Budgeting is simply identifying your income and expenses, with the aim of being able to increase the income and reduce the expenses.


Planning is looking at how you can achieve your budget.


The first step in budgeting is to write down all the income you receive. Next, write down a checklist of your expenses.

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This file helps you get a better understanding of your finances and determine how much you can save each month.

The first step in budgeting is to write down all the income you receive. Next, write down a checklist of your expenses. The budget sheet will help you get a better understanding of your finances and determine how much you can save each month.

This can take some time but it’s important that you include everything so that you can see your real financial position. If you use credit cards for some of your purchases, take a look at the last couple of statements to refresh your memory on what you’ve been spending on.

Once you do this, you will be able to see how much money you have left to save. You might want to play around with the numbers and reduce some of your expenses, so your savings will grow quicker.

If you haven’t saved much in the past, you may want to start with a small goal, and once you’ve achieved that you’ll be well on your way to achieving a bigger goal.

Here are some examples of how you can plan your savings:

Saving for a Holiday with the Momentum Account Savings Plan: Make regular savings.

Tamara’s goal is to save €5,000 to go on a holiday. Her budget allows her to save €100 a week, so it will take just under a year to reach her goal. She decides to set up a Momentum Savings Plan and the money is automatically deducted from a bank account she chooses. She’s also able to earn a high rate of interest while she is saving.

Saving for a Boat

Gianluca is saving for a boat that he wants to buy in about 24 months when he retires, and has already saved €30,000. He decides to transfer his money to the Momentum Savings Plan for the next two years to be able to compound his interest. He can withdraw his funds when he is ready to make his purchase; this way he won’t be tempted to spend it during the year.

Saving for a home: using a combination of savings options

Joanne and Malcolm’s goal is to save €35,000 to put down as a deposit on a home. Two years ago they opened a Momentum savings plan to be able to compound interest on their savings. Now they’re getting close to reaching their goal, they are looking for a loan to suit their needs.

Saving for your children

Gianluca has just started a family and would like to put something away for his children so that when they are older, he can help them with their their needs, be it schooling that special wedding or their first car.

With the Momentum Savings plan he now knows that he will avoid the anxiety of having to make ends meet when his children need him in the future.