How to Save Money in Spain

If you are planning to move to Spain, there are various things you should keep in mind if you don’t want to spend more than you can afford. Moving to a different country means new rules, so learning valuable tips and tricks to help you save is essential. 

Introduction About Spain  

Spain is a country filled with vibrant culture, rich history, and unique landscapes. From Costa del Sol’s beautiful beaches to Madrid’s vibrant streets, it’s just amazing! However, despite its beautiful scenery, living in Spain can be expensive. Although the cost of living in Spain is still very low compared to other EU countries, it’s essential to try and save money every chance you get.

Money Saving Tips for Spain

Want to save in Spain? If you are finding it difficult to do so, fear not! We will share some clever tips and tricks to help you save without sacrificing the things that you like about this country. From banking to grocery shopping, we have got you covered. Whether you are a young professional trying to save for a specific goal, a student on a tight budget, or just want to cut down on your expenses, follow these tips. 

• Choose the Right Banking Facilities 

As an outsider trying to open your first bank account, you’ll be surprised by how expensive it is. There are two options to choose from. You can either open a resident on a non-resident account. Opening a non-resident account is costly. One way of saving is by opening a resident account. But to do so, you need to have Numero de Identificacion de Extranjeros (NIE). Getting financial and taxation advice from professionals after moving to a new country is a great idea. You’ll learn so much. For instance, it might be better to open a non-resident account, depending on your financial situation.

Usually, international banks like HSBC are the best options for English-speaking people. This is because their services are available in English and they have branches spread across the world. So, before opening an account, research and compare various banks to see which will fulfill your needs better. 

• Take Advantage of Rebajas 

Naturally, shops in every country offer sales, but they take it to the next level in Spain. They have a twice-yearly tradition of rebajas which helps shape the purchasing pattern for residents. So, whether you are trying to save the money you have earned or are just on a tight budget, it’s worth not buying nonessential items until it’s rebajas season. This way, you can save a lot of money.

Once the sale starts, all shopping areas tend to get busy, so do some window shopping beforehand. Visit your favorite stores to know their offerings. And if you plan to purchase clothes, try them to know your size. This way, it will be easy to get your items quickly when the time comes. There will be queues everywhere, so avoid going on weekends. 

• Research Your Tax Payments 

To avoid being taxed twice, or what’s known as double taxation, on your income and assets in both Spain and your country of origin, check out if Spain has signed a (DTAA) Double Taxation Avoidance Agreement with your country. If you are a Spain resident for more than 183 days a year, you have to pay income tax. Regarding value-added tax (VAT), as a non-European, ensure you keep all the receipts for the items you buy. You can use them to claim a VAT refund if you leave Spain. 

• Avoid Paying for Things You Can Do Yourself 

If you are willing to pay, you will find all kinds of professionals in Spain to help you perform menial tasks. For example, if you want someone to take care of your garden or do some minor repairs, you will find one. However, you will spend a lot if you contract someone for every simple matter. Instead of asking for help all the time, try doing some things on your own. 

• Use Spain Save 

Spain Save is an online voucher platform. Register online for discounts at restaurants, attractions, bars, and shops. There are thousands of discount vouchers available for free. You can often get vouchers that enable you to get two meals for the price of one, especially on weekdays. 

• Check Out Supermarket Magazines 

Many supermarkets in Spain publish magazines where they share sales and offers. It can be worth it to keep tabs on the countless promotions. This way, you can save a significant amount over time. Also, you should know that usually, supermarkets in Spain reduce the prices of their items in the evening. Every supermarket will have its timings for price cuts, so it’s up to you to take advantage of them.

Also, some supermarkets offer loyalty cards to their customers. The cards allow you to collect points every time you shop. Once you have accumulated enough points, you can redeem them for gifts or to offset the prices of specific products. 

• Consume Electricity Wisely 

You’ll save a lot of money if you change your lifestyle habits according to electricity rates. They differ depending on the time and day of the week. Know the peak, standard, and off-peak rates. It’s cheapest to use electricity from midnight to 8:00 a.m. on weekdays and all day on weekends and bank holidays. If you can wait till those times to power up your devices, you’ll generate lots of savings.

Conclusion

Even though the cost of living in Spain is high, saving money is possible. The tips discussed here will enable you to spare some money that you can save. So follow each one, and you’ll start seeing changes.

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