Are you familiar with virtual money jars? Saving made easier


A virtual money jar lets you move money out of your current account, to save to make a dream come true or for a cherished project, or simply to save for a rainy day. First you need to think what you are saving for, how much you need and how long it will take you to save it. The main banks include virtual money jars in their apps, although there are also other apps created exclusively for this purpose.

The key to success is that contributions to your virtual money jar are made automatically, so that once you have set up a plan to your liking, saving becomes easier. A system of alerts keeps you updated on your progress. You can establish several ways to save:

  • Every time you receive money in your account (your salary or pension), a set percentage will be moved to the money jar.
  • Every time you buy something, the cost will be rounded up to the nearest euro, with the difference going to the money jar. For example, when you spend €1.70 on a coffee, the 30 euro cent “change” out of €2 will be added to your money jar.
  • Automatic transfers tailored to your wishes (daily, weekly or monthly).
  • Saving goals: visualise your goal (a motorbike, bicycle, …) and manually transfer the sums you wish to save, little by little, at your own pace.

In short, your virtual money jar is a present-day alternative to the classic money box that we used to fill with change after a trip to the shops.

If you use it in combination with other tools, such as account aggregation services and expense classifiers, to control all those small day-to-day expenses that ultimately add up and that you could probably cut out, you’ll become a “super saver”. This is clearly a tool that can help you manage your personal finances.

If you would like more advice on saving and financial planning, go to the financial education portal Finanzas para todosAbre en ventana nueva, a joint initiative of the National Securities Market Commission (CNMV) and the Banco de España under the Financial Education Plan 2018-2021.

And remember, with the right information, you can master your personal finances.

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