Summer is already a thing of the past. Back to school is a reality and this year the purchases of school supplies are making more than one person tear their hair out. The blame lies with inflation, which has raised prices as if there were no tomorrow. According to the Organization of Consumers and Users (OCU), this school year is going to cost a whopping 500 euros per child, and that is a historical record! 30% more expensive than last year, when it was about 390 euros.
The big culprit? Well, the books. And the worst thing is that Spain takes the cake in Europe when it comes to selling them expensively, with an average of 22.15 euros each.
Given this panorama, today more than ever it is important to manage finances.
And, as analysts emphasize, “home financial management provides the ability to adapt to economic changes. If prices rise due to inflation, you will be better prepared to deal with these increases and adjust the budget effectively.”
With a budget you can set specific savings goals. Anticipate future expenses, such as children's education, medical emergencies or retirement, “allocating money for these objectives helps you be prepared to face them when they arrive, even in a high inflationary environment,” experts indicate.
But in addition to establishing savings goals, in an environment of high interest rates, such as the one in Europe, financial analysts recommend considering alternatives to savings banks. “You have to look for financial products that reward savings,” they say.
“Remunerated accounts are an option that has gained a lot of interest in recent months, because banks have improved their remuneration in an attempt to attract new customers,” they explain from HelpMyCash.
The comparator has shared a list with the best paid account offers:
Banco Sabadell offers a 2.5% APR for one year for its new clients, the maximum remuneration is 30,000 euros and does not require a connection. EVO also offers a 2.5% APR, the only thing is that this remuneration is awarded to the entire balance that exceeds 4,000 euros, and does not require connection.
N26, for example, rewards its clients with a 2.26% APR. And if you are willing to domiciliate your payroll, the Openbank Welcome Savings Account with Payroll gives its new clients a return of 5.12% APR the first year. Of course, it only pays up to 5,000 euros.
According to the comparator, another favorite is the 2% MyInvestor Account. It gives a return of 2% APR the first year up to 50,000 euros, without paying payroll, and also without maintenance fees.
Managing finances means paying debts efficiently, avoiding high interest. This frees up resources for savings.
“It's not about making a budget once a year. The idea is to keep it alive, review it at least once a month, update it if necessary. The economy is alive, it changes, it evolves and it is necessary to be aware of it to be able to manage it well and avoid falling into financial stress,” they add.
In short, proper management of household finances is essential to protect your resources, save effectively, and maintain financial stability, especially in an inflationary environment where expenses can increase significantly over time. This allows you to maintain control over finances and achieve long-term economic objectives.
