3. Define your savings goals
1. Why do you want to save?
To pay for a kitchen renovation
To go on a trip
To prepare for a property goal
To prepare for retirement
To plan for my children’s future
2. What amount do you need?
Estimate how much you will need to set aside to achieve your goal.
Make sure to take into account the rise in prices over time. If you’re saving € 15,000 for a kitchen renovation, don’t forget that in five years it may cost € 15,500 or € 16,000.
3. When will you need these savings?
A good question to ask: will I have enough to pay for my children’s studies in 10 years with the amount that I add to my savings account each month and the current savings interest rate?
Did you know ...
... that 42% of Luxembourg residents say that they won’t have enough savings to make that money last for the rest of their lives? (Source : ING International Survey 2020)