Some good sav­ing tips

It's Never Too Late to Start Saving

However, it can be a bit difficult to do exactly that: To start. Because the big question is...

...where does one actually begin?

Put Your Savings on Subscription

A good start would of course be to set aside a fixed amount monthly. Developing new habits requires considerable effort though, and often this doesn't immediately become part of the routine. A few months pass and we completely forget to save anything.

One convenient way to fix this is to put your savings on subscription. Then you don't need to remember to transfer money monthly to a savings account - instead you select a fixed amount in the Arion app that automatically transfers between accounts. You control the amount which becomes part of your monthly expenses.

Be Aware of Where Your Money Goes

Another savings tip involves facing where our money goes and writing it down, for example in a notebook or Excel. Keep household accounts, plan your grocery shopping, and seek out the best deals. It's always good to prioritize paying off expensive debts to avoid high interest rates.

Pay Off Expensive Debts

Various short-term debts carry high interest rates that are burdensome in the long run. These debts include overdrafts, credit card installments, and small loans.

Maintain an Overview of Your Expenses

Review your finances once a month and make a plan for the coming weeks. Distinguish between fixed costs and costs you could have more control over. It can be useful to budget certain amounts for groceries and entertainment.

Set Long-term and Short-term Goals

It's fine to have more than one savings goal in progress simultaneously, and it can be fun to set smaller goals that are easier to achieve as they can serve as great motivation for other savings. Long-term goals are major investments like housing or travel to distant locations, while short-term goals are smaller amounts that take less than a year and a half to save for.

• For long-term savings, fixed-term accounts work well as the balance is locked for a specific period and cannot be used during that time. Such accounts often offer higher returns. Housing savings are an example of a fixed non-indexed account that could be an interesting option for those saving for real estate.

• For short-term savings and emergency funds for unexpected expenses, non-fixed accounts or accounts with shorter commitment periods are suitable. Green Growth is an example of a non-fixed savings account that supports a green future and the United Nations Sustainable Development Goals. Non-fixed accounts usually offer lower interest rates than those that lock in the amount for a specific period.

• You can have different accounts for different types of savings. Arion offers diverse types of savings accounts, so everyone should find an account that suits them whether indexed, non-indexed, fixed, or non-fixed. It's easy to compare and open savings accounts in online banking and the app, and it's recommended to sign up for regular savings where an amount is automatically transferred on a regular basis.

• If you want to take your first steps in investing, a subscription to funds might be for you. Various funds are available, but it's good to consider how long you plan to invest and how much fluctuation in returns you can tolerate. For example, you should form an opinion on whether you want to invest only in lower-risk assets like bonds or in higher-risk assets like stocks, or mix these different asset classes.

Savings Help Us Control Our Own Lives

Financial foresight can help us realize dreams and adventures. Do you want to travel the world or study abroad? Have you set your sights on your dream apartment? In savings matters, the old wisdom proves true that many small things make one big thing. Life's options increase as savings grow. Don't fear finances. Enjoy taking control of them – and start small.