Seguros y pensiones para todos

Saving mistakes that you can correct today

Saving mistakes that you can correct today

Home > Blog > Saving mistakes that you can correct today

22.Jul.2021

When it comes to money, avoiding mistakes tends to pay off better than getting big hits. These are the five most common errors when saving. Learn how to deal with them and you'll be well on the way to achieving financial security.

Saving at the end of the month

How many times have you reached the end of the month with your account at zero? Almost certainly more than once, and this is the risk of trying to save at month’s end. Instead of saving what’s left over, decide how much you want to save and do it at the beginning of the month, as soon as you get paid.

Relying on your willpower

Saving is a matter of regularity and if you depend on your memory or willpower, there will be many months that you will not save. The solution? Create a system that automatically saves for you with a regular transfer or products like PIAS (Individual Systematic Savings Plans).

Confusing bargains with saving

Taking advantage of a special offer makes you feel good, but it doesn’t necessarily mean saving. On the one hand, three-for-two offers will make you buy more, while on the other true savings are what reach your savings account. The rest is managing your money better.

Focusing on the budget and not your savings

A budget is a tool for your finances, not a goal in itself. Keeping to your budget is fine, but only if it helps you save more and better.

Saving without a goal

Saving for the sake of saving rarely works. Those who do so end up losing interest or finding ways to spend those savings. Setting one or more savings goals will help you draw up a plan, which is how you will save in the short term.

Saving only for the short term

Changing your smartphone, getting a new TV, taking a vacation… having short-term savings goals is fine. But focusing all your efforts on them is not such a great idea. Learn to combine these goals with others in the medium term (buying a house) and long term (enjoying a golden retirement).

You may also like…

The innovation revolution in insurance

The innovation revolution in insurance

And this sector is one of the most capable when it comes to using the advantages offered by new information technologies: better knowledge of the customer, greater personalization to offer them the products they really need, budgets adapted to user behavior patterns,...

The art of protecting art

The art of protecting art

Very wide-ranging cover To protect the artwork and collecting sector, there are specific insurance policies. Their purpose is to compensate for any damage caused, either by repairing the work of art or by compensating for the loss. These policies have very broad...

Legal defense insurance: lawyers to the rescue

Legal defense insurance: lawyers to the rescue

Signing an employment contract, buying a plane ticket, renting out our home or shopping on the Internet, among many other daily activities, can lead to a conflict of interests that most people do not have the appropriate knowledge or training to resolve successfully....

It is now possible to insure your cryptocurrency investment

It is now possible to insure your cryptocurrency investment

Volatile currency But why is this type of currency riskier? Firstly, because these currencies are particularly volatile and there is a high level of speculation in the market where they operate. This means that the people who invest in them can potentially make a lot...

Insurtech: from a trend to a booming reality

Insurtech: from a trend to a booming reality

Predicting risk All these technologies have generated a huge and continuous stream of connections and information that allows insurance companies to analyze our parameters related to health, driving, travel, home maintenance, and so on. Thanks to the predictive...

Children and money: should they get an allowance?

Children and money: should they get an allowance?

And it is normal to worry about this. Some people want to wait until their children are older to teach them everything to do with money, others believe that these skills related to their financial intelligence should be enhanced from an early age and, of course, there...