Saving is important for many people: one saves for the study of his child, the other for that beautiful vacation or for a new car. Yet not everyone saves enough. 15 percent of households have no savings and another 20 percent have less than 2,000 euros. How much savings should a family actually have and what is the average savings in the Netherlands?
A large proportion of households therefore have little or no savings. The average savings differ considerably among households that do save. How much you can save depends on your home, family situation and income. But on average the savings of families saving according to Credit Checker are:
|Family composition||Median savings amount|
|Single person of 25 years in a rental home and an income of 1,500 net per month||5,000 euros|
|Couple of 30 years in a owner-occupied home and a car worth 5,000 euros and an income of 3,500 net per month||39,750 euros|
|Couple of 30 years in a rental home with a car worth 5,000 euros and an income of 3,500 euros net||16,600 euros|
|Family with 2 children in a owner-occupied home with a car worth 10,000 euros and an income of 3,000 euros net per month||27,750 euros|
|Imagine having children in a house for sale with a car worth 10,000 euros and an income of 3,000 euros net per month||35,200 euros|
Those who live in owner-occupied homes save on average more than tenants and couples with children save less than couples without children. Families with a higher income also save on average more than families with a lower income. After all, they have to make every effort to make ends meet every month, and then saving quickly comes to an end. Households with sufficient income put an average of 9 percent of the income in a savings account. But if you have a low income, it is quickly impossible to save so much.
How much savings do you need?
How much savings you need depends on your situation. Tenants and couples without children have to save less than buyers and couples with children living at home. Even if you have a car, you have to save extra. The guidelines according to Credit Checker are as follows:
|Family situation||How much savings needed|
|A single person in a rental home||3,550 euros|
|A couple without children with a home for sale and a car worth 5,000 euros||4,000 euros|
|Couple without children with a rental home and a car worth 5,000 euros||4,000 euros|
|Couple with two children, a house for sale and a car worth 10,000 euros||5,000 euros|
With this amount of savings you can absorb unforeseen expenses, such as a faltering car, a boiler that fails or a washing machine that breaks down. Extra savings goals, such as a vacation or your child’s study, fall outside this minimum amount.
Average savings – Tips
If you do not save enough, this may cause problems in the future if unforeseen costs arise. That is why it is important to consider how you can supplement your financial buffer. This starts with opening a separate savings account, so you always see how high your buffer is and you don’t accidentally spend the money on other goals.
Not only does opening a separate savings account help you save more. The following tips also help:
- Make an overview of your income and expenses. First you look at what you can possibly save on (cheaper insurance? Too expensive groceries?). You then determine how much you can save each month. Even if this is a small amount. People who save are more aware of their money.
- Always transfer money to your savings account at the start of the month. Set up a direct debit if you don’t think about it yourself.
- Consider transferring additional amounts, such as your holiday pay, directly to the savings account. If you need the money, you can easily get it back. But if you don’t need it, you don’t spend it either.
- Replenish your savings account as soon as possible if you have paid unforeseen costs. This keeps the buffer up to date.
- Agree with yourself (and possibly your partner) for which costs you will or will not use the savings account. This way you avoid withdrawing amounts too easily.