Saving is smart. Although savings are not yielding much at the moment, it is nice to have a backup for unforeseen costs. Think of a traffic fine (oops), a broken TV or unforeseen maintenance work on your house.
How big should your savings buffer be so that you have enough to cover unforeseen costs? Not everyone needs the same amount. It depends on the composition of your household, whether you rent or buy. And whether you have your own car, for example.
Calculate the recommended savings buffer with the Buffer Calculator
NIBUD has a handy calculation tool for this: The Buffer Calculator. This allows you to see which buffer is appropriate for your personal situation.
You fill in your details:
- Your family composition
- Your home situation
- Your income
- Your car
- Your current buffer
Also nice: the Buffer Calculator is based on averages. If you estimate that you are below or above average, because you always buy second hand furniture for example, then you can still easily adjust this manually. At the end you will see an overview with your recommended savings buffer, the NIBUD recommended buffer for you and your own, adjusted buffer. In one glance you can see where you stand immediately! Find your recommended savings buffer here, according to the guidelines of NIBUD.
Do you have sufficient savings in your account? If not: no problem. Automatically put a monthly amount in your savings account, until your savings buffer is topped up. That way, you'll be financially prepared for setbacks.