ALL YOU NEED TO KNOW ABOUT SUCCESSFUL SAVINGS
YOUR GUIDE TO SAVINGS IN 5 SIMPLE STEPS
When we are young, we tend to spend everything, especially since our first salaries are not very high. However, learning to save early is a good habit. Setting a savings goal and meeting it will make you proud and more confident in your future.
But whatever your age, one thing is certain, better late than never, because saving is above all a security.
So start right away by taking this simple first step: Open a savings account. It’s free and risk-free. Your money won’t be locked in but you’ll be less tempted to dip into your savings. You will also be more motivated to save regularly.
To stick to your decision to save consistently, you need to set a specific goal rather than a shaky “save more” plan. How much can you save each month? Compare your cash inflows (salary, income, e.t.c.) and your monthly expenses. If you get to “zero”, don’t be discouraged. Try to see what expenses could be reduced or eliminated to find an amount to save. Even a small amount of money is a good start.
Whatever the amount, you will be motivated to increase with time when you will have made it a habit. Furthermore, the more you save, the more interest you will receive in your savings account.
The time will come when you will have built up “your emergency fund”. This is your savings to cope in case of a hard blow such as job loss, accident, e.t.c. These funds must be enough to cover your expenses for at least 3 months. It remains available when needed, but do not touch it if you do not have an emergency. Your emergency fund is created to enable you be more confident and stronger in the face of the emergencies in life and bounce back.
If you think you will incur an exceptional expense in the near future, open a second savings account and search for other savings products that will help you carry out projects that are important to you.
Do you have a dream, an ambition? Use bank savings solutions that will help you achieve them.
The right questions to ask yourself to get started on your new savings project are:
- Do I want to own a home?
- Do I want to finance my children’s studies?
- Do I want to prepare for my retirement?
- Do I want to do a personal project like start a business, buy a car, renovate my house?
- Above all, do I want to increase my lifestyle and be able to offer myself more often what makes me happy?
It is necessary to establish your priorities in order to choose the savings solution(s) that will allow you to reach your goals, taking into account your savings capacity.
You can find what you are looking for and achieve your projects by choosing savings solutions in the form of a savings plan. They are risk-free medium to long term savings solutions.
The principle of a savings plan is to commit to saving for a certain period. When this period elapses, you can benefit from a bank loan at favorable rates to carry out your project.
It is an accessible and flexible formula that allows you to choose the amount of your monthly savings. The savings are remunerated and will serve as a personal contribution to facilitate your access to a loan.
This is a good solution to become a homeowner, finance personal projects, or your children’s studies.
For most of us, savings products are the key to bringing our projects to life. Contact us to get personalized information and advice.
SOME TIPS ON EASY SAVING
- Do your accounting regularly to understand where your money is going.
- Do not eliminate all your leisure expenses, but also find out how to save on your compulsory expenses (organize yourself differently, change something …)
- Tell yourself that the money you save is a compulsory expense that you are making for yourself.
- Do not wait until the end of the month to put your savings in your savings account, do so as soon as you receive your salary. If possible, set up an automatic transfer from your current account to your savings account.