Save money effectively: Tips for your wallet

The first step to effective saving is to identify and reduce unnecessary purchases. A budget helps you to keep a clear overview. Start by analyzing and categorizing your monthly purchases. Write down all the fixed and variable costs, and check which ones are really necessary.

There are often hidden costs that add up over time, such as subscriptions you don't use or small daily purchases like having a coffee-to-go. Think about which of these purchases you can reduce or eliminate altogether. 

Eating out or buying ready meals is often more expensive than cooking yourself. Plan your meals in advance and write a shopping list in advance to avoid higher costs. Look out for special offers, discounts and cashback programs. These can help you save money on everyday purchases. 

Second-hand items, such as clothing, furniture or electronics, are often significantly cheaper than new ones. Flea markets, second-hand shops and online platforms offer a wide selection. 

Reduce your energy consumption. Use modern appliances and turn off the lights when you don't need them. Pay attention to how you use heating and air conditioning. Make sure you save water.

Smart consumption means making conscious and properly thought-out purchasing decisions. Before you buy something, simply ask yourself whether you really need it or whether it is just a spontaneous desire. Make a list before you go shopping and stick to it to avoid impulse purchases. Compare prices and look for deals or discounts to get the most out of your money. Invest in quality instead of quantity, because durable products will end up saving you money in the long run. Being conscious of what you are consuming helps you to control your spending and make better use of your budget.

To resist temptation, it is important to focus on essential purchases. Stick to your shopping list and avoid going shopping when hungry or stressed since this often leads to impulse buys.

Set clear financial goals and regularly remind yourself why you are saving. This will help you stay focused and avoid unnecessary purchases. By shopping more consciously and avoiding impulse purchases, you can better control your finances and achieve your savings goals.

The 50/30/20 model is a simple and effective way to manage your income. Divide your monthly income into three categories:

50% for basic needs: This includes rent, food, transportation, and other necessary purchases.

30% for what you want: This category includes purchases for leisure, entertainment, and other non-essential items that make you happy.

20% for savings: Set aside this portion of your income to save for the future, whether it's for an emergency fund, a major purchase, or your retirement.

This model will help you find a balance between necessary purchases, what you want to have, and your savings goals.

By following these simple but effective tips, you can optimize your finances and achieve your savings goals.

There are lots of innovative ways to save money that go beyond traditional savings. One method is automatic savings, where, for example, a fixed amount is regularly transferred from your salary account to a savings account, or purchases are rounded up and the difference is automatically saved. Digital tools such as the BBVA Savings Box can help you to achieve your savings goals.

Set clear financial goals, such as buying a house, taking a trip, or building an emergency fund. These goals will motivate you to save in a consistent manner.

There are lots of apps that act as digital piggy banks and allow you to create automatic rules so that you automatically set aside money when you make a purchase or earn money. There are often categories such as travel, leisure or household spending. These will help you decide where your savings should go.

One of these tools is the Savings Box, which you can access via the BBVA App. The Savings Box makes it easier for you to reach your savings goals with four rules: 

Round up purchases: You can round up each of your debit card purchases (online and in physical stores) and automatically put the difference into your Savings Box.

Save salary: Transfer a monthly amount of your choice directly into your Savings Box after your salary is deposited in your account.

Maximum balance: If your current account balance exceeds an amount you have specified, everything above that amount will automatically be transferred to your Savings Box.

Minimum balance: Transfer money from your Savings Box to your current account if your balance falls below the limit you have chosen.

By using some simple yet effective strategies, you can effectively save money in your everyday life. By reducing unnecessary expenses, making conscious purchasing decisions, and avoiding impulse purchases, you can lay the foundations for financial stability.The 50/30/20 model sets out a clear structure for budget planning, while automated savings methods – such as the BBVA Savings Box – make saving easier. This not only makes it efficient to save, but also something that you can do every day.