“Save At Least 10% of Your Income”

By: Together Abroad 14-11-2016 10:51 AM
Categories: * Daily employment news,

Do you check the balance on your bank account every week? And do you then check if everything is correct? Do all of this, says the National Institute for Budget Information (Nibud). The institute comes forth for the first time with conduct designed to prevent financial problems. And that does not only apply to people with low incomes.

The institute has devised three rules of thumb to allow people to get a better grip on their financial situation:
1. Check your balance and spending weekly. It is important to have an overview of income and expenditure. Also check if your accounts and spendings are matching.
2. Schedule your annual income and expenses; create a budget once a year.
3. Save monthly at least 10% of your income.

Research by Nibud shows that 45% of all households are having difficulty making ends meet and 40% are behind with payments. One in five households have such huge payment arrears that are even payment problems. The following mainly causes these problems:
• An impulsive attitude
• Disordered administration
• Short term focus
• Little or no savings
• No financial education

Financial problems arise, according to Nibud, not usually directly by the level of income. Even people who earn a lot of money can get into trouble when they interact too impulsively with money and have no savings. To help all those Dutch with money worries, Nibud has created an email service. How it works and how you sign for it, read here.


Source: https://www.rtlnieuws.nl

Photo credits: Designed by Freepik

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