These data show that we have in our hand the possibility of saving, but we do not often due to ignorance or simple laziness when comparing options. Spaniards have a hard time creating savings habits, but there are some small rules that can give us the momentum we need to start managing the family economy better.
Finance experts, whether they are successful advisors or entrepreneurs, have no magic formulas for success, but there are certain guidelines that they usually have in common. From Macbeth we have compiled some of these tips to save that only a professional number would give you.
Take on yourself to save
There is a concept called ‘mental accounting’ that some advisors use: it is the mechanism that is activated, almost unconsciously, when we are faced with an amount that we have just entered.
It’s about getting ahead of our own calculations and always leaving a remnant, a fixed amount or … ‘surprise’. What experts advise before a collection is fun to part with another checking account or to a financial product. It is a matter of discipline and also of faith in oneself, in which we will not regret saving that money. When six months or a year passes and we see what we have saved by cheating ourselves, it will surprise us.
Another way to self-deceive is in a more responsible use of credit cards: reduce them to one. You can manage perfectly using a debit card and a credit card.
Make money with what you are passionate about
You may not have what your dream job was, but surely you feel devotion to a sport, a particular hobby … Turn it into your extra source of income. There are hundreds of examples of how the blog or YouTube channel of an amateur has ended up becoming a method of financing nothing negligible.
If that activity to which you love to dedicate your time brings you money in addition to the respite, you will enjoy it much more. In addition to opening up new job opportunities, it will allow you to meet people with whom you share common tastes, and any expense related to it you will see as an investment. The gurus are clear: if you make your passion your business, there will be no stopping you.
Save as soon as possible and in small amounts
The best time to start saving was probably years ago, as soon as you signed your first employment contract; Moreover, as soon as you had your first weekly child pay.
What experts advise is to allocate between 10 and 20% of our profits to our ‘piggy bank’ from the moment we have them. The latest figures in this regard indicate that today an average Spanish household saves 10.5% of its income, just half a percentage point more than the minimum advisable.
The easiest way to save, besides being a matter of ‘financial education’ transmitted from parents to children, is to do it little by little. To take away from us one euro a week, which ends up becoming one euro a day, for example, will make us savers almost without realizing it.
Expand your markets more and more
The more they know you, the better and more you will work. In a time when we have so easy access to the web and social networks, apps and websites, we must take advantage of these instruments.
According to the Cetelem Observatory, online sales channels are consumers’ favorites to purchase products and services: from travel and hotels to tourism to technology and computing or accessories to leisure time.
Becoming global distributors, not only local or regional, makes us powerful. Increase our potential customers and therefore our opportunities. Never despise what the Internet can do for our business.
Rate changes, loose coins
In Europe we do not have a one-euro bill, as in the US. They have their dollar bill, but we have a large amount of paper money worth 5 and 10 euros. Experts tell us to spend small bills on our daily purchases and to leave leftover coins whenever possible in a separate piggy bank.
Having a rule to always reserve two-euro coins to save them is an easy measure to take and comply with. In a simple way we can collect between 30 and 40 euros almost without realizing it in a month or two. This simple custom can also give us incentives when it comes to dispensing with credit cards, which sometimes make us less aware of the expenses we make.
The last advice on this list has to do with you, with your circumstances, weaknesses and strengths. Know yourself to know if you can make the above reflections yours, or how to adapt them to your day to day.
If you want to monitor all your progress as a saver, do not forget to help you with the Macbeth app, where you will see the balance of your income and your expenses from a single glance with graphs and recommendations ad hoc savings to your circumstance.