Micro-expenses: where do your savings go?
These are small, everyday expenses that, at the end of the year, have a major impact on our finances. The President of 11Onze, James Sène, gives us the keys to identifying these small expenses and mitigating the effect they can have on our pocket.
The water bill, the electricity bill, insurance, the euro a day for coffee… there are many products or services that we consume on a daily basis without stopping to think about their cost. Whether out of habit, lack of time, or lack of alternatives, we do not periodically review these costs, and we assume them without thinking about the impact they can have on us every year.
This fact, which in itself can be a disaster in our economic planning, is aggravated in economic contexts such as the current one, in which the excessive increase in inflation is not translated into an increase in salaries.
When your monthly income comes in, can you tell where every penny goes? It is quite common to get to the end of the month, check your expenses and not understand where the money has gone. To identify these expenses in your daily economy, Sène suggests two main characteristics: “they are things that we consume on a daily basis and that have a relatively low cost, i.e. all those essential expenses that we need before we start doing anything else”.
Sène raises the impact that can be had by something as simple as paying attention to all our expenses and, to give us an idea of the impact it can have on our economy, he warns that “with the analysis we have done, families can save €4,000 simply by paying attention“. It is therefore a question of changing the lens through which we analyse our finances and prioritising savings on basic expenses rather than cutting back on leisure or our holidays.
Programmed to consume
Part of this consumerist vision can be explained by everything that advertising and brands make us do, “advertising pushes us to make programmed purchases, we don’t make intelligent purchases“, warns Sène. 11Onze wants to break with this dynamic and, for this reason, will make available to the whole community all the information related to this type of expenditure.
Through comparisons, calculations, and basic information, all this data will be put on the table to allow us to pay attention to ant-spending without having to spend time and effort.
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