A “survival” budget for the post-vacation crunch
Life | 09.11.2017 | Ferran Aguilar
September is a big month. Most people get back to the grind after summer vacation and kids go back to school. Personal and professional activities, projects and goals are launched.
Many overspend in the summer and have to “tighten their belts” in September, a month in which families also have to add school-related costs to their budgets.
Fortunately, getting back to the routine and cracking down on your budget is easy if you follow a series of savings guidelines, keep spending under control and take small steps in your daily life.
Follow these simple tips to kick off fall the right way and make a big difference in your budget:
1. Control and plan your spending
September is the perfect month for updating your budget or making a new one if you don’t have a budget yet in place. Making a budget is as easy as listing your expenses in one column and your income in another, and checking that the total sum of the first is less than the second. Use our MoraBanc online banking to quickly and easily take a look at your account movements.
2. Save on household spending
Turn off the lights in rooms that aren’t in use, make sure all faucets are turned off, and use energy-saving light bulbs. A leading power company confirms that “changing five conventional light bulbs for energy-saving light bulbs could save up to €60 on electricity over a year”.* You might think these are insignificant or unimportant measures, but all these recommendations can provide significant savings on household spending.
3. Keep an eye out for offers and promotions and mark them on the calendar
Many of the things we buy are not needed right away and with a bit of planning we can purchase these non-urgent items at a discount. Stores and brands continually launch sales and exclusive offers – you simply need to keep an eye out for these shopping opportunities to save money (“Black Friday”, “Mid Season Sales”).
4. Get rid of anything that adds no value
You have to make an effort to take a rational look at all your monthly bills, assess the value that these products or services and whether they are something that truly add value (or not). In cases like a gym membership that you’re not using as much as you expected, look for alternatives like a cheaper time slot. Getting rid of subscriptions to magazines or newspapers that you never read and paid TV channels that you don’t have time to watch can also be alternative ways to cut costs.
5. Take advantage of discounts
Take advantage of the membership discounts at clubs, companies, loyalty cards, etc. And take them into account when making purchases. Remember that you enjoy special discounts and benefits when use your MoraBanc cards to pay for purchases at affiliated establishments. Check the list on our website or your online banking.
6. Quit smoking
It’s always a good time to quit smoking, but rising tobacco prices are an added incentive. Getting rid of this habit will have a double benefit for both your wallet and your health. There’s no excuse!
7. Saving gradually
Finally, in addition to developing some daily saving habits, it might be worth saving little by little out of your income to cope with extra expenses. At MoraBanc we offer a wide range of solutions for individuals, including paying a regular sum into a savings account or making a regular payment into an investment fund.
You likely have your own ideas about how to save money, but if you also need immediate cash to help you meet some of the goals that you set for the upcoming fall/winter season, check the loans we offer on our website. Contact TeleBanc at 376 884 884 or your manager for more information.
And good luck!
*Source: Endesa
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