Spaargids.beIn 2020, four in ten Belgians were unable to save during an average month. The same number of compatriots cannot maintain their current standard of living for more than three months without an income. They therefore do not have the appropriate savings buffer of six net monthly wages. Spaargids.be examines how you still manage to build up a savings reserve even with limited resources.
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In collaboration with Spaargids.be
Latest update:
15:34
Source:
Editorial
1. Set realistic savings goals
Every little bit helps and every euro you put aside today may prove its worth later when it turns out to be really necessary. Don’t aspire to unrealistic savings goals, as you will quickly become discouraged when they seem out of reach.
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2. Set aside extras
The holiday pay or the end-of-year bonus are a welcome extra on top of the monthly salary. Try to resist the temptation to spend those amounts right away. Or reward yourself with a part of it, but also keep something aside for later.
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3. Limit personal loans in number, amount and time
Personal loans offer a lifeline in financially precarious times. However, paying off it puts a brake on your savings intentions. So check whether that particular purchase is really required. In addition, try to limit the term and the amount. By way of illustration: a personal loan for an amount of 8,000 euros with a term of 48 months costs a total of 699.04 euros in interest with the cheapest lender according to Spaargids.be. With an amount of 4,000 euros and a term of 24 months, the interest decreases to 185.84 euros.
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Tip: Discover the impact of the term and the credit amount on the interest to be paid here.
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4. Don’t settle for the legal minimum interest rate
For their savings accounts, most banks limit themselves to the statutory minimum interest rate of 0.11% (0.01% basic premium and 0.10% fidelity premium). With a lot of good will you can call that a cloth for the bleeding. However, you do not immediately have to settle for that minimum interest rate. Some banks offer an interest that is more than six times higher, without your money being exposed to (stock exchange) risks.
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Wondering where to decorate the best interest? Here you can compare savings accounts
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5. Don’t leave your money in your current account
Due to the current low interest rates, more and more people leave their money in the current account. This is not always appropriate for various reasons. After all, you are not entitled to any interest on a current account. But perhaps even more important is the discipline of savings. After all, you can immediately use the money in your current account – unlike that in the savings account – for impulse purchases in the store. For that reason, it is advisable to transfer a fixed amount to the savings account shortly after the payment of your wages or income.
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6. Start Saving for Retirement
With individual pension savings, you ensure a possible supplement on top of your statutory pension amount. Anyone who saves for a pension also enjoys a tax advantage of up to 30%. In addition to the tax reduction, pension savings also offer a return. Are you saving through a pension savings insurance? Then the return, unlike that of an investment fund, is guaranteed.
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