saving is possible, and with the right support, your dream can become a wonderful reality.

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