Six Basic Requirements To Start Saving, According To The Bank Of Spain

Saving money each month can be a daunting task. However, it is a custom that, according to the blog debl Banco de España, will allow us to improve our quality of life and satisfy our needs without loans or credits. Thus, the public body gives some keys on how to start saving on World Savings Day.

  1. Planning: to be successful with savings planning, it is important to set goals for both the short, medium and long term. “Good planning will help us control expenses and maximize savings”, explains the Bank of Spain.
  2. Establish a clear budget. The entity recommends preparing a budget, a document to reflect the objectives. Also, those goals should be consistent with income and expenses.
  3. Encrypt a monthly amount. Savings should be incorporated into the budget as a fixed expense. It is advisable to establish a monthly amount according to our possibilities.
  4. Commitment to saving. We must remain firm in our objectives so as not to fall into the temptation of spending that money on things that are expendable.
  5. Vary the objectives according to unforeseen events. The Bank of Spain recommends reviewing the budget each time there is a variation in the income or expenses that we are reflecting.