4 tips for getting more from your savings

4 tips for getting more from your savings

Putting something away on your savings account each month is never a bad move. Saving is still a safe option in the short term as you'll always have easy access to funds to cover unexpected expenses.

Unfortunately, it doesn't bring you much of a return these days. In fact, your savings are losing value due to inflation. Given this situation, we've got a few ideas that could help you get more from your savings. Just read on to find out more.

1. Combine saving and investing

By investing some of your savings, you could end up getting more from them. The current low level of interest rates means that savings are earning hardly anything at all. Investments offer you higher potential returns.

For instance, investing half of what you usually save each month may well generate a higher return and you still have money on your savings account to cover any unexpected expenses.

2. Compare different savings accounts

Look at what your current savings account earns and compare it with other savings products. For exemple, a time deposit account, usually earns more interest than a conventional savings accounts. However, you will only be able to access your money after a specified period.

3. Start tax-advantaged saving

pension savings scheme

You can get more out of your savings by using tax-efficient savings products. With a pension savings scheme, for instance, you set aside a certain sum of money each month to build up a supplementary pension. This could be as little as 10 euros per month.

Each year you receive tax relief, the size of which depends on how much you've paid into the scheme. On the other hand, you will have to pay a final tax. The size of the final tax and the amount of tax relief depend on the formula you choose and your individual circumstances.
 

4. Opt for periodic investing

If you want some of your savings to be invested automatically, periodic investing could well be what you're after. This technique enables you to (automatically) transfer a certain amount of money to an investment fund every month. You can do this, for example, with an investment plan, starting from as little as 25 euros a month.

Periodic investing has several advantages. In the long run, you could get a higher return than with a conventional savings account. And because you don't invest all your savings in one go, you don't have to worry about when the right time is to invest.

In addition, you could build up a larger sum of capital, because any income generated is automatically reinvested. Of course, there are also risks involved, including the chance of losing part of your investment.
If you'd like to start investing periodically, simply set up an investment plan on your smartphone.
 

Alternative ways to invest your savings

Looking for ways to invest some of your savings and earn more on them? Check out what we have to offer.

KBC Investment Plan

With KBC Investment Plan on your smartphone, you can set up an investment plan in just a few taps. Although it may generate higher returns, it also entails greater risks. Learn more about this plan.

KBC Easy Invest Service

Prefer to leave investing to the experts? Signing up for the KBC Easy Invest Service means you choose an investment fund that is actively managed by specialised fund managers. Learn more about this service.

KBC Wealth Management Service

Larger investment amounts are suited to the KBC Wealth Management Service, where you invest with personal advice from an expert. Ideal for investments of 25 000 euros or more. Learn more about this service.
 

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