Everyone knows it's important to have savings and yet, it turns out that, according to a recent online poll, 29% of Europeans, 16% of Americans and 23% of Australians are without any personal savings.

So, what's stopping us from saving money when we know it's important? Well, just excuses. Which of these common five excuses have you told yourself?

1. “Because I Don't Earn Enough To Save”

This is by far the most popular excuse people use. Of course, there are legitimate cases for people whose income really is too low to save, however, for the majority of us, it's entirely possible to put away 3% or 5% from the most modest of salaries and develop a healthy habit of saving money.

After just one year saving 3% of 5%, you will have developed quite a savings account. Just think what could you buy with this or how this could go towards your deposit for a larger purchase.

The smallest of savings can go a long way to paying for a holiday, a deposit for a new car, or help on a rainy day.

2. “Because The Stock Market Might Crash”

Yes, the stock market crashed in 2008 and a lot of people lost a lot money, which is sad and unfortunate. However, if you read the newspapers, it seems there is always an imminent threat of a market crash.

Regardless of who or what sources you believe, saving money is always a good idea. You can minimise risk by avoiding high-risk investments and by speaking with a financial advisor.

Additionally, look for a bank you can trust. With a FerratumBank savings account, for example, you are protected by the Depositor Guarantee Scheme.

3. “Because I Need That Money For….”

W e all have day-to-day expenses, and there are endless variations of what we could spend money on. Often people say they need the money for this or for that, but the truth is even after making your savings transfer, chances are you will find you still have the funds available for this or that. In fact, once set up recurring deposits from your salary, you won't even notice the money missing from your salary.

4. “Because You Shouldn't Trust Anyone With Your Money”

According to news source The Street, more than half of Americans don't trust banks. Millions have decided that their money is safer under a mattress than in a bank while others say they don't know where to put their savings. Be careful listening to naysayers and reading scary stories or myths online about saving money. While it's not wise to trust just anyone with your money, there are plenty of reliable and trustworthy resources. Speak to friends and do your research on which banks or institutions make you feel most at ease.

No More Excuses...

At FerratumBank, we've designed three simple but powerful mobile banking savings solutions to help you achieve your savings goals. It takes just 8-minutes to open a FerratumBank account and from there, simply download the app and choose which savings option works best for you.

Open a FerratumBank Savings Account, set up one of our Savings Goals or select a Term Deposit account. You choose.

With a FerratumBank savings account, you can deposit money whenever you like, enjoy 0.8% interest per annum, and access your funds whenever you need. Simple!

Or why not set up a Savings Goal? Simply, create and name your goal, then set your target. When would you like to achieve the goal? Six months, twelve months? Next, decide how much money you'll need to save to achieve that goal and set up weekly or monthly recurring transfers. We'll then do the rest!

Last but not least, a FerratumBank Term Deposit account makes long-term savings simple. Plan for your future. Select your deposit amount, lock it in for up to 12 months, and start counting your money.

No more excuses, start saving today!

Blog articles are not legal information and should not be seen as legal advice. You should consult our legal documents and list of price for specific information. For any questions, please contact our customer support at customersupport@ferratumbank.com