Como Poupar 10.000€ O Mais Rápido Possível (Em 5 Passos)

Summary

This video discusses the challenges of saving money in Portugal, where low wages and high living costs make it difficult for many to save. The speaker shares a step-by-step approach on how they saved their first 10,000€, offering practical advice that anyone can follow, even in tough financial situations. The process includes assessing income and expenses, cutting unnecessary costs, and prioritizing savings. Tools like automated transfers and banking apps are also suggested to simplify the process. The speaker emphasizes the importance of having a clear savings goal and how discipline can lead to financial stability.

Takeaways

• 😀 Saving money is challenging for most people, especially in Portugal, due to low salaries and high living costs.
• 😀 Two main strategies to improve finances are earning more and saving more, with the latter often being harder to practice.
• 😀 In Portugal, the national savings rate is low, around 8%, which is far below the EU average of 13.2%.
• 😀 To start saving effectively, it's essential to have a clear target amount and purpose for saving, such as buying a home or funding retirement.
• 😀 Tracking all income and expenses is key to understanding where money is going and identifying areas for savings.
• 😀 A budget audit can highlight areas for cutting back, such as reducing unnecessary subscriptions or lifestyle costs.
• 😀 Housing is often the largest expense, and alternatives like sharing housing or using public transportation can significantly reduce costs.
• 😀 Manuel, the case study, revised his budget to save 438.58€ monthly, drastically reducing his savings time from 40 years to under 2 years.
• 😀 Prioritizing savings before spending helps ensure that money set aside for future goals isn't used for immediate desires.
• 😀 Using financial tools like savings accounts with guaranteed returns, such as the Trade Republic account, can maximize savings with minimal effort.
• 😀 Technology and apps can aid in managing finances, automating transfers, and making saving easier and more efficient.

Q & A

Why is saving money difficult for most people in Portugal?

Saving money is difficult for most people in Portugal because wages are generally low compared to the cost of living, especially with high housing expenses. This creates a situation where it’s hard to find extra funds to save, requiring significant discipline and sacrifice.

What are some common financial goals for which people in Portugal save money?

Common financial goals for saving money in Portugal include saving for a home deposit, rental guarantees, retirement, vacations, buying a car, marriage, and having children.

What two strategies are mentioned for increasing savings?

The two strategies for increasing savings mentioned are earning more (e.g., asking for raises or finding better-paid work) and spending less (i.e., saving).

What is Portugal’s current ranking in terms of household savings in the EU, and how does this compare to other countries?

Portugal is ranked 18th in the EU for household savings, with a savings rate of 8%. The average savings rate in the EU is 13.2%, with countries like the Czech Republic, Germany, and Hungary having rates around 19%.

What is the first step in the saving process according to the script?

The first step in the saving process is to define the savings amount and the reason for saving. This helps provide motivation and discipline to achieve the savings goal.

How did Manuel plan his savings, and what was his goal?

Manuel’s goal was to save €10,000 for the initial costs of investing in real estate. He began by understanding his income and expenses, tracking every entry and exit of money to create a detailed budget.

What were some of Manuel’s significant expenses before he started cutting costs?

Manuel’s significant expenses included rent (€750), utilities (€110), groceries (€190), internet and telecom subscriptions (€30), gym membership (€30), car-related costs (€80), and other miscellaneous costs (€30 for dining out and activities).

How did Manuel reduce his monthly expenses to save more effectively?

Manuel reduced his expenses by moving into a shared apartment with a lower rent (€550), switching to public transportation (€40), cutting his gym membership and subscription services, and dining out less frequently. These adjustments helped him reduce his monthly expenses to €930, allowing him to save €438.58 per month.

What role did technology play in Manuel’s savings strategy?

Technology played a key role by allowing Manuel to track his expenses using apps, program automatic transfers to his savings account, and use tools like cashback cards. These technologies made it easier to manage finances and stay disciplined with his savings.

How did Manuel use an interest-bearing account to boost his savings?

Manuel used an interest-bearing account with Trade Republic, which offered a 2.25% annual interest rate. By transferring his monthly savings to this account, he accumulated interest, further accelerating his savings toward his €10,000 goal.