Updated Friday, January 7, 2022 – 12:00
The arrival of a new year is often accompanied by a list of purposes, including saving and getting the most out of that money. But how to do it in the most optimal way?
The first trick to be able to save is to make a good distribution of the income.
With the new year and the agenda with an immense list of purposes for 2022, it is necessary to keep in mind the tricks to save and be able to fulfill everything that we set as a goal. Organize the income you receive and the money you have already saved it is necessary to be able to achieve all the personal goals established. Financial comparison experts HelpMyCash.com bring you the essential tips and featured products to get your money’s worth risk-free with time deposits or paid accounts.
The first of the tricks to save is have a good distribution of income received and for this the 50/30/20 rule can be applied.
As Sara Gil, a finance expert at HelpMyCash.com, explains, 50% of the money from income goes to fixed expenses (housing, transportation, etc.), 30% to leisure and The remaining 20% is the percentage to save and invest.
Another trick is to always have a contingency savings mattress that may happen. It is important to have an amount that can cover at least three months of fixed expenses. In other words, without having that accumulated savings cushion, it is not advisable to invest.
Also, the best advice of all is always understand what is being hired. You have to check the condition of the product and understand how it works.
Profitability without assuming risk
Taking money that will not be used for a few months, a year or several years and looking for the deposit that best fits is a good option to save. Fixed-term deposits have these advantages: knowing in what term the deposit will expire, knowing from the beginning what profitability is going to be earned and be sure that the money is protected by the Deposit Guarantee Fund (FGD) of the country where the entity is located if it is a European Union (EU) bank.
This is important, since currently the time deposits that have better profitabilityThey are those from other EU countries, which are also protected by the Deposit Guarantee Fund and which are easily contracted from Spain with platforms such as Raisin, as Gil from HelpMyCash.com points out.
In this platform, for example, they highlight the Haitong Bank one-year deposit at 0.68% APR and the deposit of Banca Progetto also one year at 0.65% APR.
Savings accounts: the money always available
For people who are not totally clear on what to do with the money saved and want to have it available at all times, there is also the possibility of having it in a savings account. In addition, another good point of this type of product is that you can add money little by little, at the rate of each one, without having to deposit everything at once (as is the case with fixed-term deposits).
From HelpMyCash.com they stand out the Bankinter savings account, with which you can get a 5% profitability the first year if the requirements are met, although only the first 5,000 euros are paid, and also the savings account with Openbank payroll, which pays 5% TIN during the first six months with a maximum remunerable balance of 5,000 euros (2.58% APR), but in the same way if certain conditions are met.
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