The popular saying goes that the richest is not the one who earns the most, but the one who spends the least. A derivative is also often heard: the rich are rich because they spend little. And, among the keys to maintaining one’s fortune is, obviously, making it grow little by little, but it is also essential to closely control one’s finances and this is through savings.
A word that takes on special prominence in the current context. It is in times of inflation like the one we live in, with the shopping basket skyrocketing, with mortgages becoming more expensive due to the Euribor and with the banks turning off the credit tap, when it becomes more necessary than ever that, among the goodist purposes of the new year, let’s include this formula to safeguard money for the future. You may have tried it many times without much success and right now you are wondering how to do it. The truth is that saving does not necessarily have to be an ordeal. If done well, it does not mean enjoying less, but rather living more of life.
According to data from the National Institute of Statistics (INE), in the second quarter of 2022 the household savings rate stood at 16.1% of their disposable income, compared to 21.1% in the same period of 2021. This This figure shows that we Spaniards are suffering from the rise in prices and that we live up to date with our income.
Accumulated inflation in November was 6.8%, a level very far from the ideal 2%. And this is very noticeable in the fixed expenses item of a house, since we pay more for supplies and day-to-day needs. Cofidis offers 7 ideas to stop the bleeding of expenses so that we can achieve some savings:
The comfort of our home becomes a drain on expenses in times of inflation of all services and energy costs. It helps a lot to save, detecting which are the 5 appliances that consume the most at home and how you can minimize their cat.
Another option, whenever possible, is to carry out small renovations in our home that, in the long run, can help us reduce costs if they involve making it more energy efficient. In addition, experts evaluate by up to 20% how much your home can be revalued with small renovations. As a clue or starting point, it is estimated that the complete renovation of a 90 square meter apartment can cost 50,000 euros. However, renovated homes are more attractive and last less time on the market.
There are, in short, various ways and approaches to save this new year. But they all have one thing in common: saving does not mean living worse. On the contrary, being aware of our expenses empowers us to face the challenges of the day-to-day economy.