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Even small sums gets you started

You should start saving immediately even if you have a small income – after all, time is money, so why waste it?

The force behind all this is what some people call the eighth wonder of the world: compound interest. It allows the total return on your investments to grow at an increasing rate year after year. Compound interest means that the interest you earn every year is added to your savings, so you not only earn interest on the savings, you also earn interest on the interest itself. In other words, even if you save a larger sum later on, it won’t have enough time to earn as much interest as a smaller sum you invest now.

Being frugal doesn’t mean you have to be a cheapskate

You might discover a saving opportunity by taking a closer look at your personal spending habits. Do you buy a cup of coffee, a newspaper, some sweets or something else on your way to work? All those little purchases can add up to a lot of money every month.

Or maybe you spend large sums on streaming services or digital games? Do you end up splurging on stuff you don’t need just because it’s on sale? The Black Friday and Cyber Monday sales in November, for example, entice a lot of consumers to spend.

If you could put aside a small part of the money you spend on impulse purchases every day, you could end up saving a nice nest egg over the years. 

Think about it: if you save 2.5 euros per week, it adds up to 10 euros a month. According to our calculations, a regular investment of 10 euros per month in global equity funds begun in January 2000 would have generated a return of more than 7,500 euros by June 2021. And although past performance is no guarantee of future result, the example does give you an idea of what kind of amounts you could aim for if you save 10 euros a month.

Example of the difference of account and fund saving

Säästämisen infograafi - Small

The image shows a comparison between the performance of a monthly saving of 10 euros since the year 2000 if it was invested across the global equity markets or if it was deposited to an account. The return shown in the image is not a guarantee of future returns or performance and it does not account for costs and taxes.

  • As it turns out, 10 euros isn’t such a small sum if you save it regularly year after year. And that 10 euros is all you need to start regular monthly saving with Nordea. 

Monthly saving does not commit you to anything or tie up your money

Thinking about saving in an account? It’s not worth it, even if an account sounds like a safe and familiar alternative. Over the long term, your money will generate a better return in an investment fund than if it is left idle on a bank account with zero interest where inflation eats away at its value on a daily basis. 

Don’t want to commit to anything? You don’t have to. Monthly saving in a fund does not commit you to anything or tie up your money. However much you decide to save, we can automatically transfer it for you from your account to the fund of your choice. You can check the performance of your savings in Nordea Mobile or Netbank at any time. 

What if your financial situation changes? It’s up to you if you want to save more, withdraw some or all of your savings or stop saving altogether. You’ll have the money in your account in just a few days. And when the situation allows you to start again, you can always resume monthly saving.

You handle a lot of your regular expenses with monthly payments – why not make savings in the same way? 

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