In a period of economic uncertainty, saving It has become a keyword for many families. HE Bank of SpainVia his official blog, he recently addressed the following topic: to save moneymaking recommendations and generating an intense debate about the applicability of these recommendations in the current context.
Savings advice from the Bank of Spain: How much money should you keep at home?
The Bank of Spain announced that there was no situation The upper limit for the money that can be kept at home in case of emergency has been determined. This amount varies depending on each individual or family’s personal situation and is a legal practice as long as the source of the money is legal and declared. But a very important question arises: How much would it be wise to save and keep at home?
According to the Bank of Spain, the ideal would be Emergency fund that covers fixed monthly expenses for a period of six to twelve months. These expenses include housing, nutrition and transportation. Although this suggestion is logical, it poses a great difficulty for many families, especially in times of economic crisis and rising interest rates.
Another important point is effect inflation in the money saved. Keeping savings at home can be counterproductive. devaluation of money. For example, keeping 10,000 euros at home could result in a loss of around 100 euros due to inflation, according to calculations by the European Association of Investment Fund Managers.
Discussion: Is saving money a luxury few people have access to?
The debate arises when you consider this, For many families, building an emergency fund that can cover fixed expenses for up to a year is a nearly unattainable goal.. In a time of economic hardship, savings can seem like a luxury, raising questions about how families can balance the need to save with the reality of their finances.
In this scenario, it is of great importance to look for realistic and practical savings strategies. This may include reviewing monthly expenses, exploring cheaper alternatives in services and consumption, and short- and long-term financial planning.
The austerity debate, spurred on by the advice of the Bank of Spain, reflects tensions and difficulties economy flow. Although saving is a recommended practice, its feasibility depends largely on each family’s individual circumstances, and savings is seen as a central issue in contemporary economic debates.