The September slope is a harsh reality for many Spaniards and their families. Those who have children must face the extra expense of going back to school, which this year will be more expensive than ever. Up to 500 euros on average per child according to OCU calculations.
And those who don’t, enter September with the account shaking after a summer full of expenses and many decisions about money to make with the new course. Is there anything that can be done to keep expenses in check in September? And to save and improve finances?
Get ready for September and the rest of the year.
Focusing on September is fine, but focusing on the rest of the year and years is even better. This is how Amalia Guerrero, economist and expert in domestic savings, author of “Finances and Children”, sees it, for whom “the ideal is not to prepare for September but to be prepared for September, January or any other month.” This preparation begins by “having a budget, which reflects all the income and expenses we have in the family economy month by month. “That will allow us to know what we can and cannot afford.”
This budget will give visibility to the financial situation at that moment and, normally, also the future one. And in September there may be more expenses, but many of those expenses will continue for the rest of the year, just like the income.
Review your expenses, use invoice day
September is a month of expenses to which we arrive with the account shivering after the summer, just as it happens in January. The solution? Take advantage of the moment to review your expenses, especially fixed expenses.
If you have a budget it will be easier, but if you don’t and you don’t want to, there is an alternative. It’s what Luis Pita, author of “Libre” and CEO of Preahorro.com, calls invoice day.
It basically consists of setting aside a day to review all fixed expenses, eliminate at least one of them and temporarily suspend another. “This tool serves to bring to light all subscriptions and fixed expenses such as insurance after making decisions about them,” explains the expert and also author of “Have a worse car than your neighbor.”
With subscriptions it is common to see expenses that you did not know about or that now do not add value to you. With insurance or the electricity rate, you will be able to see how much you pay and compare prices to know if it is a lot or a little. It is very common to be paying more if you have not reviewed your policy for several years.
Adjust your situation to your new reality
If you have carried out the two previous tips, you will have all the data about your financial situation. The next step is to adjust your expenses to the new financial reality, first in September and then for the rest of the year.
This includes knowing that inflation remains high, that it especially affects shopping and gasoline, and that it will remain high for some time. The recipe to combat price increases is to adapt the shopping list to include more vegetables and fewer meat products and, as we will see later, learn to try the supermarket’s offers.
As Amalia Guerrero explains, “if the bull has already caught us, I would tell them to review all those expenses to see which ones they can do without or reduce: insurance, subscriptions, supplies, leisure expenses… in short, tighten your belt if the situation requires it. here “
Pre-save, now and every month
The same sounds counterintuitive, but for both Luis Pira and Amalia Guerrero, September is the perfect month to start saving and pre-savings are the best way to do it.
This savings method, devised by Luis Pita, consists of saving at the beginning of the month and doing it automatically.
To start it you just have to decide what percentage of your income you are going to save (experts recommend between 5% and 10% as a starting point). Then you just have to give the bank the order to create a periodic transfer from your daily account to your savings account. This way you will be saving in September and also during the rest of the year.
If you have it, that pre-saving may be perfect to start your emergency mattress.
Change a consumption habit
Unlike bill day, which focuses on fixed expenses, this tool seeks to attack some small expense that has been on your mind for a long time and that may be associated with a habit that you would like to eliminate.
An example is the breakfast coffee you drink outside the home, snacks from the machine and even, why not, quitting smoking. The important thing for this to work is to focus on a single habit and not want to change too many things at once. And the fact is that he who covers a lot, squeezes little, also for these ant expenses.
Take advantage of discounts to fill the refrigerator
When we return from vacation, the refrigerator is always empty. One way to save in September is to stock the fridge and pantry with supermarket offers, which tend to be plentiful at this time of year.
From 3×2 to discounts on the second unit. In the supermarket you will find many offers on non-perishable products that you can take advantage of.
This is also a good trick to save on going back to school. This month the best offers for the purchase of school supplies are concentrated. Don’t just stick with what you need to start school, plan a little further with the needs of the rest of the course and buy now when it’s cheaper.
Take the opportunity to go further and start investing
September is, along with January, a time of change and making decisions. After the period of summer, you can take advantage of the recovered energy to change habits and do what you have been putting off for so long.
In a financial sense, this usually translates into starting to invest. Carlos Galán, author of “Independízate de papa Estado” and “Libertad Inmobiliaria”, decides that any time is a good time to take the step from saver to investor. “The important thing is to take that step, which is much the most difficult.”
The expert explains that there are many ways to get started, but that one of the simplest is to do it with a robo-advisor because it is easy and fast (in 10 minutes you can be up and running), it is accessible and you can start with little money (150 euros is enough ). ), let invest every month with small contributions and, above all, create an investment adapted to each investor profile and very cheap.
Whether with a robo-advisor or any other product, Carlos Galán ensures that if you start, it is better today than tomorrow, even if it is with little money. September is the ideal month to get on that impulse to change and do it.
Take care of your mind too
Finally, overcoming the September slope does not only have to do with money. Your mind plays an important role and it is possible to maintain that energy with which you have returned from vacation with tips such as reserving time for activities that you like, that is, taking care of yourself; keep your goal of learning something new, even if it is something simple; or reconnect with your friends and loved ones.
These are ChatGPT’s tips to maintain energy in September and they also work for the rest of the year, just like the financial ones.
