Different forms of saving

• Savings account: the simplest and safest solution. It works like a regular account, but it earns interest, so your money grows. Unlike a deposit, you can withdraw it at any time, although some banks may charge a fee for more than one withdrawal per month.
• Bank deposit: your money is ‘frozen’ for a set period of time (e.g. 3, 6 or 12 months) in return for a higher interest rate. If you break the deposit before the deadline, you usually lose all the interest.
• Treasury Bonds: You lend your money to the state and it gives it back to you with interest after a certain period of time (2, 3, 4 or 10 years). Some bonds protect your money against inflation. They are one of the safest forms of investment.

Fixed charges such as electricity, internet or phone bills are unavoidable, but you can reduce them:

• Negotiate prices: Contact your service providers (telecoms, internet) and ask about newer, cheaper offers. If you say you are considering switching to a competitor, they will often offer better terms.
• Keep an eye on payment deadlines: Set reminders to pay your bills on time. This will avoid penalty interest and reminders, which are an additional, unnecessary cost.
• Opt out of unnecessary services: Are you sure you’re watching all the streaming platforms you pay subscription to? Opt out of the ones you don’t use.

Shopping is one of the biggest ‘money eaters’. Here’s how to buy smarter:

• Plan ahead: always go shopping with a list that you have prepared in advance at home. Go through your cupboards to know what you are missing. This will help you avoid buying unnecessary items.
• Don’t give in to temptation: Never shop when you are hungry! Go shopping full to avoid spontaneously putting extra products in your basket.
• Compare prices: Always check the price per kilo or litre, not just per pack. Products on lower or higher shelves are often cheaper.
• Buy by weight: It is often cheaper to buy vegetables and fruit by weight than to buy them already packed.
• Use promotions wisely: Remember: a promotion is only a saving if you buy something you actually need.

Fixed charges such as electricity, internet or phone bills are unavoidable, but you can reduce them:

• Water: Turn off the tap when brushing your teeth. Replace your old washing machine with an energy-efficient one. Use the shower instead of the bath.
• Electricity: Turn off lights when you leave a room. Unplug chargers from the socket when not in use. Use LED bulbs.
• Gas: Don’t open windows when radiators are turned down.

These days, technology can be your ally in saving.

• Budgeting apps: With these, you can easily keep track of your expenses. You enter each transaction and the app creates charts and summaries that show what you spend the most money on. This helps you to identify ‘disappearing money’. E.g. Pan Paragon, 4grosze
• Price comparison apps: Before shopping, you can quickly check where a particular product is cheapest. E.g. Blix, Gazetkowo
• Banking apps: Many banks offer savings tools such as automatic tip rounding or creating savings goals. Make sure you take advantage of all the options available to help you accumulate money.