The four top saving tips for minimum wage workers in Ireland as pay rise takes effect
Saving is more important than ever after a tough time for most part-timers amid Covid
Minimum wages workers in Ireland recently received a slight boost in their income in January 2022.
The jump in pay came alongside the rising cost of living in this country, and was a welcome change to many people's pockets this year.
The changes saw hourly workers receive the following from January 2022:
- anyone aged 20 or more will now earn €10.50 per hour
- anyone aged 19 will get €9.45 per hour
- anyone aged 18 will earn €8.40 per hour
- anyone under 18 will get €7.35 per hour
Despite the jump in pay, figuring out a method of saving has become more important than ever after a tough time for most part-timers amid Covid, and so Zurich has lined out some key tips to begin saving with whatever you have left over.
Getting started
Before you embark on your savings journey you should create a ‘wish list’ of the things or experiences you would like to be able to afford.
According to the experts at Zurich, you should then “prioritise that list - you can't do everything at once!”
Whether it’s buying a new car, planning a holiday or saving for a rainy day, getting your priorities straight is key to starting out.
Work it out
It's important to have clear goals to work towards.
It's also key to figure out how much it will cost to turn each goal into a reality.
Do some research and find out roughly how much money you'll need to save up.
You may have a lump sum you wish to invest, and you could combine with your regular contributions.
Personalise your budget
According to Zurich Insurance, the next step is to figure out your monthly budget.
You need to work out how much money you can put aside each month to help you achieve your goals - without compromising the necessities.
Choose the right savings plan
Next, you have to find the right place to grow your savings.
Most banks will help you create a tailor-made plan to suit your needs.
Then all you need to do is add to your savings each month - and making the payments by direct debit makes it easier to control.
