Advice & Guides: Savings Guide

The right questions for making the right decisions

We all have projects, needs and desires:

  • We want to do studies, build a house, travel, etc.
  • We need to feel safe, to appreciate and be appreciated; we need our merits to be recognized, to relax, etc.
  • We want to provide protection, to progress, to give, to have a good life, etc.

To fulfil these projects, needs and desires, we have different solutions, one of which is simple and within our reach: saving. How to identify projects and needs which find their solution in savings? What are the steps required to build a savings strategy? The starting point is to assess what we have, taking into account different aspects: family situation, ongoing loans, career prospects etc. The decisions regarding savings should consider how your life evolves and it should be modified accordingly.

Here are some of the key questions that you should take into consideration:

  • Can I cope with a total unexpected event? 
    Our advice: save regularly, even small amounts that will not affect your budget too much. In this case, the savings accounts associated with the scheduled payment free service may be the right solution: you get interest and at the same time you have access to the account amounts.
  • How do I prepare to complete my projects? 
    Our advice: First, you must clearly establish what involves the project you have in mind, what is the timeframe you have available, the amount involved and the risk you are willing to accept to accumulate the amount you need. In light of these issues, you can choose the right solution - classical saving products with beforehand well-known efficiency or investment alternatives, which involves a certain risk.
  • How do I get the financial security and how do I ensure the future of my family?
    You are concerned about your children's education, how you will be able to finance their studies and eventually how will they be able to determine how you are going to support them in another town or even another country. Also, for the financial security of your family, you want to put money aside, which you can use including for future projects.
    Our advice: these concerns in the medium / long term can be solved by progressive savings, in due time, so that you can have the necessary resources when they are appropriate. You can choose such savings plans for studies with life insurance component or savings and loan plans. Even a long-term deposit can be a good solution. As we cannot predict everything, it is important to find simple solutions, so the family's future is secure no matter what might happen.
  • How to prepare my retirement? 
    When you think of the day you will retire, you want to be able to keep the same life standard that you have now, to finally handle all the projects you did not have time to achieve...
    Our advice: do not hesitate and start to save early! The best solution in this case is represented by the pension funds (link) to help you prepare your retirement in the best conditions.
  • How to redeem my savings? 
    Do you want to get great returns from the savings you have available and you are available to assume a certain degree of risk.
    Our advice: in this situation, you can diversify your savings. Besides the traditional products (deposits, savings accounts), you can choose investment alternatives that allow you to invest in financial markets.

Your Saving Strategy

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Before choosing a savings or investment product, make sure it fits your plans and your lifestyle.

Your projects ...

  • to buy a car or a house or renovate your current home
  • to put aside money for a dream vacation
  • to raise the amount needed for your children's education or their vacations
  • to use in the best possible way the amounts that you have saved
  • to continue your life in the most beautiful way even after retirement
  • or simply to have money on hand for contingencies

To carry out all these projects, it is important to choose the right products.

How do we proceed?

Identify the amount that you can save, how often and how long you can save.
Try to estimate the earnings you want but of course according to the risk you can take.

  • The term of your project:
    “In 2 years, I want to renovate my house” - in this case, you can choose a savings product on a period tailored to your project, which will give you a more important remuneration than the short-term products.
    “In 2 months, I’m going on vacation” - in this case, you must choose a short-term product, to have money available when desired.
  • The rate of saving:
    you can set it according to your income, your family situation, without the need to impose restrictions on your daily life - you can save regularly with a certain frequency or whenever you can, without a clear rule. Whatever you choose, do not forget that small savings can bring great benefits and the rate of saving influences the earning you aim at obtaining!
  • The gain you want:
    the interest you can get is generally more advantageous in the case of savings products involving investment of amounts over longer periods of time. Also, if you can take a risk, potential gains can be significant.
  • Sensitivity at risk:
    each of us has a different perception and acceptance of risks. When choosing a product, you must know how much you are willing to lose and what return you want: do you accept significant fluctuations in your investments in anticipation of higher returns in the long term, or do you prefer to focus on safety?
  • Diversifying the savings
    The more you choose a wider range of options for savings, the more you can benefit from the mix between safety and access to potentially high performance.

Our proposals

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Funds available anytime
If your desire is to save in full safety, benefitting from a remuneration known from the start, and always having access to the money saved, we offer the savings accounts. This product is the ideal choice when you want to cope with any contingencies.

Savings for foreknew term projects
For such situations, you can choose the term deposits, so upon the due date you should have money available for your project.

Investments
Products with investment component help you prepare for various medium and long term projects such as: retirement (pension funds), your child studies, etc. You can also take advantage of the potential of financial markets (investment funds or direct stock market investments).

For a proper diversification, you can choose one item from each category.

Budget
Try our Budget calculator tool to see how you can save from various expenses (magazines, coffee, etc.)