Spaniards have complications when it comes to saving, hence the savings rate has been declining since 2009. That is why many are marked special objectives, like a new home, a new car or some remodeling for the house to spend less and save more. Even so, dinners here, concerts and football matches over there, extra expenses can appear quickly, and before you know it, you have fallen behind in your savings plan.
However, do not despair: these tips to maintain the budget They may be just what you need to avoid temptation, achieve your financial goals and even increase your savings for the new year.
1. Visualize it
Are you working to achieve a tangible goal, such as a new car or a house? If so, the Constant reminders for this task can help you meet your budget and inspire you to find ways to increase your savings and reach your goal faster.
Place photographs of your goal around your home and office. Also paste one in the corner of the bathroom mirror and on the refrigerator door. Use a digital image with the target marked as the desktop wallpaper. This way you will face warnings of how your finances go wherever you go.
2. Create subtle reminders
Electronic fraud is the order of the day, so a good way to protect yourself is by generating passwords inspired by financial goals. For example, suppose you want to pay your credit card balance of 5,000 euros. You then set your password to something like "initial payment of 5,000 euros". If for example you are saving for a house, another password could be "still5,000 euros"
In addition, these passwords can have a combination of the letters, symbols and numbers that password generators often require, which increases the security of your account.
3. Celebrate it
Fulfilling a budget and a financial plan is hard work, that's why you must celebrate every little achievement, how to pay the first 1,000 euros of a debt of 5,000, or the first 500 euros saved for your new car. Doing this, it is important to include an entertainment fund as part of the budget, to cover these small extra expenses. Even if it's 20 euros a week, this small amount invested helps celebrate the small steps towards long-term goals, helping motivate you and keep you committed to the financial future.
4. Avoid the temptation
We all have them: friends, places and activities that drag us into a territory that we have some budget left. Your best bet to deal with these temptations is to avoid them altogether.
Change your route to work to avoid the cafeteria where they sell coffee for 5 euros and, instead, take your coffee in a thermos of home. Do not go to the bar with the excuse of "just one", or you could face "just another" round that ends with your bank account.
5. Lower your interests to maximize savings
How is your credit? If it's good, call your bank and question about how it would affect to apply reduced rates on your loans, lines of credit and even credit cards. Alternatively, consider opening a credit card with low interest and transferring higher balances to reduce interest. This helps you meet debt payment goals faster, simplifies monthly payments and reduces the chances of a payment being made.
Do not be discouraged in pursuing financial goals, even if they seem to be out of your reach. Follow your goal and try one or more of these budget tips from today: your progress may surprise you.