Saving is key to building a solid financial future, but how much should you put aside from your paycheck? Whether you're saving for a big purchase or managing your monthly budget, bunq gives you the tools to make personal finance easier. From automatic savings to smart expense tracking, here’s how to take charge of your savings and budget smarter.
The 50/30/20 Rule: A simple guideline for budgeting
The 50/30/20 rule is an easy method to manage your paycheck and divide your income into three key categories:
50% for essentials: This portion of your income covers rent, groceries, bills, and other basic living costs. Keeping half of your income for these necessities ensures you’re always covered.
30% for discretionary spending: This part is for your "wants"—dining out, entertainment, shopping, and hobbies. Having a set amount for flexible spending helps you enjoy life without overspending.
20% for savings and debt repayment: The final 20% should go toward building your savings or paying off debt. This ensures you're setting aside enough for both short-term savings goals and long-term financial stability.
The 50/30/20 rule is a great place to start, but remember, your personal finance journey is unique. Adjust these percentages to fit your lifestyle and savings plan.
Automate your savings with AutoSave
Saving money becomes effortless with bunq’s AutoSave feature. Instead of worrying about transferring money to your savings manually, AutoSave does it for you. Every time you make a purchase, bunq automatically rounds up the amount to the nearest euro and transfers the spare change to your savings account. It's a simple, seamless way to build your savings without even noticing.
Whether you're saving for a vacation, an emergency fund, or just want a financial cushion, AutoSave helps you reach your savings goals faster by automating the process.
Track your expenses with Insights
Effective expense tracking is crucial for sticking to your budget. bunq’s Insights feature gives you a detailed breakdown of your spending habits, showing exactly where your money is going. This clear overview makes it easier to identify areas where you can cut back or reallocate funds toward your savings.
For example, if Insights shows that you’re spending more on dining out than you’d like, you can easily adjust your spending or create a separate budget to limit those costs. With this tool, managing your monthly budget becomes much more transparent, making it easier to set realistic financial goals.
Stay Organized with Easy Budgeting
Budgeting doesn’t need to be complicated. With bunq, budgeting is so easy, you’ll actually do it. Easy Budgeting is a tool that allows you to separate your money into bank accounts tailored to your needs. You can set up accounts for specific expenses, such as groceries, dining, or savings goals. bunq will automatically distribute your income across these sub-accounts, so you’ll always know how much is available for each category.
This way, bunq simplifies budgeting and helps you avoid overspending. Plus, you can easily adjust the amounts if your financial situation changes, ensuring that your budget remains flexible and aligned with your goals.
Create a Savings Plan for the Unexpected
Building an emergency fund is essential for financial stability. Life is full of unexpected expenses, and having savings set aside ensures you’re prepared when they arise. We recommend setting aside three to six months of living costs to cover emergencies.
With a bunq Savings Account, you can easily build your emergency fund and access it whenever needed. Plus, bunq pays up to 3.36% interest, which is distributed weekly. This way, your savings grow automatically, giving you more financial security without any extra effort.
In conclusion: Save smart and stay consistent
Everyone’s financial situation is different, and your budgeting strategy should reflect that. While the 50/30/20 rule is a great guideline, don’t hesitate to adjust it to meet your personal finance goals. If you're focusing on savings, you might want to allocate a larger percentage toward savings or debt repayment. Or, if essentials take up more than half of your income, adjust accordingly to make your budget realistic.
The key is consistency and flexibility. bunq’s features like AutoSave, Easy Budgeting, and Insights allow you to manage your money in a way that suits your lifestyle and helps you stay on track.
