What is the most cherished item on your wish list? A new car, a trip to Europe, or your first property? These goals have something in common: they may seem expensive right now.
Here are 9 tips to make the most of your finances and increase your savings, one day at a time. Let's start with the basics:
This is a classic but effective tip. If you know where your money is going, you have more control, allowing you to determine which are necessary expenses and which you can cut. Use our Interactive Budget Sheet to help you work on your monthly budget and savings goals.
Furthermore, you can practice the 50-20-30 rule. Allocate 50% of the budget for your fixed expenses, 20% for savings, and 30% for little indulgences and miscellaneous expenses. It's a simple and efficient way to organize your finances.
Review your monthly subscriptions and services, such as gyms, streaming platforms, or apps and deactivate those you no longer use. Take that money and move it to your savings account.
If you have high-interest debts—like credit cards—try to pay more than the monthly minimum. Once you pay off your debts, you'll have more money available to save.
The U-Save1 account allows you to schedule automatic transfers, ensuring the money moves from your checking account directly to your savings account. It's easier to pretend that money doesn't exist until you need to use it.
The days of mindless splurging are over. Therefore, it's best to make a shopping list and plan what you really need to buy. We recommend keeping an eye on shoppers to take advantage of deals and coupons. Turn this into a social activity and share your findings with your family and friends.
A realistic way to increase your weekly savings can start in the kitchen. Identify meals that are easy to prepare at home and cook enough for at least 2-3 lunches a week. Think about it, if you bring your lunch to work twice a week, you could save an average of $20 to $35.
If used carefully, credit cards with rewards can help you earn money. For example, with our Visa Cash Rewards2, you can get 1.5% cash rewards for every $1 on eligible purchases. If you make your purchases with the card and pay before interest accrues, you can maximize the rewards.
When you need to go out, try to combine your errands into one trip to reduce extra gas usage. Also, before filling up the tank, research and compare gas prices in your area. To go the extra mile towards your savings, download a gas brand app that gives points for each transaction.
It's worth sitting down for a moment and exploring available tools to organize your budget and put your savings plan into action.
Mi Banco3 has features that allow you to:
Whether it's a lot or a little, you must save. The trick is to be consistent and avoid touching your savings unless it's ultra-necessary. Stay focused on the goal, and little by little, you'll see your savings grow.
Check out the our Platea Corner for more financial tips and tricks.
Learn more about the tools and services available to manage your accounts and help you achieve your goals.
The suggestions and recommendations contained in these articles are provided solely as financial guidance or advice. Neither Popular nor any of its affiliates, subsidiaries, or related companies are or will be responsible for any special, direct, or indirect damage resulting from the information contained in this article. If you require any type of advice related to this article, you should seek it from a competent professional of your choice.
Member FDIC. Product offered by Banco Popular de Puerto Rico. Certain conditions apply. Certain fees for partial withdrawals may affect the amount saved. A $5.00 charge will apply if you make a partial or full withdrawal at a branch. No fee will be charged if the withdrawal is made via electronic transfer using Mi Banco. Withdrawals by check have a $5.00 charge. A check disbursement fee is charged in addition to the in-branch partial or full withdrawal fee. For more information, visit https://www.popular.com/en/savings-accounts/usave/.
Cards offered by Banco Popular de Puerto Rico. Subject to credit approval. For terms and conditions of the Visa Cash Rewards card, visit https://www.popular.com/en/cards/premia-rewards/terms/. For more information on other available cards, visit https://www.popular.com/en/cards/.
Service offered by Banco Popular de Puerto Rico. For details, visit: https://www.popular.com/en/mi-banco/mobile/.