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It’s common knowledge that we should start if we’re not already saving for the future. There are several theories about how to handle money properly in the future. There is also the possibility of expert advice on the given topic. You don’t even have to think about expenses with many financial advisors! Therefore, it is not harmful, and it is not a shame at all, to get advice from an expert.


The areas of saving and investing often overlap. In the beginning, there is always the idea of ​​financial security for one’s future. There are four main types of savings that you can think about.


First of all, it is a reserve – it is money that you have stored in case of unexpected life events, for example, if you lose your income or part of it due to illness or injury. The reserve should correspond to at least the amount of your six-month income. You must be able to access this money at any time.


Another savings option is short-term savings. You set a goal that you plan to achieve within three to six years and calculate how much you need to set aside each month to achieve this goal. Short-term savings cover the purchase of a car or a vacation.


As for savings, after all, it’s good to think about long-term goals as well. Long-term savings cover plans for the future. If you want to start a business one day or buy a cottage in the mountains, you will probably need these savings! It is mostly about saving up to ten or twenty years.

In this case, it is not advisable to deposit the money in a current account but in a savings or investment account, which evaluates the deposited income advantageously.


Last but not least, it is important to start thinking about your potential situation at retirement age as soon as possible. Regarding pensions, it should be remembered that each state can provide only a limited amount of money, which depends on the population’s productivity. Since the Slovak population is ageing and inflation is increasing, you have to think about other ways of co-financing your pension. In addition, a few simple steps can help you in the future when granting a retirement; for example, you can establish a second and third pillar.

Your employer automatically contributes to the second pillar. Establishing it as soon as possible is advantageous because it will not burden you financially, but this money will be added to the final amount of your pension.

Setting up the third pillar is good if you have a steady income from which you can save a particular part. There are several options for the third pillar. Almost every bank provides them. In each one, she willingly explained how it works for them.

Savings in both pillars are hereditary and, therefore, cannot be forfeited to the state. They will always return to your loved ones. In our podcasts, you will learn even more about specific types of savings and how to set them up and proceed.

It is not easy to learn to save with your resources, but it is crucial. You can find a few tips for good savings, for example, in the article Why does saving hurt? Nine tips on how not to waste money and treat yourself to a prosperous future or 10 tips on saving on weekly expenses.

Various online tools will help you set up your finances. They are, for example, a budget planner or a savings calculator. You can also calculate the amount saved with regular deposits or a one-time deposit to a savings account. There are many tools; you just have to find the one which suits you the best.

52-Week Savings Challenge

Saving can be hard sometimes. That’s why we’re bringing you a fun way to get started with it. Do you know the 52-week savings challenge? The premise of this challenge is to save a certain amount every week. If you follow this habit, you can save up to 1.372€ per year if you save the total amount. You start the 1st week with 1€ saved, but you can also use the half option, i.e. 0.50€.

How to do it? You can start in the standard way, i.e. you save 1€ in the first week, 2€ in the second, and so on until week 52. With the saved amount, you can paint one container. Or you can go for it according to your available resources. For example, if you save 25€ in the first week, you will paint a container corresponding to the given amount. Our worksheet, which we have prepared for this challenge, can help you.


Investing money is quite a complex topic. If we look at what investing means, we will find that, in short, it is about putting your own funds into something that will positively evaluate these funds and bring benefits. You can invest your money in various things – starting a business, buying real estate, etc.

How to Invest

Before the internet, investing was exclusive, only for wealthy people or stock market brokers. Nowadays, everyone can invest. Even if you don’t have much money, you can start with small investments now. Make sure beforehand that you have some extra money set aside for unexpected expenses and that you have no outstanding debts.

Four principles of investing

The more time your money has to work for you, the more opportunities it will have to grow. Therefore, it is important to start investing as soon as possible. Don’t think it’s too soon when you’re young, and it’s a perfect time.
If you stick with your investment and don’t move quickly through the markets, you can make some extra money. This money is called compound income and can mean more money for you, for example, in your retirement. Yes, it is also necessary to start thinking about it now.
Putting all your money into one investment is risky – if it fails, you can lose money. However, when you divide them into several investments, you reduce the risk of loss. The basis is to build your investment portfolio.
Low-risk investments, i.e. those where you are less likely to lose money, generally mean the assumption of low returns and, therefore, will earn you less. Conversely, higher returns usually bring a higher risk of losing money. You can choose what type of investor you will be.

Types of investors

Understanding what type of investor you are is a fundamental step, especially if you are just starting your journey in the world of investments. It will allow you to understand your limits when dividing your money and build a strategy already adapted to your profile.
Conservative – prefers a lower yield due to the safety of his investments; he would instead get less money from the investment than risk losing money.
Moderate – takes more risks in search of profit, and therefore sometimes bets a fixed amount on riskier products, even if he does not know how much profit he will make.
Daring – seeks high returns and gives up much of the certainty to achieve increased profitability; he is willing to risk losing a certain amount of money, as long as there is a chance that his investment will have a high percentage of return, and therefore that he will gain a lot of money from it.

Types of investments

Just as we divide investors into different types, there is also a division of particular investments.
Bonds (Low Risk) – debt obligations of organisations such as governments, municipalities and corporations. Buying a bond means you own a particular share of the given organisation and are entitled to regular payments from the company’s profit. It is calculated based on the specified interest.
Real Estate (Low Risk) – investing in real estate can be a safe way to keep your money. Some people invest in purchasing an apartment or house and rent it out, using the money earned to pay the loans and taxes related to the purchase. This type of investment requires having enough money to start with, but on the other hand, it can be a profitable long-term investment with a profit.
Shares (High Risk) – the person who buys the company shares becomes its partial owner. Owners of shares are called shareholders and can participate in the growth and success of the company. They achieve profit thanks to dividends – they are parts of the company’s profit that shareholders redistribute.
Index Funds (High Risk) – Index funds are investment funds that track a certain benchmark index (such as the S&P 500 or Nasdaq 100). When you put money into an index fund, it will be used to invest in all the companies that make up that particular index. This gives you a more diverse portfolio than buying individual shares.
Cryptocurrencies (High Risk) – Cryptocurrency is a currency that uses digital files as money. Usually, files are created in the same ways as cryptography (the science of hiding information). One of the most famous cryptocurrencies is Bitcoin.

When investing, a person can make many mistakes, the first and biggest of which is impetuousness. You can find some tips for investing in article 10 rules of investing.

Several podcasts and blogs will help you become more familiar with the world of investments. We recommend, for example, the podcasts Inteligentné Investovanie or Som Investor and the Finax blog.

You can listen to the Index podcast and browse their website for a broader view of the economy. We also recommend regular money talks under the MONEY TALKS podcast.

You can also listen to our podcast with finance expert Ivana Mikitová.

Don’t forget to follow us on your favourite podcast platform: