Take advantage of my savings in the best way

It is true what they say that money does not bring happiness, but what it does bring is vital security and stability that are necessary to be able to live. Beyond having a good salary that allows you to lead a comfortable life, it is very important to be able to save some money every month to cover unforeseen events, embark on a trip or to be able to make future investments that make it possible for your savings to continue growing.

Below, we offer you a series of keys that will help you save more and better every month.

Expense control

Saving requires a detailed record of expenses . So that you can enter more money than you spend every month, you will need to know what you invest each of the euros that come out of your portfolio.

To control expenses I recommend the use of, for example, an Excel sheet in which you will write down each of the expenses. It is not necessary that you write down each one of the products that you acquire, but you do need the totals. For example, if you make a purchase at the supermarket, you do not need to detail each of the things you bought —although the more detailed, the more useful information—, it may be worth entering the concept “supermarket purchase” with the total and the date.

With this spreadsheet you will be able to know when and how much you spend each month and establish global statistics.

Set a goal and designate a monthly amount to save

Are you clear why and why you want to save money ? It is not the same that you intend to get a mattress for contingencies, something for which €10,000 may be enough, or that you intend to reach an amount of, for example, six figures.

When you know, allocate a part of your salary or pension to savings. Enter it into a savings account or create a different account in which you will enter that money, but from which you will be strictly prohibited from withdrawing money unless it is a situation of extreme need. It is very important that you take control of the assignment with absolute discipline.

Choose the best mortgage

When buying a home , one of the vital milestones of our existence, you should try to get the best conditions for your economy. How to choose a mortgage is one of the keys that will most determine your savings. Take into account the amortization period and the mortgage interest and try to play with these variables so that the monthly payment is not very high and that way you can save some money every month.

Eliminate unnecessary expenses

In saving, every euro counts . Taking this premise into account, and once you have established a detailed record of expenses, you will have to observe and differentiate between essential, avoidable and dispensable expenses. It is clear that you have to keep the essentials —although you can always find a better price or reduce spending by being responsible; you can’t stop paying for electricity, but you can reduce it by turning off the light in rooms where there is no one, but you can save a good monthly amount of euros if you end all the absurd expenses. As for avoidable expenses, think carefully if cutting those expenses will reduce your quality of life, if the answer is no, eliminate those expenses.

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