How much money should you save each month if you charge 40,000 euros - 40000 euros wage savings money revealed - The philosophy of saving is a practice that has to be embedded in the mind of anyone who earns whatever money a month. It has to be a fundamental habit to incorporate into personal finance in order to achieve financial freedom.

Getting used to saving is not an easy task, but the sooner you do it the better. With this, you will be able to achieve the financial objectives that you have set and know what to do with that surplus: if you save it, invest it and use it in some whim as a trip.

Therefore, it is essential that you get into the practice of saving at the earliest possible age. The sooner you plan for your home economy, the easier it will be for you to do what you have set out to do. It is no secret: little by little great things are achieved in the future.

Many people do not have the knowledge of what must be done with their capital to have sustainability with their accounts. They feel completely disoriented and aimless.

However, it is essential to breathe deeply and sit down. Take the reins of finance without panicking.

To do this, it is interesting to sit down and look at your numbers. By making yourself aware of what your income and expenses are, you can see what's keeping you from having good financial health: whether you spend more than you perceive or are not implementing the right strategies with your money.

40000 euros wage savings money revealed

Wealth management experts recommend having a volume of money saved to deal with any kind of unexpected that may appear along the way. An amount that goes according to the capital that enters your current account and that can increase over the years.

How much money do you have to save, then? It is one of the questions that many savers ask themselves, considering what their income is. This is a question that has no difficult answer and that will depend on your salary level. That is, the net income you have per year.

Basically, you should not have the same capital set aside if you earn 25,000 as if you receive 40,000 euros per year. The more salary, the more liquidity it is recommended to have set aside as savings.

What never changes, of course, are the methods to get there. To have a solid savings you can use mobile applications to cut unnecessary expenses, something as simple as not spending more than you enter, automate savings or eliminate certain habits from your routine. They are dynamics that, together, make each month you can count on a significant capital surplus.

Of course, knowing the liquidity you have to have available depending on your salary is one of the keys to adjust to the budget you need to set to achieve the goals you have proposed.

40000 euros wage savings money revealed

Given the situation that you earn 40,000 euros gross per year, you can surely consider how much you should allocate to saving.

First of all, wealth management experts advise that proper financial planning is needed. It is vital to budget the economy you have inside your home.

Income and expenditure must already be included within that budget, while leaving enough room for savings. And how much is that space that should be allocated to save? The essential recommendation is about 20 per cent of annual income.

40000 euros wage savings money revealed

This means that, if you earn 40,000 euros a year, following the basic rules of saving, Singular Bank experts indicate that the most appropriate thing is that you have the possibility of saving 20% each month. Therefore, you should be able to set aside 8,000 euros per year or, what is the same, over 666 euros per month.

The objective to be sought is to be able to accumulate capital to be prepared for any unforeseen events that may appear along the way, or to face the large expenses that may arise eventually. Also, in order to think about your retirement, since public pensions are still in the eye of the hurricane.

Another fundamental point, in order to reap savings from this entity, is to establish that the objectives can be achievable and can be clearly measured. ” By knowing the surplus money that is counted after the subtraction of monthly income and expenses, a person can set saving objectives in a much simpler and more realistic way", explain the BBVA experts.

40000 euros wage savings money revealed

However, although the concept of saving may not seem difficult, it is interesting to carry out a strategy that includes relevant aspects. For example, having a budget of income and expenses: from fixed to variable costs. What's this supposed to mean? That you can calculate the savings capacity you have.

How can you reach it? There are some formulas such as making automatic transfers every month, emptying your wallet at the end of the week and saving the excess cash you have, saving unexpected income, waiting a week before making important purchases or keeping a very precise control of your economy.

But to get that recommended 20%, generally speaking, it will largely depend on your monthly payroll. In the event that your salary is higher you will be able to save even more than that percentage. But if your income is lower, the reality is that you will have more difficulty reaching the goals set.

40000 euros wage savings money revealed

More news:

El Corte Inglés increases its sales by 50% in the first quarter, increasing its revenue to 2,511 million euros

El Corte Inglés has presented its accounts for the first quarter of 2021, in which it presents an increase over the previous year of 50.2% between March and May in revenues, which stand at 2,511 million euros.

The El Corte Inglés Group has thus achieved "a strong recovery" after the year of the COVID-19 pandemic, which places it again at levels close to those achieved in 2019, "excluding the travel division and the impact that tourism has on retail," the company reports in a press release.

In addition, El Corte Inglés has registered a positive Ebitda of 81 million euros, which represents an increase of 276 million over the same period of the previous year.

As for the gross margin, it has an increase of 69.2% to 801 million euros, while it has consolidated its online sales, which have grown 119% compared to the same period of the year 2019: it goes from 5.3% to 12.84% on total sales.

By sector of activity, retail reflects figures close to 2019, "despite the impact of the lack of tourism and the restrictions still in progress", with a turnover that has improved by 47.8%.

Likewise, gross margin in retail increased by 77.5% and Ebitda increased by 254 million euros compared to the same quarter of the previous year.

Outside this line, Seguros maintains stable sales with 54 million euros in the first quarter ,while Viajes " is still affected by mobility restrictions, although the efforts and measures implemented have meant an improvement in Ebitda," the company reports.

"The Group plans to maintain growth in all its fundamental parameters, both by the measures adopted and by the recovery of consumption," he adds.

In addition, at the strategic level, El Corte Inglés claims to maintain its focus on growth with operations that generate value, such as the integration of Viajes El Corte Inglés with Logitravel, "which will create one of the travel leaders in the Spanish-speaking market", as well as with the purchase of the supermarket chain Sánchez Romero.

Among the recent developments of the Group —whose operating cash flow has increased to more than 1,000 million euros, are the launch of Sweno (Sweno Communication, new line of business voice services, fiber and data, and Sweno Energy, trading of electricity and gas) and the implementation of Sicor, Alarms, service complete protection for homes.