Day 25 has arrived and the account is already on the radar. There are only a few days left to receive the salary, and the cash kept in the wallet is dwindling.
That is when financial habits come into focus. What was the money spent on beyond fixed costs? Even if the accounts don’t balance at first, comes the moment of truth. It becomes clear that spending exceeded necessity. From the Fintonic platform, practical tips are offered to help save money by month’s end.
1. Set an overall monthly spending budget
One common error is failing to cap the total amount that can be spent. Without clear limits, overspending follows as a natural consequence.
Thus, a core step in saving is to revise monthly spending on essential needs—housing, food, and entertainment. The guidance typically suggests keeping this category under 70% of take-home pay, though the exact figure depends on income.
Of that total, it is advised that no more than 30% go toward debt payments. The online tool notes that the average earner with a salary of 1,842 euros spends roughly 500 euros on rent or mortgage.
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2. Exercise full control over withdrawals at ATMs
How often is bank activity checked? If the answer is once a month, it is easy to miss where money is actually going and bills can slip through the cracks.
A practical measure is to set a limit on debit card use. This helps rationalize spending by making the card unable to exceed a chosen amount.
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3. Know what bank commissions cost
Is the amount charged for bank services known? What about contract insurance? Fintonic places this cost at about 163 euros per year, a figure that should be considered since it raises monthly expenses even if not immediately noticed.
4. Verify invoice amounts
Writing down daily expenses is important, but staying current on receipts and the bills that form the payroll is even more crucial. It is essential to avoid double charges on direct debits and card payments.
Having up-to-date, detailed knowledge of personal finances helps identify expenses, cut unnecessary costs, and set aside funds for small treats, according to Lupina Iturriaga, founder and CEO of Fintonic. [Cited from Fintonic]
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5. Avoid impulse purchases
If monthly expenses are examined, a portion of the payroll is likely earmarked for unnecessary buys. A book, a shirt, a bag—by month end, one might own items that remain unused.
To decide if a purchase is compelling, it is wise to wait a few days before acting. In most cases the impulse fades, and the decision becomes easier to avoid, says Iturriaga.