Saving money and planning your home budget is a difficult habit. This applies especially to young people for whom postponing for retirement seems to be a very distant prospect. Meanwhile, in saving more important than how much money we will accumulate in a given month is to consistently stick to the established financial plan and systematically save even small amounts.
Poles have more and more savings
According to data collected by the National Bank of Poland, Poles are getting better at saving and planning their household budgets. We have set aside PLN 2 trillion, i.e. PLN 114 billion more than a year ago.
The stock exchange had a significant impact on the amount of savings owned by the respondents – as many as 47 of the 114 billion mentioned above came from the increase in the value of shares and units of investment funds. Does this mean that we willingly turn over our capital? Unfortunately, not entirely: 9% of the funds are cash, and over 22% of them are on interest-free bank accounts. In total, it gives as much as PLN 631 billion, which could earn on themselves instead of “lying” on the account. We placed 15% of our savings on deposits, 10% in OFEs, and almost 18% are shares in unlisted companies. Investing in shares and bonds represents only a small percentage of our financial activity: the stock exchange has 2.7% of all funds, and we hold less than 6.7% of capital in investment funds.
It is optimistic that more and more respondents see the benefits of saving money, not only the value of the savings we accumulate increases, but also the number of people who have them. According to the report prepared by the ING Group, 69% of respondents have their funds put aside, and every third respondent is satisfied or very happy with their amount. Most people have savings of 1 to 3 monthly salaries (31% of responses), 11% set aside less than one salary, and 19% of respondents have funds corresponding to the annual salary.
Can everyone afford saving?
Telling yourself that I earn too little to be able to put off something is one of the most common myth-saving myths. The more that if you believe the statistics, we do not earn badly. According to data collected by the Central Statistical Office, the average salary in March 2018 in companies employing at least 10 employees amounted to PLN 4,866.56 gross (in February it was PLN 4,559.72 gross, and in January – PLN 4,588.58 gross). The minimum salary in January was PLN 2,100 gross (an increase of PLN 100 compared to last year).
How to start saving and planning your home budget?
The answer to the question of how to start saving is associated with another, equally important issue, i.e. how to plan a household budget. It is the proper management of our funds that will allow us to accumulate financial surpluses. What helps keep control over our finances can be specially designed programs (e.g. smartphone application), as well as a simple spreadsheet.
You will also need to change your current habits. Here seemingly insignificant changes can be helpful here: turning off the light when we are not in the room, taking a shower instead of taking a bath or writing down in advance what we plan to buy. To save money at home, we can also consider switching electricity or gas suppliers, and even … a mobile operator. It is not excluded that the competition will offer us better conditions, thanks to which we will pay less for utilities.
In addition, all family members should be involved in saving money and planning the home budget. First of all, their needs should be included in the list of expenses (this does not mean, however, that we must agree to finance every whim), secondly, saving is a team sport, and respecting money is worth teaching children from an early age. The sooner we develop good habits in them, the better they will manage financial management in adulthood.
How to save money? tips
Saving money and planning your home budget should start by changing your attitude. First of all, regardless of how much we earn, we are able to save a certain amount. Secondly, good organization is the key to success, because until we record our expenses, we do not know how much money “disappears” each month from our account. Meanwhile, even buying food for work every day in the city gives an amount per week that significantly reduces our budget. Third, the easiest way to start saving is to give up unnecessary expenses.
It can be a too expensive Internet account, an unfavorable contract with a mobile operator, or shopping made on the spur of the moment, which then goes to the bottom of the wardrobe. To eliminate unnecessary costs, write down how much and every month you spend. Thanks to this, “black and white” you will see which of them you can easily give up.
What else you can do is to treat saving money as another bill to pay, so you will definitely find space for it in your home budget.
Let us remember that saving with the head is not synonymous with the fact that we will deny ourselves everything. The same applies to how to effectively plan your home budget. The key to success is not so much counting with every zloty as it is controlling expenses and limiting the unnecessary ones to the necessary minimum. If we can, we should look for additional sources of income.
A good idea is to resign from these services that we do not use, for example, subscription to a magazine that we have not read for a long time. What will make additional (and not a big deal!) Funds to the household budget is putting away all kinds of stimulants.
Saving – advantages
What gives you money saving is above all a sense of security and developing financial discipline. If you are thinking about when to start saving, then know that the best time is now, because it is never too early or too late to take care of your future.
We also remember that saving money is a process, so it’s worth setting goals that you can achieve. If we earn the lowest domestic income and plan to save 500 zlotys a month from it, then we will probably be quickly discouraged and find that in our case saving money does not make any sense. How quickly we plan to accumulate specific capital should be tailored to our needs, earnings and opportunities. In the home budget, it is also worth including funds for entertainment, because “not only by saving man lives.”
Saving money. This you must remember!
Once you start your adventure with saving, you’ll quickly find that although you still earn the same amount, there is more money in your account. This in turn will give you a sense of financial security and allow you to accumulate funds for sudden expenses.
So how do you save money in your home budget? The hardest part is … to start. Once you take this first step, each subsequent one will be easier. Over time, saving so much will get into your blood that you will stop noticing at all that you are planning expenses. We hope that thanks to our advice you will be able to build a financial pillow without tightening your belt.