Every new year brings with it the opportunity to take stock of one's situation and we make our New Year’s resolutions to try to improve ourselves. Close to you and always aiming to make your life easier, Crédit Agricole next bank put together a few tips to get you off to a good start in 2022!
Resolution #1: budgeting made easy
For those familiar with the Excel software, Crédit Agricole next bank offers a very simple solution: the "Managing my budget" table. Your income is divided into income, various allowances, rental and capital income, while your expenditure is divided in three sections – fixed, current and occasional – detailed enough to make the tool practical.
All you have to do is tofill in the data, and your monthly cumulative balance and annual total (by category and subcategory) are calculated automatically. What’s left? Enter the amount you want to save for the current month, and your final balance is automatically calculated. In just a few clicks, it's sorted!
Save first, spend later
Rather than saving what you have left to put aside at the end of the month, why not set a fixed amount? You may have heard of the 50-30-20 method. In this method, you allocate 50% of your income to your fixed and current expenses (housing, insurance, food, etc.), 30% to your occasional expenses (clothing, holidays, entertainment, etc.) and the remaining 20% to your savings. Of course, the idea is to remain flexible and realistic, so if you find this 20% difficult to achieve, it’s not a problem! Why not try 10% first? The important thing is to set a target and try to stick to it. Once you have set this amount, you can even set up an automatic transfer so you don't have to worry about it.
Resolution #2: plan for the financial deadlines of the coming year
As we’ve just seen, budgeting for the year also means taking into account fixed expenses such as taxes and insurance, as well as savings, from short to long term. We’ve put together the major yearly financial deadlines for you in this table:
|Topic||Deadline||Actions to take|
|Taxes||End of February to end of April (depending on your canton)||Declare your income and submit your declaration to the tax authorities in your canton|
|Basic health insurance||Until 30 November to terminate||Reassess coverage, amount, etc.|
|Supplementary insurances||Until 31 March or 30 September to terminate||Review your contracts and ensure that your coverage is sufficient|
|Pension fund (2nd pillar)||Until mid-December||Make voluntary purchases (to improve your pension and optimise your tax situation)|
|Tied pension provision (pillar 3A)||Until mid-December||Pay in the maximum amount as redefined at federal level|
|Securities||Every year||Assess and adjust your investments|
|Mortgage||Every year||Check your deadlines|
Resolution #3: simplify payments by switching to eBill
As a logical next step to setting up your budget, all that remains is to make paying your bills easier by setting up eBill, the Swiss reference for paying your recurring bills: electricity, credit card, phone, etc. /p>
Main advantages of eBill
- The big picture, easily: all your bills can be found where you pay them: in your CA next bank e-banking platform
- Intuitive and fast: simply add billers from a list and payment is just a few clicks away
- Secure: eBill meets the e-banking standards applied by Swiss banks, thus guaranteeing the confidentiality of your data
Resolution #4: let your money work for you efficiently and in accordance with your values
Making your money work for you by investing in funds with ethical and sustainable values is undoubtedly THE resolution to make for the beginning of the year.
Crédit Agricole next bank, in association with its partner Amundi, one of the European and global leaders in asset management, offers you funds that meet environmental, social and governance (ESG) criteria.
3 examples of investment funds combining profitability and sustainability:
- Food for Generations: to invest ethically in the food chain
- Silver Age: to support innovation that enables the elderly to live more comfortably
- Multi Asset Sustainable Future/: to invest in a sustainable way and generate a positive impact
Resolution #5: plan for your retirement
When you retire, you need around 80% of your salary to maintain your usual standard of living. In some cases, however, the pension provided by the first two pillars is only 60% of your last salary. Assessing the shortfall and opening a third pillar (and/or supplementing this with another savings or investment measure) can therefore be crucial.
The younger you start, the better!
At the age of 20 or 25, you’re probably not yet thinking about retirement. You've only just started working! And yet, the earlier you start putting money aside, the more likely you are to build up sufficient savings to live out your old age peacefully. Even if you start with a small amount of money that is paid into the savings solution of your choice on a regular basis, it will make a difference!
Use our simulator to calculate the possible shortfall in income or contact your advisors to draw up a detailed pension plan tailored to your personal situation. Personal well-being also means peace of mind!
To help you set up your savings and investment plan, our advisors are available to offer you personalised support. New Year’s resolutions or not, Crédit Agricole next bank wishes you a happy new year!