Different ways to save

Discover the different options for saving.
Saving should be a priority objective for every household. The 2008 crisis made clear the importance of having a good rainy day fund to deal with unforeseen situations or moments of economic uncertainty. It's also been shown that, overall, the accumulated capital offers a return that is higher than the economic growth rate: money generates more money, and it's important to know different ways to save. The benefits of long-term savings are well worth the effort. This article provides some small tips to reduce your spending and recommendations to invest your savings and make them grow.
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Three tips to spend less and save more

Saving begins with your everyday routine, and proper planning, coupled with small things, can make a significant difference in how much you end up saving at the end of the month. Read on to learn about different ways to save.

  • Set a budget: the most important thing to start saving is to set a budget that includes your income and expenses. This way, you can track the transactions in your account and identify those areas where you can save more or spend less.
  • Set a monthly savings target: experts recommend saving at least 30% of your salary. We know that this isn't always possible, and that it depends largely on personal circumstances. Because of this, our recommendation is to set a realistic savings target that lets you cover your fixed expenses and basic needs. It's also important to adapt the savings to new circumstances. For example, it's a good idea to save the annual bonus or special payments. And if you get a raise, you also have to make an effort to save more.
  • Give your savings goal a name: once you decide how much of your salary you can save each month, give it a name. The name can be a target you want to achieve once you reach the goal, such as buying a new car, paying for your children's college or going on a family trip. Keeping this goal in mind can help you save. Motivation also works miracles.

Savings and investment products to achieve your goals

Once you've set aside some money, it's important to invest it prudently and wisely to make sure it generates a return and keeps its value compared to the cost of living. Inflation is the worst enemy of any saver. Here are the characteristics of various investment products that can help you grow your money:

  • Bank accounts: the simplest savings product is a savings account. In this type of account, the customer deposits a certain amount of money that generates interest on a monthly, quarterly or annual basis. The entity that offers the product is the one that sets the interest and fees that the customer has to pay. This makes it possible to find different conditions, depending on the bank in question. This product is one of the most liquid and secure, since the account holder can take out the money whenever they wish, and the money is guaranteed by the Deposit Guarantee Fund (DGF) for up to €100,000 per person and bank.
  • Bank deposits: bank deposits are another option that is very similar to savings accounts in terms of their security, since they are also guaranteed by the DGF. However, its liquidity is slightly different from that of savings accounts. Deposits are made for a specific period, after which the bank returns the principal and the interest. The interest can also be received during the life of the deposit. Both bank deposits and savings accounts are options that many Spaniards use to get a return on their savings. This is because despite offering a lower return than other products, they provide a lot of security.
  • Investment funds: another choice that many opt to use when saving is investment funds. These are Collective Investment Institutions, which combine the savings of many participants to invest them together. This yields economies of scale that provide an entryway to markets at a price that would not be possible individually. The management is delegated to the professionals of the management company. The profitability and risk of these investment products depend on the conditions of the fund, but, in general, they are a savings option that can be used to obtain a higher return than with bank deposits or accounts. Despite not being backed by the DGF, they are also very safe, since they are not on the balance sheet of credit institutions. This means that if the bank goes bankrupt, the funds will not be affected. They are regulated by Spain's National Securities Market Commission (CNMV).
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  • Pension plans: Pension plans are a long-term retirement savings product that work in a way that is very similar to investment funds: savers make contributions that are invested collectively. However, these two products are different, mainly in terms of their liquidity. With an investment fund, the money invested can be withdrawn almost immediately, while with a pension fund, savers can only withdraw their money in the event of retirement, serious illness or long-term unemployment, the death of the holder, and in certain other situations. The liquidity of these products was increased recently, since starting on January 1, 2025, deposits made at least 10 years earlier will be able to be withdrawn. To offset this restricted liquidity, contributions offer tax advantages that can reduce your yearly tax bill as you increase the amount you save, up to a certain limit. The aim of these products is to encourage citizens to have additional savings to supplement their pension when they retire.

In short, there are many ways to save: although saving begins at home, opening a savings or investment account is the best way to grow your surplus cash. At BBVA, we know that each person has different savings needs, and that's why we offer our customers a wide variety of options, from bank accounts to deposits, as well as investment funds and pension plans. Go to bbva.es or visit any of our branches to get all the information you need on our products.

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