Follow these five thrifty tips from the Bank of Spain for an economically prosperous year

WITH the world in a difficult economic position, many people are concerned about money management in 2023. But the Bank of Spain released a handy list of five tips on Monday, January 9 to help people take control over their financial situations this year.

1. Keep a safety cushion

Firstly, the bank recommends keeping a small safety cushion of savings in case financial trouble does strike.

2. Watch the pennies

Secondly, cut back on small expenses, or look for cheaper alternatives, as they can add up to several hundreds of euros in a whole year.

3. Retirement expenses

Retirement is more costly than many of us think, commit to saving enough to maintain a high standard of living in retirement.

4. Financial awareness

Start 2023 with an analysis of your current financial situation. Know your source of income, employment plans, keep track of debts and plan for expenses.

5. Responsible spending

The bank’s final piece of advice is to spend responsibly. This doesn’t mean giving up all of your pleasures, but just taking more care. Compare prices in different shops, or wait for sales before splashing the cash.