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How to save money in Spain

How to save money in Spain, and how to find ways to save money online. Saving money is something that we are all a bit interested. Find out how you can save money on almost everything and how you can become more financially savvy.

How to Save Money in Spain When You Are Retired: Expat Health Insurance, Offshore Banking and the Importance of an Expat Savings Review
01 February 2017 @ 17:29

Saving money when you are retired may not be that easy. However, when you start looking around, there are a few ways you can both save and make money when you are retired. Unfortunately, interest savings rates are at an all time low, and this does not make it any easier. But, if you do get a little bit more financially savvy, you will find that there are some ways that you can save money, and make money, when you are retired. You may even want to consider foreign currency exchange trading, but that is a different story. 

Saving Money on A Regular Basis

If you can afford to, it may be a good idea to save money on a regular basis. Many banks and building societies will offer you a better interest savings rate when you save money on regular basis. Putting away anything from £20 - £500 per month can get you a better savings rate. This is actually a very good way of saving as you can save up for something special. You may want to save up for a special holiday, cruise or even some home improvements. We often overlook saving on a regular basis as we get older, but it can help a lot. 

Saving Money By Locking Your Money Away

Saving money by locking your money away is a good alternative. If you have a savings pot in one bank account, but feel that you don't need access to it all, you should consider locking your money away. This simply means that you take a certain amount of money, and put it away in a separate account for an agreed period of time. It may be over one year, two years or perhaps even five years. There are lots of deals out there, so before you go for this option, check out what is available. Off shore bank accounts may offer better saving options if you would like to look your money away. Speak to a financial adviser. They don't mind and many of them have some good ideas.  

Save Money By Switching Bank Account

Most of us use the same bank all of the time, but the truth is that we may be better switching banks. The good news is that you don't need to switch all of your accounts. You may be able to keep your current account in your original bank, but switching your savings account. A lot of banks like to attract new customers by offering better rates, so it is an option you should check out. In some countries like Spain, savers switch their savings accounts all of the time. They simply hunt out the best deals every year or five years. It is a good point and something that many people often forget about. I know that it may seem easy to keep the same bank saving account, but is it making you any money? 

Over Paying Your Mortgage

If you still have a mortgage, you may want consider over paying your mortgage. But, there is a big BUT, speak to your mortgage provider first of all. Some mortgage providers don't like you doing this as it means they lose interest, and there could be penalties to pay. However, it is still a good idea, and there is a good way around if you would still like to pay off your mortgage earlier. 

You could set up a savings account, and let the balance build up. Once you have reached a certain amount in your account, get in touch with your mortgage provider and ask if you can come to a deal. As a lot of providers also like to clear down loans, they would probably be more than happy to talk to you. This option works very well if you have a repayment mortgage with about £20,000 to £30,000 left. If you can save £500 per month, it would take you less than 3.5 years to pay off a £20,000 mortgage.  

Check Out Your Debts

When you have a lot of costly debts, make sure that you get them paid off before you start saving. It is still fairly easy to get what I call "bad credit". Pay day loans can end up costing a fortune, and so can that holiday or Christmas celebrations you paid for by using your credit card. Be honest about your debts and get them paid off. You should not live with debt for the rest of your life.  

Don't forget to make sure that you are getting the best deals on foreign exchange rates, expat health insurance and expat financial advice. Arranging a savings review is a good idea. The expat financial market is very specialized, so you want to aim for a specialist expat savings review as it may mean getting some excellent tax advice free of charge.

 



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