Custos com casa são mais de metade do orçamento? Saiba como diminuir o impacto

Costs with housing are more than half of the budget? Find out how to reduce the impact.

According to data released, household costs for 2022 and 2023 were more than half of family budgets. How can we reduce the impact of these costs? Find out in this article.

29 Dec 20233 min

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Want to know how to reduce the costs of your mortgage? Contact the credit intermediaries from Poupança no Minuto now! Or first read the data in question and what options you have for a lower impact on housing costs in your budget.

Orders with housing represent two-thirds of the family budget.

According to preliminary results of the Household Expenditure Survey 2022/2023, released by the National Institute of Statistics (INE), and cited by Notícias ao Minuto, housing expenses represented two thirds of family budgets.

In terms of values, the average annual expenditure of households, in 2022/2023, was 24,190 euros, with about two-thirds of the average household expenditure related to housing costs (39.1%). 

"At the NUTS II regions level, the average annual expenditure was higher in the Northern region (25,057 euros), but also exceeded the national average in the Lisbon Metropolitan Area and the Autonomous Region of Madeira. On the other hand, the lowest regional average expenditure was observed in the Autonomous Region of the Azores (20,439 euros), which also presents the regional expenditure profile furthest from the national average," quotes the news.

As families with higher expenses were, of course those with dependents in their family composition - "households with dependent children spend annually, on average, 8,861 euros more than households without dependent children, which translates into a higher average monthly expense of 738 euros. This difference extends to all divisions of the COICOP (Classification of Individual Consumption by Purpose)".

How to reduce the impact of house costs on the budget?  

When you have a mortgage, monthly expenses can be significant. If, throughout 2022 and 2023, you had your home financing with a variable rate tied to Euribor, the impact on your budget was even more significant.

With the constant increase in interest rates since February 2022, which led to the rise in Euribor rates, the monthly installment of Portuguese with a variable rate regime in mortgage loans has also increased (drastically).

What leads to the conclusion of the above data. But there are options that can help reduce the monthly installment you pay for the credit.

If you no longer have the ability to bear the costs of the home loan, you can renegotiate the financing conditions with your bank. For this, the bank may offer you a lower installment value in exchange for the contracting of other products.

If you analyze the new conditions and consider that they are not worthwhile, know that you still have the option to transfer the credit to another bank. A new bank may offer you a different interest rate, such as a fixed rate or a mixed rate, at lower values. To understand: there are banks offering mixed rates from 2%, if you fix the rate for one year, while the Euribor rates are around 4%.

For any of these options, it is important to be accompanied and advised. A credit intermediary, such as those from Poupança no Minuto, can help you (at no cost), to compare proposals from different banks and choose the most suitable one for you to establish a new mortgage. Contact us and find out how we can help you!

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