Ten mistakes that are made when saving and investing and damaging the pocket

Managing Personal Finance well or badly can mean the difference for tens of thousands of Spanish homes between arriving comfortably at the end of the month or, on the contrary, entering a dynamic of indebtedness and economic problems.This Sunday, October 31, World Savings Day is celebrated.Different experts and financial companies (Ibercaja, BBVA, Tracuator, Bankinter, Iahorro, Fintonic, Micappital ...) offer their recommendations to save and invest better, and cite errors that we must avoid.

1) Live the day to day without saving ... or worse, spend more than you enter."Although it is always said that life is short, you have to know how to prepare for the future," they advise from Bankinter.Therefore, "it is important that you have savings to deal with possible unforeseen events and have a quiet future," they emphasize.Obviously, if a family has more monthly expenses than their income, it will need to borrow constantly, so it will enter a vicious circle that can hardly be revealed and will have more and more debts.

Álvaro Bas, director of business development at Rasturator, recommends applying "the famous 50/30/20" rule."To avoid shocks, it is best to take into account what your income and your expenses are and try not to get out of the marked budget. It would be advisableCaprichos and 20% to savings, "he explains.

From Ibercaja they consider basic "knowing how much and what you spend.""Before doing anything, the first thing is to be aware of your financial situation. Check all your accounts and write down all your fixed expenses: rent, light, water, receipt of the phone ... etc. To make sure you point outEverything, we recommend that you use your bank's app and visualize the receipts, so nothing will be passed.Your budget: dinners or meals out, go to the movies, whims that you give yourself occasionally ... ".

2) Be too conservative."This is the main error of the savers, being too conservative and not distinguishing between short, medium and long term ends," says Antonio Gallardo (Iahorro).Thus, as stressed, although in the short term we have to keep money in accounts, available for unforeseen, for medium term (savings with an end such as a trip or an entrance of a home) you can already opt for products that are not so liquid (as savings plans) to achieve greater profitability.And in the long term (for retirement, for example) it is money that does not need to withdraw and bet on products of greater risk.

3) Bread a lot.The use of credit and debit cards, or payments with the mobile phone, involve an advantage for consumers both for the comfort of not having to carry money on and because it is one of the best ways to control and manage your expenses to thebe reflected in the bank account."However, many of these expenses are linked to outstanding debts, so it is necessary to bring control over these expenses and not allocate more money than you earn," they emphasize from Fintonic.

4) Not having an economic mattress.Having savings that allow you to deal with unexpected expenses is a guarantee of good financial health."The middle class does not usually have a good savings habit, and that causes them not to have that money that may need at certain times and avoid many dislikes," they indicate from Fintonic.On the contrary, if you are gradually saving every month, you can pay expenses with which you did not count and even allow you to be a whim from time to time.

5) Do not count the ant expenses.Hick expenses are small and routine disbursements that are almost without realizing it but at the end of the month they make a dent in their pocket.Coffee stores, taxi use, tobacco, sweets, beauty treatments, commissions when taking money in a bank that is not yours ... At the end of the month they suppose a percentage of expense of our income that are not usually taken into accountBut it is undermining.

6) Invest in the stock market without knowing and getting carried away by euphoria and fear. From Ibercaja advise to know first how the bag works to launch.In this regard, we must learn how the stock market works, what are the actions, intermediaries and concepts such as dividends, profitability, risk.

On the other hand, for investors who already know how the stock market works, from Micappital they give some recommendations.Euphoria and fear are very frequent emotions that condition behaviors."When the stock market rises strongly, the most common error of the bad investor is to get carried away by excess optimism and start investing extraordinarily when market prices are already much higher, paying more for those products."

At the same time, when strong declines are produced - which is the ideal time to make these extraordinary investments because interesting products can be accessed by much lower prices - it is carried out by panic to lose what has already invested and begins to get rid of itsportfolio, selling cheaper even what he bought and eliminating at root any possibility of recovering.

7) Do not think about retirement.Due to the continuous reforms that occur in the system and the economic situation, you need to think about your future retirement.Therefore, it is important that you have a pension savings plan in mind, advise from Bankinter.

8) Do not diversify.The Spanish saver tends to invest in what he knows because it makes him feel safer.The average saver invests 74% in Spanish assets.The main advantage of diversification is that it allows you to reduce the risk of investment."For this you have to use different kinds of titles, different categories of assets, sectors, geographical areas and investment styles," they recommend from the BBVA.

9) Abuse payment in installments.In the short term, delay expenses and resort to mortgages or loans may seem comfortable and successful, but in the end you will be paying much more money by adding interest.Therefore, as far as possible - and whenever you have saved money - it is convenient to settle expenses.A greater disbursement in the short term will allow you to live more relieved for the rest of the time.

10) Do not compare or see the options that best fit our needs.”Before hiring a product or service, it is essential to compare.At a time when the number of options in the market are increasingly high, dedicating a few minutes to this can help your pocket to hire the most adjusting atus needs, ”says Álvaro Bas (Rastreator).