Rising prices in Spain over the past two years have made it increasingly difficult for households to save. What’s more, data shows that inflation has wiped out much of the financial “cushion” many Spaniards had saved in recent years. Here are 8 simple tips to start saving money today:
1- Open a savings account.
Keep your savings separate from the accounts you use to pay expenses so you can’t access the money you’ve worked so hard to save unless absolutely necessary. Contact your bank, all financial institutions offer savings options and they may even pay interest if you don’t touch those euros.
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2- Save at the beginning of the month instead of the end.
On the 1st of every month, a certain percentage of your income is deposited into this savings account. According to all financial experts, this is one of the simplest pieces of advice. Waiting until the end of the month to save extra money is much riskier; you could end up spending more than you need and saving much less than you can. Traditionally, it’s recommended to save at least 10% of your salary, but it’s a good idea to evaluate your fixed expenses to see if you can afford to allocate more for the future.
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3-Do you want to buy something? Wait a few days.
Avoid impulse purchases. Wait a few days before buying something you really want so you’ll know if you really need it or if it’s just a passing wish. Tips you should follow both when shopping online and when going to the store.
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4-Compare prices.
Shopping baskets can be much cheaper if you visit several supermarkets and stores to take advantage of all the offers. Visit all the stores near you and note down the prices in each store for the products you buy regularly.
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5- Conduct a “Savings Week”
For many people, the weekend is the day when they spend the most money on unnecessary goods and services. Set aside one week each month for free family or outdoor recreation. Take a walk, read a book on the couch, or talk to family to avoid putting a hole in your bank account.
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6- Amortized debt
Before you start saving, it’s a good idea to pay off any outstanding debt. Paying your loan before the due date can save you hundreds of euros in interest. Getting out of a loan allows you to save yourself for the future.
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7- Cancel subscriptions you don’t use
A large proportion of users who subscribe to a service have not used it for several months. Many people forget that they cost money on a regular basis, which is why they are an ideal way for companies to make money. Review the services you subscribe to and cancel the ones that aren’t worth it. If you don’t watch all streaming platforms on a daily basis, you don’t need to access them all, one may be enough. If you sign up for a gym you don’t go to, you can also save the money and exercise outdoors.
8. Sell things you don’t use
Clear out your closet at home and put on sale items at home that no longer fit you, clothes you don’t like, and other things you can no longer use. On online buying and selling platforms, everything will be sold as long as you price it right. If there’s something you never use, it’s better to give it money, even a small amount, than to let it take up space in your home. Selling on platforms like Vinted or Wallapop is a source of income for many people who need quick money.