10 tips to start saving in 2025

Commitment, perseverance and discipline are essential to start this habit.

Saving is one of the main goals that people set for themselves at the beginning of the year, but to achieve it in the best way, it requires commitment, perseverance, discipline and creativity.

Read more: Costa Ricans have fewer savings opportunities, according to a study

The main recommendation is to "pay yourself." This can be achieved by setting aside 10% of your salary. As you make this a routine habit and adjust your spending, you will be able to increase this percentage.

To achieve this goal, you must create a budget, be clear about your monthly expenses, reduce non-essential expenses, and develop strategies to generate additional income.

Read more: Saving: the challenge for Costa Ricans amid the current economic situation

In addition, you can opt for a monthly, quarterly or annual savings plan , and use the envelope methodology.

Scheduled savings are automatically debited from your account and usually offer good monthly interest rates, as well as additional promotions and benefits. You can also open term certificates to obtain higher earnings or invest in mutual funds, with a minimum of ¢5 thousand or $10.

Another important tip for saving is to cut down on "small expenses," make a list of all the subscription services you are paying for, and avoid going shopping without a list that includes what you really need.

When making a purchase, it is essential to search, compare prices and buy products where you can find the most economical option, said Danilo Montero, director of the Financial Consumer Office.

Now, what is more advisable: saving in dollars or in colones?

Given the drop in the exchange rate reported last year and which, according to analysts, will continue in 2025, the main advice is to opt for foreign currency.

However, interested parties should analyze what best suits their needs.

In colones, the situation is different. The Central Bank will continue to lower interest rates, as it has been doing gradually in recent months. This will reduce the returns on investments in local currency.

“The decrease in the TPM and the lower amount of dollars in the local economy may generate an additional depreciation of the colon and a greater appetite for foreign currency, which would imply a dollarization of resources to the detriment of the colones,” explained Luis Alvarado, economic and stock market analyst at Acobo Puesto de Bolsa.

This is a habit that is taught from an early age and over time requires greater emotional management.

Be clear about your actual monthly expenses
Reduce or eliminate non-essential expenses
Develop strategies to earn additional income
Start a scheduled savings with the amount that was removed from expenses
If you have a significant amount of savings, transfer your savings to a term certificate to obtain greater profits.
6. You can save in an investment fund with a minimum of ȼ5 thousand
Clean your house yourself and optimize water and electricity services
Review unnecessary app subscriptions
Set up an emergency fund that covers 3-6 months of your expenses in case of unforeseen events
Control the use of credit cards

Each financial institution has different types of savings products. Here are some options:

Financial institution

Mucap

My Future Children's Account: allows parents to set up a savings plan with a minimum amount of ȼ5 thousand and enjoy returns after 12 months
CES Children's Account requires an initial deposit of only ȼ5 thousand and both accounts are guaranteed by the State
Scheduled savings: they hold five different draws, one for each type of savings, for those who open accounts with an amount greater than ȼ5 thousand
Term deposits: allow you to invest from ȼ25 thousand, in terms of 1 to 60 months with competitive rates

Ande's Box

Savings in colones and dollars
Savings at 6, 12 and 24 months
Christmas Savings
Savings on tax deeds
School Savings
Holiday Savings
Savings Wellbeing

National Bank

Electronic savings accounts
BN envelopes
BN Programmed Savings
Investments in sight
Investments with agreed rate
Term Certificates of Deposit

BAC

Save Change
BAC Savings Account: accrues monthly interest that increases according to your balance and the minimum balance required: $50 or ¢25 thousand
Preferred Savings Account: has a tiered annual interest rate, calculated and credited to your account daily
Total Account: create up to 10 sub-accounts in colones and dollars to organize your finances

People's Bank

Orange Account is the alternative to grow your money that you will not use immediately. It can be opened in colones or dollars with ȼ5 thousand or $20
Preferred Orange Account: ȼ100 thousand or $200
Premium Global Orange Account: ȼ250 thousand or $500
Orange Kids Account: It is the savings account for people between 0 and 12 years old.
Young Orange Account
BP Business Orange Account
Common Welfare Account (aimed at Social Organizations)
Normal materialized term deposit certificate