Seven Tips for Stress-Free Saving in Our Daily Lives

Financial education in our country is making positive strides, but many people still do not know how to adequately manage their personal finances. Trying to save what’s left at the end of each month is a widespread practice, but it indicates a lack of financial education that continues to persist in our country. Learning to manage our personal accounts should be one of society’s priorities, as it ensures the development of citizens capable of making responsible decisions.

The act of saving is necessary regardless of the stage of life we are in. The reasons for saving depend on the life phase we are going through. The sooner we learn, the better we will manage our savings financially for a future with greater financial health. By following some very basic guidelines, we can manage our income much more efficiently and save money and headaches.

On World Savings Day, celebrated every October 31, the CECA sector (comprising CaixaBank, Unicaja Banco, Abanca, Kutxabank, Ibercaja Banco, Caixa Ontiyent, Colonya Pollença, and Cecabank) shares some good practices that will allow us to enjoy good financial health.

Planning and Analysis

Having a long-term vision regarding your savings goals will motivate you to reach your objectives and maintain consistency, but it is essential to set clear and realistic goals.

Once you have defined them, create a budget that matches your expenses and plan for fixed costs to always keep track of your finances and be prepared for unforeseen events. Additionally, it is advisable to have an emergency fund, which is savings intended to cover unexpected expenses or deal with exceptional situations.

In this world where new technologies and connectivity prevail, we can also find tools that facilitate the task of saving. For example, applications that manage your budget. Record your income and expenses in them, so you can analyze how you manage your money.

With these tools, it will be easier for you to carry out a regular follow-up of your expenses. CECA recommends paying attention to the movements in your bank account and reviewing at the end of the month how your expenses have been distributed.

Microexpenses and Impulsivity

It is essential that in our routine we operate with foresight. This involves avoiding impulsive purchases and acting thoughtfully and consciously. To achieve this, you need to compare prices of the services and products you desire and analyze possible offers and promotions.

On the other hand, we must be very mindful of small expenses. These are small amounts of money that are often spent unconsciously and are not planned: ordering morning coffee, buying cigarettes, or ordering takeout, among others. Although it may not seem like much at first glance, they accumulate and can significantly impact our finances and even hinder our financial plans.

Cash remains king among payment methods, but the use of cards has become widespread and will continue to become more normalized over time. Therefore, making responsible use of cards and avoiding over-indebtedness is crucial to balance our finances and prevent future complications.

Initiatives from the CECA Sector

The financial sector is firmly committed to education in personal finance. This effort is backed by the numerous activities and programs developed by the institutions to enhance understanding of finance and contribute to the development of informed citizens.

CECA sector entities work to promote financial and digital education in Spain through programs and initiatives targeted at various age groups, with special emphasis on vulnerable sectors. According to data from the 2022 Executive Report on Financial Education, entities associated with CECA and the Funcas program for Stimulating Financial Education (Funcas Educa) invested 2.23 million euros to boost 122 programs aimed at reinforcing financial culture and digital skills in Spain.

Thus, there were 13 million impacts registered, among in-person attendees and digital accesses due to the 4,226 initiatives directed at various age groups and specific sectors. Over the last five years, the total investment allocated by the CECA sector to enhance financial education has reached 15.4 million euros, of which 10.9 million corresponds to Funcas Educa.

Programs and Themes

Programs aimed at children and young people accounted for the majority of the activity, with 1.3 million euros distributed across 2,163 activities that recorded 6.6 million attendees and accesses. For adults, just over half a million euros were allocated to activities that welcomed 3.1 million accesses and attendees. For individuals over 65, 3.2 million digital accesses and in-person attendees were recorded.

Among the themes that received the highest investment are savings, spending, and budgeting (27.7%); sustainability, digitalization, and cybersecurity (16.2%); investment products and services (15%); insurance (11.2%); banking products and services (10.4%); and entrepreneurship, SMEs, freelancers, and the rural world (8.1%).