Christmas is just around the corner and that implies company dinners, family meals, gifts... and a lot of expenses. All just before the dreaded January slope, which this year can be very steep due to inflation.
To keep finances up to date and not end up with water around your neck, it is convenient to plan. How much money can be spent during these holidays? "The best weapon to consume responsibly and not spend more money than you should is to create a budget, which is a great tool for managing personal finances," explain sources from the HelpMyCash.com financial product comparator.
The first step is to add the income. That is the available money that can be spent. And, then, it is convenient to review the statement of the account of the last three months to check where the money from the payroll is going (average cost of receipts, spending on food...).
With this information, you just have to start writing down the different expenses that are expected for the month of December. In the first place, the fixed expenses (rent or mortgage, debts, insurance, receipts or purchase). Once deducted, it will be seen how much money is available to save and spend on entertainment and other dispensable outlays such as Netflix or Christmas gifts.
It is important to be realistic when creating a budget and, above all, stick to it. The goal is not to overspend and to know how much money is available each month. You can download a budget model to your computer or mobile phone to fill it out and organize expenses more easily.
If certain expenses skyrocket during Christmas, you can try to reduce on the other hand or save less that month and make up for it the next. Of course, you have to be careful with financing products. Before using a credit card to pay in installments, you have to ask yourself if it is worth it enough to pay 19% more, they point out from the HelpMyCash comparator.
One way to properly manage finances is to separate money into several piggy banks or even several accounts. It's especially useful for savings, as it's harder to spend them that way. At the beginning of the month, an automatic transfer from the payroll account to the savings account can be scheduled. In this way, you don't even have to remember to save, the account does it automatically.
Consumers who want an account to separate their money and, in addition, to grow their savings, can sign up for a remunerated account without commissions or conditions, that is, an account in which it is not necessary to direct deposit a salary or meet other requirements. Let it serve only to save and earn money.
Currently, there are several accounts whose profitability is around or exceeds 1% APR, they point out from HelpMyCash. An example is the Sabadell Online Account for new clients, which, if contracted before January 10, offers a return of 2% APR for a whole year for a balance of up to 30,000 euros. It can be opened online and has no maintenance fees. Nor is it necessary to domicile a payroll.
MyInvestor has just improved the profitability of your account. Pay 1.25% APR for one year for a balance of up to 30,000 euros and then reduce interest to 0.30%. No commissions and no conditions.
Also noteworthy are Bank Norwegian and Renault Bank savings accounts at 1.25% APR and 1.21% respectively.
Another striking offer is the Norwegian Lea Bank's 1% APR savings account. It can be contracted through the Internet through the Raisin platform and is protected by the guarantee fund of the Nordic country. In this case, there is a minimum and maximum amount to contract it: between 5,000 and 100,000 euros.
