Some money-saving tips

Discover the best way to save money for a rainy day.
According to INE and Banco de España sources, the Spanish savings rate reached historical lows in 2018, totaling only 6.1% of the disposable income. In this context, and in view of the announcements of upcoming increases in the prices of basic services such as electricity and water, many people are wondering how they can start a rainy day fund so they can have a financial cushion and more peace of mind. In this article we offer you some tips for saving.
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Set a budget

When it comes to saving money, the first and most important step is to set a budget that includes all the fixed costs that have to be paid on a regular basis. These expenses include water, electricity, telephone and internet bills, as well as mortgage or rental payments on your home. Once you've accounted for all your fixed expenses, think about which expenses are truly essential. It is common for certain expenses to become permanent when they aren't taken advantage of and they're not essential, such as subscriptions to streaming video or music services, or to magazines. Separately, these services may not require a large financial outlay, but when combined, they can add up to a significant amount that can be put toward priority expenses.

Once you've identified these recurring and essential everyday expenses, the next step would be to define a secondary level of spending for things involving leisure or products or services that are not essential. You should try to set aside a certain percentage of your income for this type of expense, and once you do, try not to go over it. Finally, enter all these details into a spreadsheet so you can better track all your expenses and income.

Lower your electricity use

Saving on utility bills, especially in a context of rising prices for these services, may seem complicated at times. However, there is a way to deal with this situation in a positive way.

There has been a lot of innovation in recent years in the area of household appliances, and some manufacturers have invested a great deal of effort as they look for ways to create more efficient products. So, if you have state-of-the-art appliances, you can lower how much electricity and water you consume without barely noticing the difference. Although replacing your household appliances may seem like one more expense at first, it is an investment that can let you lower your fixed expenses in the long term. Sometimes, a short-term effort is worth it in exchange for savings in the medium and long term.

Avoid impulse purchases

This is a tip that we all have in mind, but it's not always easy to implement in an environment dominated by marketing and the temptation to consume. This is because impulse buying occurs when we consciously put ourselves in situations that encourage it. A simple example is going shopping on an empty stomach. In this scenario, the odds of making impulse purchases are much higher. Going out shopping in certain moods can also lead to these behaviors.

This example can be applied to almost every situation. Impulse shopping is something you can avoid by exercising self-control and planning the times when you will be in situations where you will have a greater tendency to buy products that are not essential.

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Compare prices and look for the best offers online

Another tip that can be very useful when it comes to saving money is to compare prices and look for the best offers. This is not always feasible, and thanks to the Internet, we have an ever-increasing ability to choose from all types of products and services. There are many websites dedicated to comparing prices for different products. So, if you are looking for an insurance policy, for example, there are countless websites available that, in minutes, will compare the prices from several insurance companies. The same applies to travel, plane tickets and even leisure products.

If you really want to save, this small effort is nothing compared to the advantages you can get.

In short, there are many ways to save. Some are simpler and others require some effort, but it's easy to see the results of this type of action. At BBVA, we know how important it is to save so you can have a more comfortable life, which is why we offer a series of services and tools designed to help you achieve your savings goals. The BBVA app has a section called My BBVA Goals, where you can list your income and expenses so you can save money that you want to assign to a specific objective. Go to or visit any of our branches to get all the information you need.

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