While some might think that saving money is relatively simple, one in five Romanians does not save efficiently.
If you have registered for a job in Germany or maybe you are familiar with working abroad, then you know that you will earn a lot of money. The salary you will receive can be 4-5 times higher than the minimum in the Romanian economy.
In this case, you can’t throw money in the wind on things you don’t necessarily need. No matter what income you have, an economy plan is vital. And if you feel overwhelmed by this, find out that you are not alone.
Save efficiently for urgent needs
So, even if spending money is definitely more interesting, you should make saving money a priority. And there are plenty of ways to save money that don’t involve sacrifices. Sometimes the best way to start saving money is to simply become more aware of your finances and spending habits.
With an understanding of your budget and your true needs, you can start saving more than you ever thought possible. To keep you on track, set a goal and a goal. What do you save for? A new or mobile car?
Consider that you may need to save for more expensive necessities, such as a home. The average Romanian will own around 3 cars in their lifetime, so it might be a good idea to start saving for your next car now, even if you don’t need one now.
Save efficiently for retirement
Finally, it is essential to save for retirement from the first job to the last. According to a recent study, most Romanians close to retirement have saved only 12% of the amount recommended for retirement.
This can be caused by the fact that Romanians do not create a passive income, but also because many do not practice good money-saving techniques from an early age.
The most efficient methods of saving
Create a budget. The first step you need to take towards a correct saving is to evaluate how much you need to save and where the money goes.
You can consider using the 50/20/30 rule to create a budget. This rule states that 50% of your income should be spent on rent and food, 20% should be saved, and 30% is money that you can use personally.
Automates the transfer process to the savings account
If you have to go to the bank every month to put money in your savings account, then it is possible to give up saving, because it requires extra effort.
Try to automatically transfer some of your money to a savings account to keep your contribution constant.
Keep track of expenses
You may be totally surprised by the destination of your money and how much you spend on nothing, useless things or fleeting cravings.
Keep track of expenses to see what the small expenses are. You may not think that a coffee could cost you savings, but when you calculate how much money you spend per month on a coffee in the city, you may reduce your outings.
Avoid debt. Avoid taking out loans or borrowing money. And if that happens, pay them as soon as possible. Keep your expenses within your income. With stable savings, you will not have to borrow money.
Save efficiently: make a plan
Divide long-term goals into smaller, easier-to-manage landmarks for the month and year. With an idea of what you need to do in the short term, you can plan how much you need to save and set the right limits for your non-essential budget.
Saving is not a difficult task and only brings you long-term benefits. Money "on the mattress" does not make other money, so you have to put them in an account or save them.
You have nothing to save? Get a job in Germany
If you want to make more money in order to save for the things that matter to you, come to Lucicosm Mediere. We offer you jobs in Germany in agriculture, in the hall and in the greenhouse.
With us you will have a legal employment contract and a salary of over 9 euro / hour. Enter our website and find out more details about the jobs we provide.