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Effective savings in a few steps with AFORTI Exchange

20 July 2022

Are you feeling the effects of rising inflation and the cost of living?

Would you like to better prepare for the future by creating savings now?

Read this article, in which we present effective and practical ways to help you save during the prevailing inflation. 

We wrote about the causes and effects of inflation in our recent article "Inflation - where does it come from and how we do we deal with it?". Using the mechanisms described there, it is easier for us to understand why the prices of food products on the shelves are increasing day by day. At the same time, the prices of services and loan instalments are also increasing, while the attractiveness of deposit and investment offers is decreasing. 

Simply put, the money of a currency struggling with inflation is losing value. This is a good time to learn how to save and reduce the cost of living in a few steps. Here we go!

1. Plannning

Create a monthly budget for your expenses. Plan how much of your funds you want to spend on entertaining yourself and your loved ones. Remember that saving money does not oblige you to give up pleasure! 

List all your regular obligations in one place, such as loan or lease instalments, rent, energy, water and gas payments, school and university costs - any costs you incur every month/quarter/year. 

When you add up all your costs, you can easily see how much money you have to spend that month. This is the most important rule of saving - only spend the money you have! If it's not necessary, don't create debts you'll be left with for several years.

2. Regular savings 

To effectively generate savings as soon as you receive your paycheck or recalculate your expenses, put at least 10% of your funds into a savings account. It is useful here to have a separate bank account or a deposit as a savings account into which you can conveniently transfer the planned funds. 

3. Take advantage of promotions and loyalty programmes

Often we do not know that the shop we regularly shop at offers a loyalty programme to reward regular customers. More often than not, when shopping or using the services of a particular company, it is possible to obtain a discount or additional products. 

We, as AFORTI Exchange, invite you to take part in our loyalty programme, where participants collect points in exchange for currency exchange. Once a certain number of points are collected in the catalogue, customers exchange them for special prizes. These include laptops, smartphones, food processors or vouchers.

4. Try to find an additional source of income

The vast majority of people choose to work in the form of a full-time job, receiving a steady paycheck every month. When it comes to saving, it is also worth making sure you have an additional source of income that guarantees you a higher monthly income. To this end, it is worth taking on additional work, coming up with your own business idea or using opportunities such as selling your own unnecessary items. 

If you have extra funds, it is also worth considering exchanging your funds for foreign currency, which continues to gain in value. Given the fluctuations in the currency market, units such as the EUR or USD are likely to always be valued higher than the zloty. You can easily exchange your funds using our free AFORTI Exchange platform. For both businesses and individuals, we are able to guarantee very favourable exchange rates.

The additional source of income will reassure you that you will provide yourself with more than enough funds when needed.

5. Invest 

In the midst of rampant inflation, we are increasingly inclined to invest our funds for a specific purpose instead of storing funds in deposits and bank accounts.

One safe way to invest funds for those new to this adventure is through Ministry of Finance inflation-linked government bonds.

Investors in times of high inflation are keen to take advantage of successive issues of floating rate corporate bonds. These are distinguished by a noticeably higher interest rate. Investment services are also offered by a company in our group, AFORTI Holding. 

In conclusion, remember to spend only having money and to build up and secure your funds regularly. 

We wish you successful savings! 

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