1. Set a savings goal 🎯

An obvious one: start by determining your savings goal. Whether it's a world trip, a new kitchen, or for unexpected expenses, make sure the goal is clear. Setting a clear goal helps you save purposefully and creates a finish line to work towards. This will keep you motivated.

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[fs-toc-omit]Answer the following questions:

• What are you saving for?
• How much money do you need?

2. Overview of income and expenses 💸

Take the time to map out your current financial situation. Look at your monthly income and expenses. This overview is the basis of your savings plan.

[fs-toc-omit]Answer the following questions:

• How much money comes in every month?
• How much money do you spend every month?
• Optionally: where can you save?

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3. Deadline ⏰

You won't achieve a goal without a deadline. A deadline creates clarity, adds some extra pressure, and motivates you. If you want to make a big trip in two years, calculate how much you need to save monthly to reach that goal.

[fs-toc-omit]Answer the following questions:

• When should your savings goal be reached? (Be realistic)

Divide the number of months you have left by the amount you need and you'll know how much you need to set aside each month.

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4. Choose a savings method 💰

Depending on your goal and time, you can choose the most suitable savings method. Yes, there are options. You probably have a regular savings account alongside your checking account. You can use that account. Some banks also offer the option to create multiple 'savings pots' within one savings account.

If you are sure you won't need access to your savings, a savings deposit might be an option. You often get a Higher interest rate in comparison with a regular savings account, but your money is 'locked' for a certain period.

Answer the following questions:

• Do you want access to your savings in the meantime?
  • Yes, use your savings account or the traditional piggy bank 🐷
  • No, consider a savings deposit for a higher interest rate 🫰

Set up an automatic savings order. This ensures that you save consistently without having to think about it monthly.

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5. Grassfeld: savings goals app

With the free app Grassfeld helps you execute your savings plan and achieve your savings goals. Create a free account, set your savings goal, and you can check anytime if you're still on track.