{"type":"document","data":{"id":"1906d948-a0ab-420d-9617-3b60674ed713","localeString":"en-GB","publishDate":"2024-12-02T14:51:43.528+01:00","contentType":"onecms:editorialPage","hasMacro":false,"flexPageMetadata":{"afmBanner":false,"robotInstruction":{"noIndex":false,"noFollow":false},"description":"Set up a savings plan to hit your financial goals, whether you’re saving for kids, retirement, or building short-term savings with an automatic savings plan."},"mainHeaderZone":{"componentType":"editorialHeader","coreHeader":{"title":"How to build a savings plan","subtitle":"A savings plan is a strategy to set and achieve financial goals. There are several options when setting up a savings plan, depending on your needs, profile and preferences."},"backLink":{"textLink":{"url":"/en/individuals/saving","text":"Saving"}},"date":"2024-03-06","readingTime":3},"flexZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Define the objective of your savings plan"},{"componentType":"paragraph","title":"Saving is good, but knowing why is even better! ","richBody":{"value":"

If you've already built up the cash reserve that will tide you over in case of a rainy day, you can now think about what you want to achieve. The amount you intend to save will determine how long you will save for and how much effort you will need to make.
 
This step is vital, because savings products differ depending on whether you want to save long-term for your retirement, or build short-term savings to buy a car, for example. 

"}},{"componentType":"sectionTitle","title":" 3 good reasons to save"},{"componentType":"paragraph","title":"1st reason: your money works for you","richBody":{"value":"

Regulated savings products in Belgium earn interest, as well as a loyalty bonus if your money stays in the savings account for at least a year. 

"}},{"componentType":"paragraph","title":"2nd reason: your money remains available at all times","richBody":{"value":"

All regulated short- and medium-term savings products allow you to withdraw your money whenever you like, with no exit fees. 

As a guide, short-term investments are expected to last between 12 and 24 months, medium-term investments around 5 years and long-term investments at least 10 years. 

"}},{"componentType":"paragraph","title":"3rd reason: your capital is protected","richBody":{"value":"

For regulated savings accounts, your savings are protected up to €100,000 by the savings deposits guarantee. In the event of ING going bankrupt or in the event of a risk of bankruptcy, you may lose savings in excess of this amount or be required to reduce/convert them into shares.  

"}},{"componentType":"highlight","title":"Highlight","richBody":{"value":"

Our article 'Long-term savings: how to save for your future ' looks in detail at long-term savings plans such as retirement savings or saving for kids if you want the best possible return over a period longer than ten years. 

"}},{"componentType":"sectionTitle","title":"Choosing the right savings product"},{"componentType":"paragraph","richBody":{"value":"

If you're not a risk-taker, savings accounts are for you. In Belgium, you can choose between regulated and non-regulated savings accounts.

"}},{"componentType":"paragraph","title":"Regulated savings accounts in a nutshell","richBody":{"value":""}},{"componentType":"cta","textLink":{"url":"/en/individuals/saving","text":"Discover our ING savings accounts *"}},{"componentType":"sectionTitle","title":"Starting a savings plan: some good advice"},{"componentType":"paragraph","richBody":{"value":"
  1. Calculate the amount you can put aside each month and plan monthly deposits to ensure that your savings account is regularly topped up.
    Consider setting up an automatic savings plan if you don’t want to transfer money manually each month. You should apply the 50-30-20 rule: 50% to cover day-to-day living expenses (rent, utilities, bills, food), 30% to cover the little extras and the remaining 20% to save or invest.
    Be careful, saving money shouldn't put you in a difficult situation, so start small and adjust the amount according to your financial circumstances. 
  2. Compare the savings accounts available on the market and find out how they work. Apart from the interest rates advertised, find out about taxation, account opening conditions and any exit or management fees for the savings account.  Discover all of ING's savings solutions. 
    Discover all ING savings accounts
  3. Keep an eye on your savings. Don't hesitate to adjust your plan if your personal circumstances change or if new, more advantageous products come onto the market. By following these steps, you can put together a savings plan that will enable you to achieve your financial goals. 
"}}]},"complementaryZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Also interesting!"},{"componentType":"cards","cards":[{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Save for your children","body":"And prepare for their future!","image":{"transformBaseUrl":"https://assets.ing.com/transform/216695a9-4f8e-4fb8-8bd7-db8312e9f9c1/youth-save-for-your-children-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/4f8ad995e3756a9f/original/youth-save-for-your-children-1920.jpg","extension":"jpg"},"date":"2021-03-23","link":{"url":"/en/individuals/my-life/budget-tips/start-saving-children-youth"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Long-term savings: how to save for your future ","body":"Explore long-term savings plans including long-term savings accounts, pension savings and mutual funds, with simple long-term savings tips.","image":{"transformBaseUrl":"https://assets.ing.com/transform/023e4c6f-966b-408e-a5c3-cd8f1085c0d7/Mature-couple-enjoying-while-riding-bicycle","type":"image","width":1920,"original":"https://assets.ing.com/m/46336df3cefa6ddf/original/Mature-couple-enjoying-while-riding-bicycle.jpg","extension":"jpg"},"date":"2023-06-20","link":{"url":"/en/individuals/saving/long-term-savings-explained"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"When is the best time to start a personal pension plan?","body":"The chances that your statutory pension will be sufficient later on are slim. Therefore, it is good to provide an extra little something for yourself through pension savings.","image":{"transformBaseUrl":"https://assets.ing.com/transform/7edad6d2-6aa4-4b8d-920b-f030d739f059/pension-savings-age-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/7ab8e2ca3ceeae43/original/pension-savings-age-1920.jpg","extension":"jpg"},"date":"2023-06-28","link":{"url":"/en/individuals/managing-my-assets/retirement/age-start-pension-plan"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Saving or investing?","body":"How to choose?","image":{"transformBaseUrl":"https://assets.ing.com/transform/e50295fc-9f70-433e-8e27-24019329946b/investments-basics-video-investing-or-saving-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/5a50dd8ebbb34ff3/original/investments-basics-video-investing-or-saving-1920.jpg","extension":"jpg"},"date":"2023-01-26","link":{"url":"/en/individuals/managing-my-assets/investment-academy/saving-and-investing-basic-concepts"}}]}]},"legalZone":{"flexComponents":[{"componentType":"paragraph","richBody":{"value":"

*  Opening a savings account is subject to prior acceptance by ING and mutual agreement. The terms and conditions of ING savings accounts (general and special terms and conditions, rules, regulations, product sheets, key information for savers for regulated savings accounts and other additional information) are available from ING branches, at www.ing.be and over the phone at +32 (0) 2 464 60 04. 

"}}]}}}