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9 tips to save and transform your finances

Starting to save is easier than it seems. Get closer to your financial goals with these strategies.

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:

1. Prepare a monthly budget

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.

2. Say goodbye to that membership

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.

3. Catch up on your debts

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.

4. Treat your savings like bills

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.

5. Plan your shopping

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.

6.  Give meal-prep some love

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.

7. Take advantage of your credit card rewards

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.

Popular X Platea Tip: Learn about credit card options according to your lifestyle.

8.  Be strategic with gasoline

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.

9.  Lastly, take advantage of your banking tools

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:

  • Automate your savings with the U-Save1 account
  • Schedule payments
  • Activate alerts and monitor your balance
  • Tag and categorize transactions
  • Create graphs by filtering transactions
  • And more!

The important thing is to get started

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.