It is a very well-known problem for many people in their twenties: saving for later. How exactly can you save for later when so many other temptations lurk? Think of going out, shopping days, dinners, new gadgets and much more! As a budget management program, we are happy to help you with non-binding tips. Read on quickly.
When to start saving for later?
According to a survey by Rabobank, 61% of people in their twenties have savings under €3,000. This can also be explained logically. Young people start working later in recent years compared to previous generations. This ultimately results in a lower amount of savings. That’s not all. Many students are also 1-0 behind due to a considerable student debt. However, in that period you can still save for later since you can take a maximum of 35 years on the repayment. But, what’s the smartest way to go about saving for later?
Save tip for later
The first tip in the saving process is: know what you want to save for. This often motivates you more because this way you work towards a goal. For example, it could be a pot for a new laptop, or a vacation. It can also be an extra buffer in case something breaks. Or, a long-term savings goal that is very useful: saving for your future.
It is quite difficult to determine how much you should save each month for later when it comes to your future. Nibud recommends setting aside at least ten percent of your monthly income. This is a handy guideline to save for later. For example, create a personal savings goal. This is of course also possible for other savings purposes. In addition, this is also a well-known function in the iBilly app. This way you can see exactly what you have already achieved for the future!
Saving by investing
Another way, which you see more and more, is saving by investing. Of course, it always remains a risk, but you should not forget that you will have to pay tax on savings that are in the bank. Many immediately think of real estate, but you can of course also invest in your home. Think, for example, of solar panels or other improvements so that your house becomes more valuable. There are countless other ways.
iBilly is happy to help you
Would you like to save for later? Or just want to get a better grip on your income and expenses? Then you can use the iBilly app to choose personal savings goals or, for example, set budgets. With the premium version you get the following functions:
- Digital administration
- Real-time insight into income and expenses
- Store receipts, guarantee certificates and policies centrally
- Link with multiple bank accounts
- View of your financial future
Have you become enthusiastic? Try it out yourself and download the iBilly app. Discover your digital support and go for a financial overview!