We use cookies to enhance your experience. Basic cookies are essential for the proper working of this website. For example, they save your language preferences. They also help us gather anonymous information about the use of our site. More information in our Cookie Policy.
What is an automatic savings plan ?
What is it ?
An automatic savings plan (aka ASP) is a standing bank transfer order that transfers money from your current account to your savings account on a fixed date.
The idea is to put aside a fixed sum however small or large it might be as savings on a regular basis. It is an excellent tool to determine how much you really need to live off and how much you can save. Your savings are thus visually separated from the current account’s balance and are not instantly accessible with bank cards.
When you have to retransfer the savings back to the current account it can appear as a psychological barrier and can prevent from over spending
Set your ASP transfer on the first days once your salary/pension has arrived. If at each end of the month you still have money left on your current account you can choose to raise the amount of your automatic savings plan.
On the other hand, if you need to replenish your current account systematically from your savings during the last week of the month, it means you should have a closer look at your budget and see if you can reduce your expenditures or reduce the amount of your automatic savings plan.
12/21
-
Be your own architect: see your savings grow!
Yes, sometimes we are our own biggest enemies when it comes to sticking to our personal budgets. For every commitment we make to saving money, there is always a temptation to spend just a little on ourselves. What happens when the silly concept of a personal budget gets in the way of the desire to shop? Let's see how you can respect your budget.
-
Tax deductible pension savings plans
Everybody knows they should do something for their pension, but more often than not we seem to think that our pension is still a long way away and that providing for it can wait another day. In this article I will explain you a bit more about pension savings plans.
-
How to optimise your tax declaration?
Every year, it is the same old story: we have to fill in our tax declaration. For many of you, this annual exercise is like a chore. It is a pity because a tax declaration, correctly optimised, can save you money by reducing your taxes.