Helpful Hints for Saving Success

Starting a savings programme and creating a savings strategy can be exciting and full of possibilities.  Like any goal you set for yourself, perseverance and resolve will help see you reach your objectives.  Making smart choices about your finances, being honest about your ability to save and utilising your resources to your best advantage can help you achieve savings success.

Choose the Right Savings Account

Bank of Ireland offers a wide range of savings accounts for your personal savings needs.  Knowing your savings options, the kinds of restrictions that apply, comparingsaving interest rates and realistically assessing your ability to save are important factors in assessing a savings account.

Choosing a savings account that offers the best options for saving based on the amount you have to deposit and the access you may need to your funds should be the first step in your saving strategy.  It’s important to know that the highest interest savings accounts might not be the best choice for your savings strategy because they are usually the most restrictive accounts and often include penalties for early withdrawals.

Our saving advisors are available to help you choose the best savings account for your financial needs - call 1890 365 254 today.

Setting Savings Goals

When you start saving, setting savings goals that are not too restrictive can help you stick to your schedule and achieve success while setting a realistic savings amount will help to create strong savings habits. 

Money Saving Tips

There are lots of ways to save money, but changing your spending habits can be more important than finding great bargains.  If you buy one premium coffee every day for €3, that’s an expense of about €90 per month.  If you changed that spending habit, you would save over €1,000 in one year.  It’s a small change with significant savings potential.

Restricting Access to Your Funds

Having a savings account that you use as a current account may not help you save.  If having access to your deposits means that you will spend your savings for non-emergency purchases, it might be better to look into a long-term savings account that restricts access to your funds.  Fixed term savings accounts usually have higher savings interest rates so your money will be working harder and earning more for you while it is off limits.

Using Cash Rather Than Credit

Everybody encounters financial emergencies from time to time and that’s what saving for a rainy day is all about.  Most financial advisors say that having a reserve of 3 months gross salary will help when unexpected financial emergencies arise.  It’s important to remember that credit costs more than cash and when emergencies arise, it’s more effective to use your savings than to use credit in most cases.

Answer to All Your Savings Questions

Choosing a savings account and creating a savings strategy is very personal. Use a Bank of Ireland savings advisor to answer all your savings questions. Call a Bank of Ireland savings advisor now at 1890 365 254 to discuss your savings needs or request a call back today.