What type of savings best suit you?

Are you a ‘saver’? And, if you are, what type of saver are you? If the answer is “oh yes! Of course I save”, then this text will help you discover your ideal form of saving - one that suits your habits and needs.  It will also be beneficial for those of you who haven't saved until now, as you will find out various ways to safeguard your money, realising that it doesn't necessarily have to be trapped in savings. Perhaps by the end of this text, you may decide to attempt to take up this good habit. 

Saving for small luxuries that bring you joy – THE HEDONIST SAVER

You are someone who likes to take long weekends and escape to the mountains or the sea, someone who constantly seeks self-improvement by learning new languages or enrolling in a digital marketing course, keeps up with fashion trends, and always has a piece of clothing from your favourite designer’s latest collection. The savings model that would best suit your lifestyle and ambitions is FlexSave.

Although it falls under a term deposit, all your money, held in a FlexSave account, is always accessible. You earn interest from the bank on the amount you have available in your account; however, because your money is always available, the interest rate for this type of savings is slightly lower.
 

Saving for a major investment (flat, car, renovation) – FUTURE SAVER
 

If you plan to renovate an old home, buy a new one in the near future, or perhaps you want to purchase a new car, it's clear that you need to be disciplined with your money and start saving strategically. It would be useful to set aside money whenever you have the opportunity. Every ‘dinar’ you save is one step closer to achieving a goal that improves the quality of your life. In this case, it would also be good to forget about that money, so you don't succumb to the temptation to use it for current obligations. The right solution for you is term savings. 

Put simply, a term deposit or savings mean you have left the money in the bank for a specific period, usually 12, 18, 25, or 36 months. Your money stays there until the term expires, and it 'grows' as you receive monthly interest on it. The interest is usually higher compared to a demand form of saving, as you are unable to access the funds for a fixed term. 
 

Saving for retirement – THE GOLDEN YEARS SAVER 
 

We know that pensions in our country are not at an enviable level, regardless of how many years of service one has. Therefore, it wouldn't hurt to set aside a certain amount monthly from your salary, a sum of money that will slowly grow over time and be there just when you need it. Old age is a period of life to enjoy spending time with family and friends, a time to rest from the working years. Financial support is also needed for this. With regular savings over the years spent working, if nothing else fails, there's a good chance we will be able to spend our ‘golden years’ the way they do in the movies – on gastronomic adventures, touring museums and castles across Europe, and buying gifts for our grandchildren. When we consider our retirement years in this way, it motivates us to be diligent and regularly set money aside – but also to keep it there, resting, because we'll be grateful to our younger selves when we are able to book a cruise for our spouse on their 70th birthday. Thus, the answer naturally presents itself – a term deposit or savings is the perfect choice for you. 

However, if you don’t strictly fall into one of the mentioned categories, but you wish to save and have your funds available to you at the same time, without losing interest, we have a solution for you too! 

And this is FlexSave. With this type of savings, your funds are always accessible to you. You manage your savings online, take out as much as you need whenever and however much you need, without the constraints of a fixed term and without losing interest. You can also set up a standing order and automatically save as much as you want each month. 

Savings are important, no matter how small, as they provide a sense of security and a certain future. And when you have the perfect form of support in this, you feel like you're doing something truly good for yourself.