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Monday, 20 January 2014 15:52

Start the Savings Habit With a Payday Promise

Most Irish people have good intentions when it comes to saving, especially during the long months when it’s five weeks between paydays. It’s even worse when the bills come through the door at the same time and the only option is to try to save money by staying in, bringing our lunch to work and cutting back on takeaway coffees.

But it’s amazing how much you can save in just a year when you make a payday promise to put a little money aside each month into a regular savings account.

Whether it’s for big or small ticket items, a family holiday, a child’s education, a deposit on a first home, or something unexpected, the savings habit is one that we’re all embracing with gusto.

Getting started with a savings plan in Ireland

So how do you start a new financial regime? Try these five simple steps to get you started.

saving habit pic1 Sit down and write a monthly budget so you know exactly where you stand financially. Start by making a note of your household’s after tax income
saving habit pic2 Next tot up all your bills making sure to check recent statements to confirm monthly outlays for mortgage, gym memberships etc.
saving habit pic3 Then factor in your other expenses such as petrol, groceries, utilities and entertainment. For regular bills like groceries and utilities that fluctuate take an average from two or three months.
saving habit pic4 Next decide on a specific savings goal, a holiday, a new car, a deposit for house or whatever suit your future plans. Work out how much you can afford to put away each month and how long it will take you to get to your savings goal. This could be 10 percent of your net income, - or €100 a month. It all depends on your expenses, how much you earn and what you are saving for.
saving habit pic5

Once you have decided how much you can afford to save you need to put the mechanisms in place to put away some of your hard-earned cash by opening a savings account. It’s a good idea to set up a direct debit to your saving account each month so you don’t have to worry about it.

If you’d like help with reviewing your finances you can also book a free EBS savings appointment where you will get a personalised savings plan just for you. Click here to find out more.

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