One of the most frequent reasons for not being able to build good savings has to do with the small expenses that go unnoticed in our budget.
These are called ant expenses
By inertia, we tend to place in our monthly budget the large sums of money we spend, but we think that when it comes to small amounts, these will not affect our finances. However, what we overlook is that we often make these “small” expenses, adding up a considerable amount, and that undermines our savings and financial stability.
These expenses seem harmless, such as buying a box of cigarettes, having a coffee daily or three times a week, having lunch outside from Monday to Friday, among others, but according to experts, the ant costs can add up to 700 thousand pesos, which, without a doubt, could be better used in our savings account.
So what can you do?
First, check how much money you spend on these expenses per month. Save the tickets or write down on your cell phone every time you make one of those expenses and once you have the exact amount, you can decide what to do.
Second, understand that it is not about eliminating them completely, because nobody asks you to be so strict. Ideally, calculate how much money you could use in those expenses and make the necessary changes to start complying with your new rule. For example, if you used to have lunch outside of Monday through Friday, you can do it twice a week and the rest of the days, bring homemade food to work.
Thirdly, if you do not have a savings account, it is ideal that you start thinking about opening one, since not only will it allow you to keep your money safer, but you will be able to deposit in it the amounts that you save after expiring expenses ant.
As for savings accounts, did you know that banks should pay you to leave your money there?
They always offer you an interest rate, and the higher it is, the more your savings will grow. One way to ensure the growth of your money is by taking a few minutes to compare the alternatives using the Parson Adams savings comparator and checking which one offers you a better rate.