May 18, 2024

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The five ways to set aside €1,000 by the end of the month

The five ways to set aside €1,000 by the end of the month

the Saving Money It’s not always easy, especially when the cost of living is constantly rising. This reality is all too familiar for Greek families, where inflation has reached unprecedented levels and wages have remained stagnant.

But we will listen to the bank’s advice SynchronizationAbout how to save as much as possible, as it applies to income regardless of “class”.

1. Set a budget

First and foremost, creating a budget can help you plan your monthly income, expenses, and savings. There are several ways to create a budget.

However, the most popular plan is the 50/30/20 rule. It means that you should organize your expenses so that 50% is allocated to your needs (food, utilities, health), 30% to your “needs” (entertainment, hobbies), with the remaining 20% ​​saved.

Even with a salary of €800, you have already saved €160.

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2. Negotiate your bills

Electricity, telephone and Internet providers give priority to the paying customer, and secondarily the amount they pay. This gives you room for a little haggling.

Contact your service provider and ask about options and programs available to lower your monthly bill. There may be more economical options, or you may be the beneficiary of social tariffs without knowing it.

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3. Separate wants from needs

To implement some kind of budget like the one we’ve seen, you need to differentiate between exactly what you want and what you need, and how much it’s really worth it to you.

Before you pay for a gym membership, consider whether you will actually get the most out of its services. Before you buy another pair of pants, think about which purchase would be more economical, or whether it would be worth repairing your old ones, etc.

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4. Plan your meals

This is something that should ideally be done weekly. Food waste is one of the most common sources of unnecessary expenses. Just think about how many wilted lettuce, moldy cheese, and expired sauces you throw away every month because you didn’t have time to use them up.

For this reason, it is a good idea every Sunday to make a list of the foods you will cook, the number of meals and the number of people for the week. This will help you calculate exactly how many ingredients you need from the supermarket, so you don’t end up with supplies that end up in the trash.

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5. Find a second job

The digital age has made managing extra income much easier.

Promoting products through social media sponsorships, on-demand sales on platforms like Amazon, and creating content for a percentage of views on sites like YouTube are some ways to generate significant passive income.

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