Money topic

Experts give good tips for World Savings Week

CEO Wolfgang Viehauser and State Councillor for Finance Ludwig Schleritzko on World Savings Week.

(Bild: HYPO NOE/Gorla)

"World Savings Day has an important educational function. Nowadays, almost everything can be ordered online at the click of a mouse, paid for digitally and also in installments. This makes it all the more important to teach our children and grandchildren about saving - for difficult times, but also for larger purchases - and thus also about the value of things and to set a good example when it comes to saving," explains Lower Austrian Finance Minister Ludwig Schleritzko.

"Especially the so-called nest egg, a financial cushion for emergencies, is essential! It should amount to around three to five months' salary and be saved in a daily savings account from which you can easily withdraw money in an emergency," agrees HYPO NOE board member Wolfgang Viehauser. With a gross monthly income of EUR 2457 (median), it would therefore be ideal if the average Lower Austrian had between EUR 7500 and around EUR 12,000 in their savings account.

Define savings goals
Setting goals helps to build up a nest egg. Viehauser explains: "It's best to define the savings amount and a date by which you want to have it built up: then divide the sum by the number of months and put the amount aside as soon as you receive your salary." Or you can set up a standing order in online banking. Unlike "saving what's left at the end of the month", you don't run the risk of spending the money until the last day of the month.

Small amounts can make a big difference
Popular savings challenges, such as saving all copper coins, €2 coins or €5 bills from your change, should not be underestimated, says Viehauser: "Consistently saving small amounts pays off! Especially around World Savings Day, customers always come to us with their savings hippos and are surprised at the sums they have saved."

However, the expert takes a critical view of excessive amounts in daily savings accounts, as inflation is gradually eroding the value of savings despite the higher interest rates. Viehauser: "If you could still buy five new washing machines for your nest egg today - in two, three or five years' time, you may only be able to afford four or three machines for that money. You need good advice to invest your hard-saved money in the best possible way."