The Bank of Spain warned in its 2024 report that 40% of households fail to save a euro. The figure coincides with what experts such as economist Elsa Pérez see in his consultation: “Without a fixed figure from the beginning, there is no possible discipline.” That is why he remembers that there is a simple method to save and that he will do everything in a much simpler way without depending on what we leave – or not – at the end of the month.
Spain is a country where money conversations are not put on the table. But bad managing the salary has concrete consequences, such as the inability to save, financial stress, dependence on monthly income and, in many cases, precipitated decisions that mortgage the future.
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“Income management is more important than income”
The salary leaves, mainly, in fixed expenses (rent, food, transport, mobile …) and also in variables that are not always controlled, such as leisure, impulsive purchases, vacations and whims. And thinking about savings comes when something is left. But it is almost never planned.
“Many people believe that saving is simply to keep what is left over at the end of the month. And it is something totally wrong,” says the economist. And, in Elsa’s words through a video posted on Tiktok, even those who perceive high salaries fall into that same error.
It is here where he recalls that “if you do not plan, it doesn’t matter if charges 1,200 or 3,000 euros, you will end up without saving.” Why does it happen? Because the expense expands until the entry is filled, as they know who receiving an increase barely notice a difference at the end of the month.
“Remember to establish a clear monthly savings objective from the beginning, income management is more important than the income,” says Pérez. This approach prevents expenses from devouring each salary increase. In practice, it consists of first separating savings and living with what remains, not the other way around.
Establish a clear monthly savings objective: “You can start 50 euros per month”
The truth is that for many, the salary does not give. Not because they spend without control, but because the basic costs have shot themselves while salaries have remained with a slow progress. In this sense, the economist emphasizes the proper management of income. Because knowing how to manage money is what makes the difference between those who save successfully and those who fail to save, regardless of their income level.
The formula of this secret to get a saving habit is to understand that it is not just waiting for the month to see how much it can be saved, but to establish a clear monthly savings goal from the beginning, as reflected. “If we have income and we are clear about the savings that we have to do every month, we will know what we can spend.
“Very important to quantify realistic savings and then start without burden. Look very well your needs and priorities, but you can start even with 50 euros a month,” recommends the expert. As he explains, it does not matter how much the initial savings are, the important thing is to establish a habit and financial discipline to achieve the established goals.
Discipline and perseverance
As such, this is a strategy that requires discipline and being constant. “It’s not about depriving you, but about prioritizing,” says Pérez. Even with tight salaries, separating a small part at the beginning radically changes the ability to save. The goal is not only to accumulate money, but to gain tranquility. Because, as the economist remembers, “there is nothing more liberating than knowing that you have already paid yourself the first of each month.”
Learning to manage salary is an exercise that can no longer be improvised. Therefore, in this exercise three steps must be prioritized: be aware of income, establish the categories of expenses and establish the savings capacity. From here, you can evaluate the situation of each one. Savings capacity allows you to create a financial strategy in case you want to gain more benefits and grow this amount.