New year, new challenges. Exercising more, eating better or losing weight are some of the most common New Year's resolutions, but if there is one that is usually repeated year after year, it is to save more money.
The most effective way to achieve this is to set a realistic goal, be consistent and separate your savings so as not to spend them. A formula that can help us decide how much money we set aside each month is the 50/30/20 rule. It consists of allocating half of your monthly income to cover basic needs (rent, grocery shopping, electricity...), 30% to cover dispensable expenses, such as leisure, and the remaining 20% to save. Obviously, it is not a hard and fast rule. A person with a high income can probably exceed that 20%, while someone with a modest payroll and dependents may not make it. In any case, the important thing is to start and save every month, no matter how little.
And where can we keep the savings that we set aside each month? Savings accounts allow you to make savings profitable and withdraw them at any time. And right now these products are offering a much higher profitability than a few months ago with interests that reach up to 4%, according to the financial products comparator HelpMyCash.com.
