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ECONOMY| 02.02.2023

Tips to improve your finances in 2023

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Buying a house, changing cars, traveling, starting a new business, simply improving your financial health are some of the main reasons why we all want to save.

We know that it is not always easy to achieve your financial goals, but at MAPFRE, we want to help you achieve your financial goals this 2023, so we have prepared this list of tips to improve your finances.

  1. Control your expenses

On previous occasions we have already mentioned small expenses, those tiny purchases that add up and end up being a big expense at the end of the month: a monthly subscription to a streaming platform that you do not use, the daily cup of coffee, and especially expenses that are more superfluous and that seem insignificant when we make them but that add up at the end of the month.

Monitoring your cash inflows and outflows with one of the many apps on the market can help you identify where you are spending most of your budget. This type of application allows you to break down your expenses into categories such as leisure, restaurants, supermarkets, etc. And set consumption limits for each category.

  1. Direct debit your bills

Setting up automatic payment of your invoices will help you avoid late payment fees, so you can forget about the manual payment process and make sure you don’t miss the deadline. Another advantage of paying your bills promptly with direct debit is that it will improve your credit score, which will enable you to apply for financial products more easily.

  1. Insure all necessary items

Saving on your home or vehicle insurance policy can mean higher expenses in the event of a breakdown. You can regulate deductibles and coverages you have contracted according to your possibilities and needs so as to avoid so-called vampire expenses, which could wipe out your savings in a matter of hours.

  1. Allocate a portion of your salary to savings

After calculating your fixed monthly expenses and taking into account extra or variable expenses such as going to the movies or going out to dinner, decide what percentage of your salary you can set aside to save in a separate bank account. You can schedule an automatic monthly transfer and thus ensure that you will not spend that fund on other things.

  1. Support your favorite cause

Earmarking another percentage of your salary to donate to charitable causes can give you tax benefits that will help you save, in addition to the help you give to the cause of your choice.

If you have not yet chosen a cause to support, we invite you to learn about the work of Fundación MAPFRE and all the projects with which we collaborate.

  1. Care for those you love the most 

By having life insurance, you protect those you love the most, because in the face of any adversity, they will receive the support they need and deserve. 

  1. Think about your retirement

Pension plans are both savings and investment products. They are designed for periodic or occasional contributions from the age of 30 and guarantee you an additional income in the long term, specifically, for when you retire. 

At MAPFRE we care about what matters to you. That’s why we want to enhance your financial health. If you want to know more about saving and how to improve your finances, you can see all our articles on economics.