The starting point is to take a firm decision: “I want to save”.
Save your budget
Obviously, if you spend more than your monthly income, you will start using your savings bit by bit or will fall into debt. To avoid this, it is important to budget, not just by month, but also by year.
In addition to the usual monthly costs that every family has, there are other unavoidable expenditures which we often forget to add to our annual plan. Birthday and anniversary presents, celebrations and summer holidays are additional expenses that occur at various times during the year.
Decide what you want to save for
If you know what you are saving for, you will be motivated to save regularly. Decide how much you want to save each month (in line with your monthly income and expenses). Be persistent – accept saving as a monthly commitment.
Try to plan. A good way to turn savings into a regular life-long habit is to use a savings plan.
Savings plans help us to put aside small and manageable amounts on a monthly base, thus ensuring a regular stable growth of our savings.
For example, by saving EUR 50 or EUR 100 every month, you will have saved enough money after a few months to renovate your kitchen, invest in new windows for your home or buy a new washing machine.
The same “rule” applies to savings for unexpected costs, such as winter vacations, holiday gifts or additional expenses.Furthermore, ProCredit Bank’s saving plan provides you with an opportunity to place a standing order with the bank to automatically transfer a previously agreed amount from your current account to your savings account, which simplifies the saving process.