The increase in the amount of the household budget, which we have monthly, is influenced not only by the amount of our revenues, but also by the amounts that we manage to save and invest. In none of these cases are they immediately large amounts, but definitely noticeable, for example in the annual cycle. We have often mentioned the importance of regularity and consistency in the saving process. It may be hard to believe, but the amount of earnings is exactly the same. In fact, it is not us who decide about it, but the interpretation is nothing but our work, the effects of which we are accounted for. This is a classic system of awards for good results and penalties for the reduced quality of performed tasks. Among other things, we will deal with this issue today: how to earn more and not borrow?
The habit of saving regularly is the key to financial stability. We must remember how important it is to distinguish the saving process from managing your budget. The latter category is the overarching one because it contains other ways to manage your finances wisely and look for opportunities to earn more – so that you don’t have to count the days until your next payday or borrow from your friends, at a bank or loan company. The guarantee of success in this case is therefore a combination of increased revenues, savings and investments while reducing the cost of everyday life.
Let’s think for ourselves, so what if we save up to PLN 500 a month if we don’t manage them wisely instead of buying new, completely unnecessary home equipment? Financial experts advise in such situations to manage your home budget in a notebook, Excel spreadsheet or a dedicated application – depending on your preferences. Thanks to this, we will have full control over our revenues and expenses, including any debts, investments or information about the wealth of our savings account. We will quickly detect which sphere generates the most costs (and does not have to) and from which we can get additional savings.
Specialists repeat like a mantra that the best way to save is to increase your income – who said it can’t be done by changing your approach to managing money without asking your boss for a raise?
Let’s start with spending on utilities, water, electricity and gas, because we have a direct impact on the amount of bills for them. If we approach the topic honestly, we will gain up to several hundred zlotys a month. Then, take on wallpaper all the deposits and savings accounts and automatic saving programs.
We recommend looking especially at the latter, because the interest rate on deposits and accounts is so low that it will not guarantee us the expected (and noticeable) profit. Transferring such money to a savings account once can be difficult. In this case, it happens gradually, in small steps, which, if we do a lot of financial operations during the month, we will not even notice. When we discover after a few months that we have managed to save a really good amount, maybe you should think about investing somewhere?
For those interested in ways to manage the home budget, the concept of a financial cushion is certainly familiar. However, we remind others that it is from this pillow that we should start the process of stabilizing our financial situation. When our earnings do not satisfy us or we are not sure of our situation in the workplace, it is worth having an emergency fund, even in the event of loss of employment, illness or other random events. It is recommended that the money set aside be equivalent to 3-6 monthly salaries, which is a challenge, but guarantees financial security in crisis situations.
A financial cushion is also a useful tool in the planning process. Talking to the boss about the raise did not bring results, so we decided to leave and set up our own business? Our emergency fund will be perfect as starting capital at such a moment. Without it, we would have to apply for a bank loan or look for other sources of financing. Where to keep such “emergency” money? We recommend using banking products, because despite symbolic interest rates on savings accounts and deposits, they are a safer place than a leaky sock. Placing them in a bank will not only make us earn more money, but we will limit access to them. For this purpose, it is also worth choosing such an account or term deposit that prevents us from withdrawing funds within the specified time. Thanks to this, we won’t give in to the temptation to fund our main account with pillows within a month.
We diligently manage our home budget, we comply with all available saving principles, but we are still not satisfied with the amount of our remuneration. What to do? How to earn more? The easiest way would be to answer – look for another job, but we all know that this is not an easy task. Employees who are not ready for such a radical move really have only one option – try to negotiate better financial conditions for themselves. The arguments during the conversation with the superior will certainly be our experience and seniority, the scope of responsibilities and successes that we can boast of. It will also be much easier for us if we were lucky enough to choose one of the highest paid professions.
In Poland, the highest earnings are still in the IT and finance sector. The ranking also includes quality engineers, legal advisors, brand and project managers, as well as… personal trainers. As can be seen from the example of the last occupation, the labor market also follows trends – it is worth considering this when looking for a profession that will give us revenues at a satisfactory level. The above-mentioned professions guarantee a salary of at least 5,000. PLN gross, and this is the amount that allows you to manage your budget without using the support of banks and loan companies. It also allows you to deposit larger amounts into an emergency fund and even to invest them. What to do if none of these professions suit us? Focus on honest and consistent household budget management, as well as consciously and reasonably use banking products that allow you to earn extra money.
If, despite everything, you need a quick injection of cash that will allow you to stabilize your financial situation, it is worth using the services of reliable lenders. Check one of the offers below. To complete all formalities, just click “Submit Application”.