For their savings
Always brush your teeth for two minutes. What do you say? Thank you! Saving, a habit to be learned.
Why is it important to learn to save?
Life is full of surprises, but as we've recently seen, they are not always nice ones. It's important to have support, with a cushion for protection against unexpected situations, but also to be able to take advantage of opportunities like education and training.
- Money requires effort, nothing comes for free. We know you know the theory, but what about the practice?
- Saving is a habit that the young find hard to understand. But it won't take long for them to be glad they learned.
Three tips for them to learn how to save:
Don't think saving is just for the old
Youngsters tend to see saving as something that “oldsters” do. But it's important to view saving as a mechanism, as something that will allow you to realise your plans. How about doing Interrail? May be you need a new laptop?
Keep track of your spending
Learn how to manage your own budget. It might be stating the obvious, but standing on your own two feet financially begins with knowing how much you have so you know how much you can save: learning not to spend more than you can afford.
Do it little by little but continuously
Doing it little by little won't affect your lifestyle, and doing it continuously will bring you the satisfaction of achievement. It's important to set up automatic contributions and goals because that will keep you committed.
Funds:1 an alternative to saving.
Investment funds have been “democratised” in recent years because you no longer need to have a large amount of capital or know a lot about finance. Nowadays, there are funds for everyone because, like everything else, they've evolved:
- You can make contributions from as little as €20.
- You can choose a fund according to the risk you're willing to assume in exchange for a return, even if there is no guaranteed return.
- You can choose the sector you want to invest in.
- You can forgetting about finding a fund yourself and just choose one that's already been profiled to match your criteria: conservative, dynamic or aggressive.
- You listen to your heart and invest in socially responsible funds.
- You can decide an amount and a term and then set up automatic contributions to a regular investment plan.
The value of investment funds can fall as well as rise, and you may get back less than you invested.
A Bankinter idea to start investing easily:
The 5% Plan2 rewards contributions you make to investment funds from your Youth Account:
- We will pay a monthly bonus into your Youth Account for each month you contribute at least €50 to an investment fund from out of that account.
- An annual 5% the first year and an annual 2% the second year on the balance accumulated in the investment fund, up to a maximum of €1,000.
Show/Hide legal text1 Investment funds: The key investor information document, prospectus and all other legal documents related to Bankinter's collective investment institutions are available at any of our branches, on the Bankinter website (www.bankinter.com) and on the Spanish National Securities Market Commission (CNMV) website (www.cnmv.es).
Show/Hide legal text2 5% Plan: To activate the 5%-2% Plan you must be the holder of a Mini or Youth account and you must make a monthly contribution of at least €50 to one or more investment funds marketed by Bankinter and linked to your account. If you do not make this minimum monthly contribution, you will not receive the bonus. First year: 5%. Second year: 2%.
Monthly bonus paid on the total balance contributed to the fund since the activation of the plan. The maximum bonus-bearing balance is €1,000. Below is a typical example for an initial subscription of €1,000 to an investment fund with a scheduled regular contribution of €50 per month for the next 23 months. Monthly bonus the first year: €4.17 (total annual bonus: 50,04€). Monthly bonus the second year: €1.67 (total annual bonus: 20,04€). This promotion is valid for all Mini and Youth accounts opened before 30 June 2023.
The fund prospectuses, the key investor information document and the other legal documents for Bankinter's collective investment institutions are available in our branches, on the Bankinter website (bankinter.com) and on the website of the Spanish National Securities Market Commission (CNMV) (www.cnmv.es). The time frame for each fund is specified in the Key Investor Information Document.
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