Savings, the best advice from the Bank of Spain so that the money in the checking account does not move

Not only is the first month of the year synonymous with cold, rain, and snow, but our pockets also tend to suffer these days from the harsh hangover of Christmas excesses. This results in what we call january slope, That barely managed to mitigate the rebates. All this with rising inflation (5.7% in December) and rising food prices (15.9% in the same month). For this reason, who Bank of Spain They offered some advice to prevent our bank accounts from suffering too much.

small mattress

As an anonymous proverb affirmed, “saving is not just saving, but knowing how to spend.” From the issuing party, they advised it to be ready ».A little cushion of savings for emergencies.” What can give us a break in moments of distress. They do not give an exact number, because everything will depend on each person’s economic situation and income level. In this sense, from the Bank of Spain, remember that there are applications that record and classify your income and expenses or round up your purchases to help you save. Plus, after you’ve made the calculation, they point out that you can schedule a periodic transfer of certain funds from your daily account to another savings account you contracted independently “or set yourself a weekly challenge.”

Beware of “ant expenses”

At the Bank of Spain they remember that if we were to review the expenditures of this past month, we would certainly identify the small payments which, in fact, are not necessary. The so-called “ant expenses” do not attract attention on a daily basis, But at the end of the year it was worth several hundred euros.” It’s about knowing which ones are consumable and looking for more expensive or free alternatives.

Preparing for retirement time

At the issuing bank, they also advise looking for financial products that allow purchasing power to be maintained after retirement. To do this, remember that there are online tools on the website of Finance for allto do the calculations they see fit.

know yourself

Another important point to save for the Bank of Spain (BdE) is the assessment of your financial situation. so by saying, Know your strengths and weaknesses: Sources of income, employment status, and assets you might have in case of an emergency. In terms of vulnerabilities, the composition and cost of the debt you have contracted, as well as the source of your expenses. He says: “A medical examination a year does not hurt.”

Some whims you can give yourself…

An important clarification, they make it clear from the entity, that thrift is not synonymous with giving up all whims “It is convenient to assess your potential before giving it to you.”. Responsible consumption can help increase our quality of life without losing sight of savings. That is, you have to compare prices, and if the numbers don’t come up, hold off buying while you wait for better prices. What can happen in sales.

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