The unemployment data are still high in Spain. In fact, in the European Union there are, in global terms, 14.4 million unemployed. Of this total, 22% are provided by Spain. Thus, the unemployment rate in our country is much higher than the European average. Given this circumstance, is there any way to save while unemployed? Are there more efficient formulas to manage our finances? According to the Acierto.com platform there are several formulas.
On the one hand, it is possible to save and reduce expenses by implementing a series of measures. For example, setting a new monthly budget contemplating our income change. Reviewing our bills and expenses as soon as possible and analyzing the current situation will be essential. It is important to even calculate how long we can be unemployed.
We may have received compensation equal to our salary and seniority. The most convenient thing in these cases is to “take” this money out of the equation. That is, setting our new budget and expenses without taking it into account. In this way, if the situation lasts longer than expected, we will always have additional income.
Adapting our standard of living will also be key. We can start by reducing unnecessary expenses, as well as items dedicated to leisure, the frequency with which we go to bars and restaurants, and so on. This does not mean that we eliminate them completely, it is essential have a realistic view of our expenses to be able to stick to the budget with the least possible effort. We can also change: choose outdoor leisure, go to more modest places, exercise outside instead of in the gym, and so on.
Although it is true that saving can be an impossible mission when we are unemployed, it is interesting not to lose the habit. In other words, we must adapt these savings to our current economic situation. Acierto.com recommends doing so, including “saving in a testimonial way” so as not to lose that healthy habit.
As well as comparing when purchasing different goods and services. As the Acierto.com comparator points out, “comparing allows you to save up to 60% on some services.” In the case of insurance such as car insurance -which is mandatory- the amount of savings can reach up to 500 euros per year. A not inconsiderable amount.
Unemployment is also a good time to reflect and implement healthier consumer habits. This can affect bills like electricity, gas and water. Responsible consumption can help us save on the bill between 20% and 40%.
Selling what we don’t use is another way to get extra money. On the other hand, some clothing franchises offer discounts for taking old clothes that we do not use to their collection points. And there are many similar initiatives.
Another option if we are unemployed is to review our debts. If we have problems dealing with our loans – personal or mortgage – it is advisable to speak with our financial institution. In these cases, it is essential to continue paying because, otherwise, the bank will apply commissions for claiming debtor positions and default interest that will accumulate upon initial default.
Some options are to raise a grace period during which we will pay interest and not amortize capital, extend the amortization period or renegotiate the interest rate. In case we have more than one debt, we can request a reunification. It is about joining all the debts into one: that is, instead of paying several monthly installments, we can group them all into one.
However, it is important to know that in both operations, as a general rule, you end up paying more interest in the long term. However, we can choose these alternatives at a specific time and, when we recover, speak again with our financial institution.
At this point we cannot forget those people who, although they are not unemployed, they are afraid to stay in it. Something that, according to the estimates of Acierto.com, could end up triggering savings.
In fact, this is precisely what has happened during the pandemic – beyond confinement. The situation of uncertainty has caused more than a few citizens to tighten their belts. The result? That, at the end of June, Spanish families had deposits of 941.2 billion euros in banks.