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Saving money – how difficult can it really be? Not very difficult at all actually, but in order to create as efficient savings as possible, it may be good to set up a plan for your savings.

Effective saving on routine

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First of all, it is good if you decide on a routine around your savings and stick to it. The reason for a good routine is to put aside a certain amount of money on a monthly basis for savings. To make sure it actually gets rid of, it is good if the money is moved from the account at the same time each month. Here it is important to consider when choosing the money to transfer to your savings. At the end of the month, as you know, there is not always money left in the account, so the transfer to your savings should be done as soon as you receive your salary. The easiest way is if you enter an automatic, recurring transfer from your payroll account directly to the savings account. That way you don’t even have to think about spending that money – it happens automatically!

Saving with the lowest level

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Of course, how much you can spend on savings each month is up to you to decide, but don’t be afraid to challenge yourself. Start by deducting 5% of your income, then try with 10% and so on. See it as a challenge to test how much you can save and still manage on the money you have left. You may not be able to put away the exact same amount each month, but decide on a lowest level and try to stick to it. Effective saving should be done continuously and a small sum is always better than nothing.

Divide your savings

What should you do with the money you spend each month to build up the most efficient savings possible?

In order to create efficient and structured savings, it is a good idea to divide it into different parts, depending on how short or long term the savings are. You may already save for your pension, but at the same time want a saving for unforeseen expenses, travel or an upcoming renovation. In this type of short-term savings, it is important that the risk is relatively low and that money can be accessed quickly. In the case of long-term savings, such as for the pension or savings for children, the money can instead be placed in savings forms with higher risk.

Therefore, first consider the different options that are relevant to you and then decide how the total amount you spend on saving should be distributed over the different savings forms each month. Maybe 40% should go to short-term savings and 60% to long-term savings? How you want to distribute it is up to you and of course you can change along the way. Some months, the short-term savings may need to be replenished more, then you simply change the distribution of your savings among your various savings forms.

Invest your money with William Daj

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Another way to create effective savings, with low risk and high returns, is to invest your savings with William Daj. Through our digital platform you lend money to creditworthy individuals. For the more short-term savings, you can then have the money paid out once a month. You can also choose to reinvest the money in new loans and thus allow your investment to grow further over time. When you want to access the money, you simply choose to have them paid out.