We teach you step by step how to create a savings plan

Drawing up a savings plan goes much deeper than simply setting aside a portion of our income periodically. It is also a way of guaranteeing future stability. It is also a mechanism to make many of our goals possible. Finally, it is an action aimed not only at helping us, but also at helping our loved ones.

What does a savings plan mean?

Despite this long list of virtues, the reality is that establishing a savings plan is not always easy. Firstly, because transferring present consumption to the future, which is the definition of savings, is not always easy, especially when the long-term is unknown. Secondly, because it is not always possible. Ultimately, because many people do not really know what to do with it or how to do it continuously and efficiently. However, we will see below that creating a savings plan does not have to be difficult, that there are tools that help us (and a lot) and that this long term can be materialized in concrete goals that are worthwhile.

A savings plan relates two key concepts: money and time, in such a way that we can combine both to obtain a better result. Before we even start talking about goals or approaches, keep in mind that this process can have the periodicity that you prefer and is most comfortable for you, that is, you can save daily, monthly, or yearly.

As we are looking for a long-term savings plan, it makes sense to adopt an annual approach. However, the important thing is to feel comfortable, and that implies that the periodicity is set by you. Once you are aware of that, the next step is that the savings plan must be linked to a concrete objective, it will not always be a big project (like buying a house) or our retirement, however establishing a clear and concise goal will help and motivate us in the savings routine.

Steps to establish a savings plan

If you already have these concepts clear, it’s time to start saving. However, so that you don’t feel alone, we will help you every step of the way and give you some tips to make it easier for you. So, if you are ready to start achieving your goals and objectives, go ahead.

Comprehensive financial analysis

The first step is to check yourself. Before establishing a credible savings plan, you must first make an analysis of your expenses and income, in order to get an idea of how much you can save. In this step, the first thing to do is to be cautious about your income, especially if you think you can increase it, since expectations are not always met.

As for expenses, keep in mind that they are usually divided into: fixed and superfluous. The first are, for example, the cost of housing (electricity, gas, etc.), maintenance, transportation, whether you have a vehicle or move in other ways, and others associated with children if you have them. Obviously, these are difficult to reduce, but not impossible. Firstly, make a realistic list of those in which you could save, for example, a lower consumption of electricity, gas, or gasoline.

On the other hand, superfluous expenses (such as leisure, clothing in general and so on) are more dispensable, but you should be careful with them. At first, you might think that it would be more or less easy to do without them, but it is not always advisable to do so abruptly. Aggressive savings plans do not usually last long.

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Define your objectives

Once you are more or less aware of how much money you can save, it is time to think about your goals. This second step could also be the first step, thinking about a goal, and then thinking about how to adjust your finances or if you have the capacity to do so. But in general it is better to leave it as the second step, as it is less frustrating and more realistic.

Remember that goals are free, everyone saves for what they want, and you should not be afraid that you can not achieve it or because it is not something conventional. That does not matter. What is really relevant is if you are really looking forward to achieving it and if it is optimistic, given your saving capacity, to achieve it. If you join both realities, you will see that everything is simpler.

Defining a budget for your objective

You know what you want to achieve, you also know your ability to save, at this point it is more or less easy to establish a financial roadmap to meet that goal. Here it is convenient to start, once again, with realistic calculations: the cost of what you want, divided by the money you can save per year.

Keep in mind that in many occasions your saving capacity can be reduced by an unforeseen event or increased by good news, in this case try to always follow your roadmap. In addition, the ultimate goal may not always be quantified, for example, if you are thinking about your retirement. Nevertheless, do a quick calculation of the time you have and the amount you can save, and think about whether that figure might be enough. If so, go ahead.

Helping you invest to increase your savings

Once you have started saving, it is time to make your money work to generate more money. To do this, you can make use of the many products on the market to invest your money and get a return on it. In this case, you can choose between products that are totally safe and will generate a smaller return, such as the Savings Portfolio, or other products with a little more risk, which will generate a higher return. Even if your ultimate goal is to ensure a peaceful retirement, the best option is to open a pension plan.

Create your savings plan with inbestMe

Remember at this point that your best ally will be time, since as you plan your investment in the long term, the returns obtained from your investment will be greater. Regarding the platform to get them, a good option is inbestMe, since it has many of the features you will need. First, it helps you with all the financial planning to make it easier for you to start your savings plan. Secondly, because it automatically manages the user’s savings. In addition, since it has a wide variety of investment products, it will help you choose the best ones for your profile with which to grow your savings.

Finally, inbestMe not only has numerous funds or ETFs to help you revalue your savings, but also offers you a variety of products in which to place your savings depending on the objective of your savings plan. Thus, you have a totally secure savings portfolio with a high profitability or different pension plans with which to think about a peaceful retirement. inbestMe will help you to save without you being an investment expert.

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