Saving every month allows you to reach your goals

Putting money aside is part of smart living that focuses on setting goals. Specific financial aims and a timescale make it easier to start saving.

  • Pay yourself first – put aside 5 to 10% of your earnings.
  • Set specific goals.
  • First create a savings buffer.

Savings 101

Contrary to the wide-spread belief that only those with a fat paycheck can save money, it only takes so much – ten or twenty euros per month – to start saving and build a considerable backup in a year, for example. When it comes to saving, persistence is key; make it a regular habit to put money aside. Ideally, you should save 5 to 10% of your monthly income.

A savings buffer is first and foremost necessary for better managing your finances in an unexpected situation. For example, a sudden illness, vehicle repair or losing your job can drain your bank account rather quickly. This is why a savings buffer is also known as the peace of mind fund. Here are a few simple tips on how to start saving.

  • Set goals

  • Set goals

  • Set goals

  • Set goals

Learn from the experience of others

Experiment: It is possible to save around 200 euros per month

Get practical and valuable tips on saving from the financial wisdom Facebook group #Kogumispäevik and Instagram account @Kogumispäevik.