Spaargids.beIn 2020, four out of ten Belgians were unable to save during a normal month. Just as many citizens cannot maintain their current standard of living for more than three months without income. Therefore, they do not have the appropriate savings of six net monthly wages. Spaargids.be It examines how you can still build a savings reserve even with limited resources.
In collaboration with Spaargids.be
1. Set realistic savings goals
Every little bit helps and every euro you put aside today may prove worth later when it turns out to be really necessary. Don’t aim for unrealistic savings goals, as you will quickly get frustrated when they seem out of reach.
2. Aside the plugins
Vacation stipend or year-end bonus is a welcome addition to the monthly stipend. Try to resist the temptation to spend those sums right away. Or reward yourself with a portion of it, but keep something aside for later.
3. Determine personal loans in terms of number, amount and time
Personal loans provide a lifeline in uncertain financial times. However, paying it off puts an end to your savings intentions. So check if this particular purchase is really needed. In addition, try to specify the term and the amount. By way of illustration: a personal loan of 8000 euros for 48 months costs a total of 699.04 euros in interest with the cheapest lender according to Spaargids.be. At €4,000 and for a term of 24 months, the interest drops to €185.84.
4. Don’t settle for the legal minimum interest rate
For their savings accounts, most banks limit themselves to the legal minimum interest rate of 0.11% (0.01% principal and 0.10% fulfillment). With a lot of good intentions you can call a rag to bleed. However, you do not have to settle this minimum interest rate right away. Some banks offer interest more than six times, without putting your money at risk (the stock exchange).
Wondering where to decorate the best interest? Here you can compare savings accounts
5. Do not leave your money in your checking account
Due to the current low interest rates, more and more people are leaving their money in the checking account. This is not always appropriate for various reasons. After all, you are not entitled to interest at all on the checking account. But perhaps most important is the discipline of savings. After all, you can immediately use the money in your checking account – as opposed to in a savings account – for impulsive purchases in the store. For this reason, it is advisable to transfer a fixed amount to a savings account shortly after paying your salary or income.
6. Start saving for retirement
With Individual Retirement Savings, you are guaranteed a potential addition along with your statutory pension amount. Anyone who saves for a pension also enjoys a tax advantage of up to 30%. In addition to the tax cut, retirement savings also provide a return. Are you saving with retirement savings insurance? Then the return, unlike an investment fund, is guaranteed.
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This article was brought to you by our partner Spaargids.be.
Spaargids.be is an independent comparison of banking products looking for competitive rates and better interest rates.
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