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Do you want to save successfully? A systematic method and some simple behavioral tricks are the key to success. Start by defining a budget. As soon as you have an overview of your expenses, you can easily work out how much money there is left over to save. Don't become set on a specific sum right from the start. A dream vacation, the new smartphone you're longing to buy or a house in the country can represent good incentives. At the end of the day, it's how regularly you can save that matters. Set up a monthly standing order for your savings account or pillar 3a retirement savings account, and your money will save itself.
"You can increase your chances of success by actively making changes to your behavior. Because saving on a limited budget is so difficult, it doesn't make sense to remain fixed on a specific amount. Instead, you should simply try and set money aside on a regular basis. This gives you a constant sense of achievement and leads to positive results in the long term, even with small amounts."
"Your Personal Financial Assistant in UBS e-banking analyzes your expenses and illustrates them clearly. This enables you to draw up a budget. Thanks to the Mobile Banking app for your smartphone, you always know exactly how much money you're spending, and what you're spending it on. This is the key to recognizing your savings potential and deciding how much you can save and put towards your retirement each month."
"Emotions are strong drivers of behavior. Give your savings an emotional framework to separate them mentally from your everyday life: a destination you've always wanted to visit, your dream apartment or Christmas gifts. Firstly, any money placed in this specifically dedicated account won't seem wasted, and secondly, it will feel psychologically much more *expensive' to remove it from the account and use it for another purpose."
"Try this little trick to motivate yourself. Simply change the name of your savings solution. Seeing "My world trip", "Better living" or "Playa del Carmen 2030" every time you log into UBS e-banking or the UBS Mobile Banking app will remind you of your big dream, and give your motivation a boost."
"We generally find it difficult to pay money into a savings or retirement savings account because that means sacrificing immediate consumption in order to be able to afford something else later on.
We prefer being able to make purchases whenever we like. This feeling is reinforced by the fact that we are constantly trying to keep up with our neighbors and comparing who has the best car, for example. Paying money into a savings account should become a habit, and even be automated if possible, so that we don't have to keep making the decision to save money. Making it harder to access your savings can also help – it's the same principle as keeping a box of chocolates out of sight and out of reach."
"Setting up a monthly standing order for your savings or retirement savings account is a way of killing two birds with one stone. Automating the savings process with a set amount means that after a while, you won't even think about it any more. It's also possible to make each of your accounts 'invisible' in UBS e-banking. Then you won't be tempted to dip into your savings after all, and that will help you to save in the long term."