There is a myth surrounding personal finances that they are too complicated. So much so that many people have an aversion, not only to learning about finances, but also to broaching the topic of money with their inner circle.
It is evident that money is still a taboo subject. According to the latest Financial Competencies Survey by the Bank of Spain, published in 2018, 46% of the Spanish population considers that their financial knowledge is scarce or very limited. And how can we change this situation?
And that's not all: talking about money allows you to optimize the management of your personal finances or discover that the banking products you have contracted are not the best or the most profitable.
A widespread belief holds that all banks charge fees for maintaining accounts. However, it is enough to talk to other clients (which can be anyone who has a bank account) to understand that this is not true: several banks offer commission-free accounts that allow you to save up to 240 euros per year.
For example, Santander offers an Online Account without commissions or requirements and, in addition, allows you to receive up to 400 euros gross as a gift for direct debiting your payroll or pension. Banco Sabadell competes with its Online account, which offers a return of 2% APR for an indefinite period, in addition to reimbursing 3% of all electricity and gas bills.
Another revelation when talking or learning about finances is that, in a context of high interest rates, like the current one, it is not necessary to take great risks to make savings profitable.
"With paid accounts, you can obtain a return greater than 2% APR," they point out from HelpMyCash. The advantage of this type of account is that they allow money to be withdrawn at any time and are backed by a Guarantee Fund, which covers up to 100,000 euros per bank and holder.
The N26 Savings Account, for example, offers a return of 2.26% APR with no maximum limit. While the Evo Welcome Smart Account gives a return of 2.85% APR, with a maximum remunerable limit of 30,000 euros.
Discovering that there are cards that offer refunds on purchases, refunding part of the money spent, is another advantage of daring to talk about money with friends and family.
After the increase in the price of oil, one of the most in-demand promotions are discounts on gasoline.
For example, the Abanca Visa Tú Credit Card reimburses up to 4% of expenses at Galp gas stations. The ING debit card returns 3% of fuel expenses, both at Galp and Shell gas stations.
"There are many instruments to optimize the management of personal finances, save and multiply savings. To know them, you have to dare to read and talk about money," they say from HelpMyCash. And it is no longer just about talking with friends about how much you earn or how you spend, but also about exchanging savings tricks to improve personal finance management.
