{"id":3973,"date":"2023-08-01T00:00:00","date_gmt":"2023-08-01T00:00:00","guid":{"rendered":"https:\/\/www.educa.pro\/plan-de-ahorro"},"modified":"2023-08-01T00:00:00","modified_gmt":"2023-08-01T00:00:00","slug":"savings-plan","status":"publish","type":"post","link":"https:\/\/educa.pro\/en\/articulos\/plan-de-ahorro\/","title":{"rendered":"A practical guide to building and maintaining a savings habit."},"content":{"rendered":"<p>Knowing how to manage your own finances is almost an art form. You need a strategy, to be proficient in using a fintech platform or digital tool that allows you to carry out calculations and visualise your spending, and, above all, a keen sense of the future. In this post, we\u2019ll discuss how to design your personal savings plan so that you\u2019ll never have to say, \u2018I can\u2019t make ends meet!\u2019 again.<\/p><h2>What is a savings plan?<\/h2><p>Over time, we have learnt that managing our finances properly is essential for achieving financial stability and realising our goals and dreams; that is why, from a young age, we need to have a clear understanding of what money is and how to allocate it according to our needs.<\/p><p>If we want to start saving \u2013 but for real this time \u2013 the first thing we need to do is draw up a realistic savings plan that is in line with our income and personal circumstances. Firstly, it is important to understand that a savings plan is a financial strategy that helps people set aside a portion of their income consistently and systematically, with a view to investing it in a medium- to long-term project. In other words, an effective savings plan takes all the variables into account to work out the exact amount you can and should save each month.<\/p><p>One of the main aims of the savings plan is to build financial stability and set out guidelines for permissible spending, in order to avoid unnecessary and impulsive purchases that cause us to lose control over our money.<\/p><h3>What savings schemes are available?<\/h3><p>To design the savings plan that best suits the needs of each family or individual, there are several types of savings plans, which we will look at below:<\/p><ul><li><strong>Savings accounts<\/strong>: these are the most basic and accessible. These accounts are offered by banks and other financial institutions, and generally have modest interest rates, but they provide liquidity and security for your savings. However, some digital-only banks have recently emerged that do offer this type of account completely free of charge.<\/li><li><strong>Certificates of deposit (CDs):<\/strong> These are low-risk investments in which a sum of money is deposited for a fixed period at a predetermined interest rate. CDs offer higher returns than savings accounts, but mean you cannot access the money during the term without incurring penalties.<\/li><li><strong>Investment funds<\/strong>: these are investment vehicles that pool money from different people to invest in a variety of financial assets, such as shares, bonds or property. They offer opportunities for capital growth, but carry risks associated with market fluctuations.<\/li><li><strong>Pension schemes<\/strong>: these are schemes specifically designed to help people save for retirement. Examples include individual retirement accounts (IRAs) and 401(k) schemes. These offer tax benefits and investment options to ensure a comfortable retirement.<\/li><li><strong>Emergency funds<\/strong>: this is not a specific type of account, but an important concept. An emergency fund is a savings pot set aside to cover unexpected expenses, such as home repairs, medical bills or job loss, without having to resort to debt.<\/li><li><strong>Education savings plans<\/strong>: these are accounts designed to save for and pay for children\u2019s education or one\u2019s own. Examples include 529 plans in the United States, which offer tax advantages for savings set aside for higher education.<\/li><li><strong>Investment accounts<\/strong>: these are accounts that allow investors to buy and sell financial assets, such as shares and bonds, with the aim of generating long-term returns.<\/li><\/ul><p>As you can see, these are the most common types of savings plans, but they can still be further tailored to suit your needs through other terms and conditions agreed with the bank in question.<\/p><h3>How do you draw up a savings plan?<\/h3><p>You\u2019ve finally realised that you need a savings plan in your life! But do you know where to start? First and foremost, the most important thing is to muster up some willpower and not put it off any longer, because the longer you wait, the harder it\u2019ll be to get into the habit. Once you\u2019ve made up your mind, follow these steps to draw up a savings plan:<\/p><p><strong>Set clear goals<\/strong>: Set precise figures for your outgoings, income and savings. Think everything through carefully so that you don\u2019t overlook any relevant details. Experts recommend starting with small savings targets and gradually increasing them.<\/p><p><strong>Keep track of income and expenditure<\/strong>: First, look at your fixed monthly expenses and your income, and then at your less important regular expenses to identify which ones you can do without.<\/p><p><strong>Plan your strategy:<\/strong> Now is the time to compare supermarket prices, look into other mobile phone tariff options, check what other utility companies are offering, take advantage of special offers, and so on. You\u2019ll no doubt realise that you can make significant savings, although this does require some research and keeping a close eye on the market.<\/p><p><strong>Use the 50-30-20 rule: <\/strong>It\u2019s very simple to explain, but you have to commit to sticking to it. It would be: 50% for essential expenses, 30% for one-off expenses, and 20% for savings.<\/p><h3>5 Fintech companies that will help you stick to your savings plan<\/h3><p>Unsurprisingly, new technologies also help us with our personal finances and, thanks to Fintech, there are now a number of apps available to help us keep better track of our spending. Find out about some of them!<\/p><ul><li><strong>Fintonic:<\/strong> This app allows you to manage your personal finances with ease. You can link your bank accounts, credit cards and other financial products to get a complete overview of your income and expenditure.<\/li><li><strong>Cleo:<\/strong> It is a virtual financial assistant that uses artificial intelligence to help you save money. The app analyses your spending habits and offers personalised recommendations to improve your finances.<\/li><li><strong>Acorns:<\/strong> This is an app that makes it easier to save by investing the change from your purchases. The app rounds up the purchases you make with your linked cards to the nearest dollar and puts the difference into an investment portfolio. It\u2019s a simple way to save and invest small amounts without even realising it.<\/li><li><strong>YNAB (You Need a Budget):<\/strong> It is based on a budgeting method that helps you allocate every dollar of your income to specific categories. YNAB allows you to set savings goals and track your progress in real time.<\/li><li><strong>Mint: <\/strong>Mint is a financial management tool that allows you to create budgets, track your spending and receive alerts about payments and due dates.<\/li><\/ul><p>Now that you know the key guidelines for drawing up a personal savings plan, it\u2019s time to put them into practice and continue learning more about professional and personal development with Educa.Pro. Sign up for our newsletter!<\/p>","protected":false},"excerpt":{"rendered":"<p id=\"\">If you\u2019re struggling to save, it might be because you haven\u2019t tried drawing up a personalised savings plan. In this post, we\u2019ll show you how to do it.<\/p>","protected":false},"author":3,"featured_media":3974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/posts\/3973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/comments?post=3973"}],"version-history":[{"count":0,"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/posts\/3973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/media\/3974"}],"wp:attachment":[{"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/media?parent=3973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/categories?post=3973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/educa.pro\/en\/wp-json\/wp\/v2\/tags?post=3973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}