Work & Money

Save this amount every week and you will be rich in ten years

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Look, money is just a number in an account that you log into with an app. Quite interesting whether it says ten thousand or twenty thousand, right? Well, you can make sure that in ten years you will be incredibly rich. If you play the game of saving well, at least.

And it works simpler than you think.

With a smart savings strategy, you can build up a significant amount in ten years. The concept is simple: save a small, fixed amount each week, and thanks to interest and consistency, this can grow into an impressive figure. You won't have to worry about that anymore. worries .

The golden action plan

  • Start with a small amount: Let's say you start with 20 euros per week. And stick to it, okay? Every week.
  • Increase the amount annually: Add 1 euro to your weekly savings amount each year. This compensates for inflation and builds your savings balance faster.
  • Invest your savings: For example, choose a savings account with 3% interest or invest your money with an average return of 6-8% per year. A handy app I find is Peaks: they invest for you in various funds, and you don't need to know much about it. But it works. Money in your account always stays the same. A thousand euros will still be a thousand euros in ten years in your ING savings account. If you invest it, it might be worth fifteen thousand euros.

So, what does this yield you?

  • Without interest: If you save 20 euros every week for 10 years, you have 20 x 52 weeks x 10 years = 10,400 euros.
  • With 3% interest: With interest, your balance grows to about 12,500 euros.
  • With investments (6-8% average return): The total can rise to about 15,000 to 18,000 euros, depending on market fluctuations. Ha. Then it gets more fun, right?

And those who are smart think further. Save 40 euros per week, double the amount. Increase your weekly savings by 2 euros instead of 1 euro. You can easily miss that, you know. Just a coffee to go and parking outside the city center. What happens to your money then?

If you start saving €40 per week, add €2 to your weekly savings amount each year, and maintain this for 10 years, the results are as follows:

  • Without interest or investments:
    You save a total of €25,480.
  • With 3% annual interest (savings):
    Your savings balance grows to about €29,422.
  • With 6% annual return (investing):
    Your wealth can rise to about €34,225, depending on market conditions.

That's nice, right? Suddenly that future looks very Chanel-like, so to speak. Shall we start right away?