Financial Education and Smart Credit Card Use Key to Personal Finance Stability in Spain

As Spaniards approach the Christmas Lottery season, expert economist Elisabet Ruiz-Dotras stresses that true financial security comes from education and calm money management rather than relying on luck. Ruiz-Dotras highlights that having "life solved" financially is subjective, varying from person to person, and depends on factors like housing and retirement plans. She advises avoiding impulsive decisions influenced by extreme emotions and emphasizes the importance of understanding financial concepts and seeking professional, independent advice.

Spaniards spend an average of 75 euros annually on lottery tickets, but Ruiz-Dotras encourages redirecting these funds into systematic savings or diversified portfolios to build financial stability. A key point is actively managing money and making prudent financial choices, including carefully reviewing debts with consideration for costs and tax benefits.

Meanwhile, credit cards have become increasingly prevalent in Spain, nearing the number of debit cards, driven by the rise of online and contactless payments. Credit cards offer the advantage of deferring payments but require careful use to avoid debt. Unlike debit cards that directly withdraw funds, credit cards function as a line of credit and often require identity checks to prevent fraud. Several credit cards can be obtained without commission fees, usually by meeting specific conditions, and the approval process is becoming quicker through online applications.

Together, these insights underscore the necessity of financial literacy and careful product selection in achieving sustainable financial health.