Automate savings and control spending

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For any goal we want to achieve, we need consistency and, most importantly, a plan. Take, for instance, the decision to lead a healthier lifestyle. This would involve changing some of our daily habits. The same principle applies to saving money. Achieving this goal also demands making adjustments in our daily routine.

Money is always hard to come by, but it can disappear very quickly if we don't manage our spending. Many people attempt to save more and often start various strategies that don’t succeed, either due to a lack of consistency or because they prioritize short-term rewards. One of the keys to saving and maintaining financial health is to develop certain habits that can positively impact your finances.

That's why it's useful to adopt some methods to better manage your expenses. We can ask ourselves whether we really want or need something. Analyze which purchases are necessary for daily activities. You could also set up a system where a certain percentage of your income is allocated to occasional treats.

Another important step is to identify non-essential expenses. These are those daily, unplanned purchases that don’t seem important, often referred to as small expenses. Once you’ve identified them, you can anticipate and better control them. Last but not least, it's crucial to manage your spending habits and adjust them to fit your needs.

It's true that managing our accounts isn't always easy. That's why BBVA offers Set up your Account, a service based on simple rules that help you automatically manage your accounts, so you don't have to always keep an eye on them. This tool has several features. One of them is the ability to set a minimum balance. With this option, you can set a limit on your account to prevent it from dropping below a certain amount.

If this happens, a transfer is made from a secondary account that is pre-assigned and must always have funds. This way, your account will never fall below the specified limit. You can also set a maximum balance, which means that when your account exceeds that limit, the excess funds are transferred to another assigned account. This makes saving easier because the extra money isn't sitting in your spending account.

Set up your Account is also very useful for micro-savings when using a debit card. The process is simple: with every purchase made using the card, the amount needed to round up to the next euro is transferred to a savings account, pension plan, or investment fund. For example, if you spend 14.75 euros, the remaining 25 cents needed to reach 15 euros will be automatically transferred to your savings account.

Another feature of the service is paycheck savings. This means that part of your salary or pension can be automatically transferred to another account. This way, not seeing the money in your checking account makes it easier to save. The transfer can also be scheduled differently, so instead of being made at the beginning of each month, it can be done at the end.

With this end-of-month savings option, you can passively and automatically increase your savings by transferring a percentage of your balance to a different account at the end of each month. Another option is available through My Everyday Operations in the BBVA app, where you can create budgets to better manage your money.

However, Set up your Account goes a step further by allowing you to transfer any leftover money from that budget to another account. This way, you can automatically and almost effortlessly increase your savings account.

All you need to do is set up a series of rules that automate the transfer of money from your current account to your savings account at the frequency you choose.

There are many ways to save money, most of which rely on planning, discipline, and common sense. However, having a system that automates savings and expense management makes the process easier without having to constantly monitor how and how much you're saving. The BBVA app helps you better manage your personal finances, allowing you to live more comfortably and with greater peace of mind.