In saying that the smaller amounts you have, the better you manage them, there is a lot of truth. It is hardly surprising – a smaller budget makes it easier to maintain control over it and control its individual elements. And as you know, skillful money management is the basis for effective saving. How to save money by earning the lowest domestic? Is there a lower limit below which saving becomes impossible? Some will answer this question in the negative, others will say that you need much higher earnings to accumulate money. Let’s find out how much truth there is.
National minimum 2019 net
What is the lowest national rate? We have already noticed changes in the amount of the minimum wage. It increased to $ 2250 gross (approx. $ 1634 net), which translates into a difference of approx. $ 100 net per month compared to the previous year. Applies only to persons employed under an employment contract. In the case of civil law contracts, the hourly rate was increased from $ 13.70 to $ 14.70 gross per hour. The Central Statistical Office data indicate that almost 1.5 million people currently work in Poland as the lowest in the country. Paying them lower remuneration would be a violation of their employee rights – in such a situation you can submit a notification to the National Labor Inspectorate to check the company’s finances.
Remember that the national minimum also includes bonuses and other allowances. Before you decide to apply to PIP, it is worth tracking all the components of your salary. They do not include the allowance for night work, jubilee bonuses, severance pay, in connection with retirement or retirement, and overtime remuneration. In the final analysis, just over $ 1600 per month is not much to pay bills and keep up. However, with a little consistency and regularity, also from this amount you can create a quite substantial savings fund.
How to save money by earning the lowest domestic?
In addition to smart saving methods, such as Wise Saver at LING Bank , when small amounts accumulate on a separate sub-account without actually our awareness, it is difficult to earn money using banking tools, earning the lowest domestic. There will always be more important expenses that will make small sums that can top up our savings account very quickly.
Is there a method to better control their flow? How to save money by earning the lowest domestic? The easiest way to start is by analyzing your home budget – we have encouraged it regularly. Based on it, we quickly deduce where to look for savings. We have no influence on the amount of rent or rent, but on what amounts will be on your invoices already. Let’s check first the meter readings with water. Most of us pay much more for its consumption than the principles of economics would suggest. If we only learn how to take quick showers instead of long baths, turn off the water while brushing your teeth and use washing machines and dishwashers, consuming its minimal amounts, we will be on our way to save at least several hundred dollars a month. A lot depends also on the age and technical condition of such devices. Older devices generally consume more water and electricity than those using more modern solutions.
Saving on transport
We will also obtain additional funds thanks to saving on transport. If you do not want to change from a car to public transport, make sure that the poor technical condition of our vehicle does not generate additional costs associated with greater fuel consumption. If, however, you are just waiting to buy your own four wheels, let’s consider different options: diesel, gasoline engine, LPG installation, but also how to finance them: loan or leasing for a car. The wrong decision in any of these elements will mean entering some fixed (not insignificant) costs into our monthly budget for a longer time.
Saving on food
Another thing – saving on food. We do not encourage anyone to stop eating to save money, but grocery shopping generates such significant costs on a monthly basis that it is worth considering how to reduce them. It is important not to waste food and buy only what we need – preferably on promotions. Let’s also check the expiry dates and, most importantly, limit the frequency of going to bars or restaurants, even those offering dinners at low prices. The amount of $ 15 for such a meal, spent weekly during each lunch break, will give $ 300 per month. With earnings at the lowest national level, this is already a noticeable deficit in the budget, which would be much better for an interest-bearing savings account.
The lowest domestic and credit
How to save money, earning the lowest domestic, while having a loan? Earning a national minimum, contrary to appearances, does not mean that we have closed roads to all banking products. Loans companies such as Livus, Pilarium and Manedo will gladly see us as clients, but banks will not refuse to cooperate with us. It is enough to prove to them that we are reliable, timely payers and that we have creditworthiness. The lowest domestic net of about $ 1630 rather disqualifies us in the race for a mortgage, while the chances of getting a cash loan are really good. Regardless of whether we go to the aforementioned ENG, BS WPK or PPO NP the procedure for checking a potential borrower looks more or less the same. As a result, receiving a low remuneration, we will probably not get a loan for several thousand dollars, but offers within several thousand will definitely be within our reach. In order not to burden the household budget too much, it is worth spreading the repayment of such obligation over a larger number of installments. The ways presented above on how to save money while earning the lowest national price should help many readers.
What amount will we eventually pay for the loan?
If you want to check for yourself how much you will ultimately pay for such a loan, depending on the amount and repayment period, use the calculator. The virtual calculator is available on the websites of banks. If in doubt, we can also seek help from financial advisors – independent as well as those related to specific institutions. Thanks to this, we will find out what, with such low earnings, is the risk associated with taking a loan and whether there are other, safer alternatives for us to obtain additional funds. We will also get the answer to the question whether starting saving from signing a loan agreement is certainly a reasonable solution. When the minimum salary reaches our account every month, we should all the more measure the strength of intentions. We probably won’t be able to quickly pay off any mistakes.
What determines the amount of the minimum wage?
The current lowest national level is determined on the basis of the price increase forecast (inflation) forecast for the following year, and – if the minimum wage is lower than half the national average – also by two-thirds of real economic growth, however, the increase in the minimum wage may be higher than assumed in the Act minimum. Hence the lowest national net 2019 is 2250 USD gross. Now that we know how to save money by earning the lowest national price, it’s time to put the theory into practice!