Putting money aside has become a real headache for many French people. However, an accountant believes that there are realistic savings goals to achieve depending on your income level.
Save more. It’s probably one of the most common resolutions, just behind that of getting back into exercise or eating less sugar. In reality, it is often more complicated. Between the price of housing, constrained expenses and the little pleasures that we don’t necessarily want to give up, putting money aside is not easy. However, having savings remains one of the best ways to prevent a car breakdown or an unforeseen expense from completely unbalancing a budget.
Nicole Zalys, chartered accountant, also notes that the majority of people she supports want to save more. The problem is not always the amount available, but the way the savings are managed. One of the most effective methods, she says, is to automate the process. The idea is simple: schedule a transfer to a savings account as soon as your salary arrives. This avoids relying on motivation alone at the end of the month, when expenses have already been added to the party. She also reminds us that it is easier to achieve a goal when it is associated with a concrete project. Saving to buy a home, prepare for retirement or finance a trip is often more motivating than accumulating euros without a specific goal.
Before even talking about savings, the expert emphasizes another essential point: costly debts must be treated as a priority. Revolving credits or bank overdrafts can quickly eat into the budget. In this case, repaying these debts is often more financially attractive than placing money in a savings account. Nicole Zalys also invites us to review the way we perceive this money set aside: “You’re not giving up anything. You’re spending on someone who happens to be yourself.” A way to remember that saving is not a punishment but an investment for the months or years to come.
Concretely, the amount to save each year therefore directly depends on salary. According to Nicole Zalys’ calculations, a person earning 20,000 euros per year can aim for 3% of their income, or around 600 euros in savings over the year. For a salary of 25,000 euros, the objective rises to 5%, which represents 1,250 euros. It then reaches 7% for an annual income of 30,000 euros, or 2,100 euros per year. For a salary of 40,000 euros, the target increases to 10%, or 4,000 euros. A person earning 50,000 euros can aim for 12% of their income, the equivalent of 6,000 euros per year. Finally, a person receiving 60,000 euros per year can reasonably seek to set aside 15% of this sum, or 9,000 euros over the year.
The expert is also cautious with the major universal budgetary rules that we regularly see circulating on the internet. The famous percentages that are supposed to work for everyone do not always reflect reality. In France, a Parisian employee, an owner in a medium-sized city or a parent of several children obviously do not have the same responsibilities. Two people who earn exactly the same salary can therefore have completely different margins of maneuver. This is why she prefers to talk about indicative objectives rather than strict rules. The goal is not to make those who do not succeed, but to have a benchmark to know where we stand.
