Day 25 and your account is already discovered. You only have a few days left to receive your salary and you only cash you keep in your wallet.
That’s when you start taking accounts and analyzing. What were you able to use the money for beyond fixed costs?. Even though the accounts don’t stack up at first, you slowly start to remember and you realize it. You spent more than necessary. From the Fintonic platform they offer us these tips to save money at the end of the month.
1. Set an overall monthly spending budget
One of the most common mistakes in general is not to limit the maximum amount of money you can spend. This lack of organization can result in overspending.
Therefore, one of the keys to saving, to change budget spending on basic needs every month, as housing, food or entertainment. They generally recommend that this item not exceed 70% of the salary, but it depends on the amount you receive each month.
Of this total, it is recommended that no more than 30% of the income is allocated to the payment of debts. Likewise, this online tool claims to meet this rule, as the average Spaniard with a payroll of 1,842 euros spends around 500 euros to pay rent or mortgage.
2. Have comprehensive control of withdrawals at ATMs
How often do you monitor your movements in the bank account? If the answer is once a month, you may not be aware of the money you spend and the bills will not come.
One measure that can help you do this is to set a limit on the use of debit cards. In this way, you will be able to rationalize your spending by being aware of this. your card does not allow you to spend more than a certain amount.
3. Know what commissions banks take
Do you know how much they charge you in bank commissions? And for contract insurance? Fintonic puts this cost at an average of 163 euros per year, so this expense is a factor to consider, because increase your monthly expenses even if you do not take them into account, it will cause you not to come to the end of the month.
4. Check the invoice amount
As important as it is to write down all the daily expense items, it is much more important to be up-to-date on the receipts and invoice amounts that make up the bulk of the payroll. We must also be careful to avoid double spending on direct debits and card payments.
“Having up-to-date and detailed information According to Lupina Iturriaga, founder and CEO of Fintonic, some of our personal finances allow us to know what our expenses are, eliminate unnecessary ones, and set aside that money to pamper ourselves.
5. Avoid compulsive purchases
If you analyze your monthly expenses, there is probably a percentage of the payroll set aside for an unnecessary purchase. A book, a blouse, a bag. By the end of the month, you may have purchased more than one product that you do not use.
“To determine if a purchase is compelling, we should postpone the implementation decision for a few days. In most cases we will not finish performing it,” Iturriaga says.