Most people still work for minimum wage and have nothing to save. According to various surveys, studies, and statistics, people should save at least three times their salary. But how does one achieve such savings when it is so difficult to live on one\’s take-home pay, let alone save?

So we are offered various savings accounts and building insurance policies where a minimum deposit is sufficient and after a while, usually a year, interest is earned on that amount. However, if you think about it, just depositing a small amount in a savings account is not enough to earn interest.

Financial literacy

Experts, banks, non-banking institutions, and ministries all agree that financial literacy is the foundation of saving. Recently, this concept has also appeared in schools, where they are trying to teach children how to manage their money. I don\’t think that is a bad thing; I think it is very beneficial. Some banks are also helping children manage their money.

Times do not encourage saving money

In these times, saving money is not encouraged. This is because the majority of the population has no reserves, and therefore it is convenient for non-banks to seek loans when appliances such as refrigerators and washing machines break down. And why non-banks? Because there are no unnecessary delays and the money is available on the day of application. Also, they agree to the terms and conditions set by that financial institution, but they have to pay back almost twice the amount borrowed, which they will regret after a while.

Saving money is hard, but you have to start. If you\’re working for minimum wage and feel like you really can\’t make it, think about where it\’s coming from.

Where to save:

–Grocery shopping. Don\’t waste food and watch for promotions and sales to avoid splurging. Scientists and experts agree that Czechs do not run out of food when they hoard, and throw away a lot of food. Hoarding should be limited to foods with a long shelf life.

– Compare power consumption. It doesn\’t seem necessary. Compare offers from different companies, you can save a few pennies, but as they say, pennies a penny.

–Shop used. I need both casual and occasional clothes. Use apps like Bazaar, Marketplace, Vined, Wish, etc.

–Open a savings account or savings account book. Whether you save 100 crowns or 1,000 crowns, you need to put it somewhere where you will not spend it immediately. Of course, after a while, reward yourself for saving.

–Extra income. Leverage income from part-time work or the Internet. For example, as a copywriter, you write some texts and have a small income at home.

–Change operators. You will be surprised, but you will also save money on your monthly bill.

Think about your expenses and you may come up with many other things you can save.

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