Looking at the account balance at the end of the month makes many people uneasy because it is often at this point that the money reserves ar...
Looking at the account balance at the end of the month makes many people uneasy because it is often at this point that the money reserves are running out. We share our tips on how to save more money so you can check your account balance without worry.How you can save money
Everyone has a wish that they would like to fulfill at some point. What is often missing is time and the necessary financial reserves. Here's how to plan your time better. Find out below how you can save money.
There are many areas where you can save money. In some cases it is small amounts, in other cases, you can save several hundred euros over months. Small changes hardly seem worthwhile at first.
However, if you add up the savings over months, the change was worth it. It becomes even more worthwhile if you change many small things. After a year you will notice how your savings add up and you get a financial buffer.
The smallest changes can make a big difference. Your quality of life will not suffer from these changes. When you think about all the things you can do with your savings, you realize that you can actually improve your standard of living. For example, you could:
- Pay off your debts
- Go off on holiday
- Fulfill a long-cherished wish
- Give your loved ones a present
By the way, saving money also ensures that you live more consciously and reconsider your consumption. By doing so, you promote your minimalism at the same time.
Tips for saving money in the household & in everyday life
There are a few things you can do around the house to save money in the long run. You won't even notice many changes, others quickly become routine. What you will notice, however, are the positive changes in your wallet.
But you can save a lot of money not only in the household but also in normal everyday life. If you observe a few very simple things and consume them consciously, you can relieve your wallet.
With our tips, you will definitely be able to save money better in the future.
Switch providers
If you want to start saving money in everyday life, it is worth looking at your current contracts first of all. This includes electricity and gas providers and your DSL tariff. Compare the premium you pay with other offers. If these are cheaper, you should switch providers as soon as possible so as not to lose even more money.
On the well-known comparison platform Check24 you will find the best tariffs for electricity, gas, and internet. The collective bargaining agreement can be concluded online and only takes a few minutes, but the savings potential is enormous – annual savings of 500 euros and more are not uncommon for electricity alone.
Optimized tariffs are undoubtedly the simplest and most convenient way to save money because here you don't have to change anything in your habits and you save practically in your sleep.
Free checking account – avoid unnecessary fees
Many people have had the same account at "their" branch bank for decades - and pay unnecessary fees for account management and transfers that are not charged by direct banks without thousands of expensive branches.
There is enormous savings potential here, which is only associated with a small one-off effort - registering with the new bank, changing direct debits - and in return brings enormous permanent savings without cuts in comfort.
When choosing a direct bank, attention should be paid to the availability of free withdrawal options. If you have to pay high fees every time you withdraw cash, the apparent cost advantage of direct banks over branch banks can quickly be reversed.
Insure cheaper with direct insurance
Similar to the suppliers and the bank account, many people are still stuck in old and expensive contracts with providers with an expensive branch network and representatives, also with regard to essential insurance, who have to pay dearly for the conclusion of contracts.
Switching to a direct insurer promises not only cost savings of up to several hundred euros a month but also a great deal of convenience because the solution to queries and insurance claims is often just a mouse click or a short phone call away.
Save money with cheaper loans
If there are still a lot of months left at the end of the money or an unplanned expensive purchase is pending, your account balance can slip into the red. The result: expensive overdraft interest.
If you have a major expense coming up or you want to balance the checking account and avoid inflated interest rates, there are two recommended money-saving options for different needs.
There are uncomplicated short-term loans with terms of 7-60 days, Auxmoney offers loans from private to private with attractive conditions. On both platforms, you will receive a confirmation within a very short time and the desired amount will be credited to your account after just a few days.
Alternatively, you can also try a loan comparison - the independent consumer portal Tarifcheck sometimes has offers of less than 1% effective annual interest in times of low-interest rates.
Higher interest rates for call money and fixed-term deposits in other EU countries
Savers know the problem: On German money market accounts, there is only tiny interest, which does not even compensate for the inflation rate.
A clever and at the same time secure solution is to park call money and time deposits at banks in other European countries. Here you benefit from significantly higher interest rates of up to 2%, while at the same time, you don't have to worry about your investment thanks to the EU-wide harmonized deposit guarantee of up to 100,000 euros.
Reduce power consumption
In the household, you need some large devices that can eat up a lot of electricity. These include a dishwasher, fridge, freezer, and washing machine.They can already account for a fifth of all electricity consumption. There are a few tricks you can use to reduce the power consumption of these devices. When buying a device, you can already pay attention to the energy efficiency class.
If you buy a device with the "A+++" label, you save 50 percent more electricity compared to a device with the "A+" label.
You can also make sure that you switch off some devices completely and do not leave them in standby mode. The best way to do this is to pull the plug.
There are also power strips with integrated switches that allow you to easily disconnect devices from the power supply with the push of a button. This is useful, for example, for televisions, coffee machines, dryers, and washing machines.
There are many small things you can change to reduce power consumption. If you switch to LED energy-saving lamps, you can already reduce your electricity bill by a few percent.
It is also effective if you reconsider your consumption. Many people tend to use multiple electronic devices at the same time. While the television is on, they surf the Internet. The TV often runs on the side without anyone paying attention to the program.
If you only switch it on when you want to actively watch a show or even reconsider your general television consumption, you can lower your electricity bill.
Write shopping lists
When shopping, it is a good idea to make a list of the products you will need for cooking in advance. You should only stick to the list and avoid impulse purchases.
So never go shopping hungry. It is precisely then that one tends to reach for sweet and greasy finished products that drive up the bill. If you want to be even more effective, you can plan your meals carefully and write down the ingredients you need for a specific dish every day.
Try to find several dishes with similar ingredients. So you have to buy fewer ingredients.
Note offers
Before you go shopping, you should study the brochures of the shops and their offers. If you pay attention to which products are on sale and adjust your meals accordingly, you can save even more money in everyday life.
However, don't be fooled by the asking price. Just because something is on sale doesn't mean you have to buy it. Consider whether you really need it and whether it is really worth buying the product.
This is especially true for clothing and electronics. People often tend to make impulse purchases when the offer seems tempting. In retrospect, the product turns out to be a bad buy. In addition, sale products often cannot be exchanged.
To cook yourself
Eating out is expensive, especially when it becomes a habit. Cooking is a burden for many people. After a long day at work, very few have the motivation to get in the kitchen and prepare a meal, especially if they live alone.
As a result, many employees tend to go out to eat during their lunch break or to order food after work. Others resort to expensive and unhealthy finished products. Not only does your wallet suffer, but your health as well.
It would be better if you pre-cook on Sundays for the week. So you no longer have to worry about your meals and have a home-cooked meal ready every day. You can freeze some of the meals.
You can store the rest in the fridge for a few days. It is also useful if you always have a few snacks with you. A muesli bar, an apple, or a trail mix can satisfy the first hunger. This way you are less inclined to buy snacks and can save a few euros.
Keep a household book
To keep an eye on your finances, you can create a budget book in which you write down all your expenses.
At the end of the month, you have an overview and can think again about where you can still save something. Already at the beginning of the month, you can calculate your costs for the month and set a goal.
On average, 5 euros per person per day for groceries. Now multiply this number by the number of days in the month. So if the month has thirty days, you calculate thirty times 5 euros. That's 150 euros a month for groceries.
It is best to add a small buffer, for example, 30 euros. So you can plan 180 euros a month for groceries. You can now check in your household book whether you have reached your goal and not exceeded the 180 euros.
Cleaning out
To clear your head and become aware of the things you really need, you should first sort out your belongings. Minimalism is trendy and has some positive effects on your consumption - and therefore also on your wallet.As you visualize your possessions, you'll quickly spot some items you didn't even know you had. There are also things for which you no longer have any use and which may even burden you.
If you sort out these items, you will probably find it easier to keep track of things. You sharpen your focus on the really important things in life. When you own less, you feel less need to buy new things. This will save you a lot of money in the long run.
Sell instead of throwing away
Once you've sorted out some items, what are you going to do with them? Most things are probably still fully functional. Therefore, under no circumstances should you throw them away.
What may weigh you down is a helpful item for others. Rather sell your stuff online or at flea markets. This way you can make others happy and even make money.
Borrow instead of buying
If you need new things yourself, you should consider in advance whether it is worth buying these things new or used, or whether you would rather borrow them.
This is especially important for books. Usually, you only read a book once and then put it on a shelf. Instead, use a library and borrow books for free, which you then return after a few weeks.
Every town has a library with numerous books. So you have a large selection and do not have to limit yourself.
You can now borrow almost any item. You can hire tools for gardening and woodwork from the hardware store and rent a car for little money.
This is particularly useful if you only need these things in exceptional cases. Many cities lend bicycles for free. So you are mobile without spending a lot of money.
Compare prices
If you want to save money, you should always compare prices. This is tedious, but also very effective if you want to find the cheapest deal. Brochures that explain the individual offers are particularly useful for shopping.There are countless comparison sites on the Internet that compare, for example, flight prices, electricity prices, hotel prices, and Internet providers.
So you always have an eye on the price-performance ratio and can choose the right offer for you and avoid unnecessary costs. However, pay attention to hidden costs in the small print and inform yourself in advance about the seriousness of the sites.
Do you really need this
In order to minimize costs, you should question your consumption. Therefore, question your habits and consider whether you really need these products and services.Many people consume without really thinking about their behavior. This not only costs you a lot of nerves but also a lot of money. If you eliminate some of your habits, you can save a lot of money in the long run.
- Trends: Trends come and go. That's also the problem with it. As quickly as a new trend is there, it disappears again - and the consumer is left with the products. You often feel like you need a certain item just because it's trending. Once the trend is over, you realize that this purchase was unnecessary. If you distance yourself from trends and listen to your own needs, you make fewer bad purchases and can save money.
- Bottled Water: Tap water is not necessarily worse than store-bought water. Almost everywhere in Germany you can drink still water from the tap without hesitation. So you can save a few euros when shopping and don't have to carry heavy boxes. If you still want to be on the safe side, you can invest in a filter system. If you prefer sparkling water, you can buy a sparkling water maker.
- Delivery Service: If you want to save money, you should only eat out on special occasions, because eating out can be very expensive. It is even more expensive if you have the food delivered. Then you not only pay for the food but also for the delivery service. Prefer to cook at home with fresh ingredients or - if you can't avoid it - pick up the food yourself. At least you can save on shipping costs.
- Car: In many cities and also in the country you can now easily do without a car. Public transport is well developed so that you are mobile at all times. Cycling is not only more environmentally friendly but also a good and cheap alternative to the car.
- Subscriptions: You probably have several subscriptions or contracts that you pay every month, but which you hardly use. This can be the gym, the daily newspaper, pay TV, or streaming services. Think carefully about whether the subscription is worthwhile or whether you would rather use the money for more meaningful things.
- Cigarettes: Cigarettes are expensive and unhealthy. Chain smokers spend a small fortune a month on their addiction. If you are a smoker yourself, you should consider quitting smoking. This saves money and is good for your health.
Save money with cheap travel
If you want to travel on a budget, there are a few things you can consider when planning your trip to make it cheaper for you. However, keep in mind that cheap travel is nowhere near as comfortable as an all-inclusive trip.
- Couchsurfing: Couchsurfing is an online platform for travelers looking for cheap accommodation. At Couchsurfing, locals offer their couches for free to offer travelers a temporary home.
- Work in exchange for accommodation: Other platforms organize short-term work in exchange for free accommodation for travelers. For example, they can work on a farm, give English lessons or work as babysitters.
- Blind Booking: With blind booking, you only find out where the journey is going on the day of departure. You pay a fixed amount in advance, which includes flight and hotel. This is often cheaper and takes you to places you might not have traveled otherwise.
