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At the heart of all good savings plans is planning and budgeting. This is a pretty simple process that does not necessarily require making sacrifices.
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.
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:
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.
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.
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.
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.
Disclaimer
The information provided on this website is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Similarly, any views or opinions expressed on this website are not intended and should not be construed as being investment, tax or legal advice or recommendations. Investment advice should always be based on the particular circumstances of the person to whom it is directed, which circumstances have not been taken into consideration by the persons expressing the views or opinions appearing on this website. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views, or opinions appearing on this website. You should always take professional investment advice in connection with, or independently research and verify, any information that you find or views or opinions which you read on our website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. CC does not accept liability for losses suffered by persons as a result of information, views, or opinions appearing on this website.
Calamatta Cuschieri Investment Services Ltd is licensed to conduct investment services business under the Investments Services Act by the MFSA and is also registered as a Tied Insurance Intermediary under the Insurance Distribution Act.
For more information you can contact one of our financial advisors
