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Find out how you can save €6,306.66 this year with these 5 tips!

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You can’t keep up with inflation. So get good at saving! Find out how the following 5 tips can save you €6306.66!

It affects every customer, driver and tenant: consumer prices jumped 2.5 percent in May compared to the same month last year – inflation alarm! What can I do against it? SAVE UP! Any undiscovered savings potential – including you! But you may not know it yet. Below are 5 tips to help you save 6,306.66 euros in 12 months!

1. Check tariffs and fees

We come to electricity and gas. Okay, it’s unsexy, but it works. Those who switch to a cheaper tariff save an average of 243 euros on electricity and 575 euros on gas, the colleagues at weltsparen.de know.

There is also potential for savings by changing the mobile phone tariff from a large network operator to the discount brands, which are on average 179 euros cheaper a year . What also works: from an XL tariff to an S tariff. Ask yourself the question: Do I even need an all-network flat rate?

Current account holders should check their account management fees. Germans shell out around 72 euros a year for this. Is unnecessary. A sum that can easily be saved when switching to a bank without account management fees for the current account.

2. Shop sparingly

Sounds like a rush, but it is very effective. Statistically speaking, every German citizen lands edible food worth 235 euros in the bin. In addition, there is basically unnecessary expenditure on bottled water.

On average, every German carries water bottles worth 437 euros home every year , and the same amount of tap water costs just 1.50 euros a year. A conscious planning of the purchases with a weekly menu and a good knowledge of the correct storage of the various products are not only good for the environment, but also make themselves felt in the money box.

3. “Meal Prep”

One food trend that helps to put more money on the high edge is the so-called “meal prep” – the pre-cooking of meals, for example for the lunch break at work. That also helps: Why buy a baguette for breakfast when you can buy a sandwich with your own. An average of 3927 euros is saved by those who do without the daily trip to the bakery or the canteen and get through the 249 working days of the year as self-catering.

4. Gambling is not worth it

This is not a joke, it is meant seriously! The big million dollar win in the lottery is tempting, but the chance of winning it is slim. Nevertheless, we Germans let the hope of the big Reibach cost us around 16.90 euros a month. Anyone who uses their common sense from now on has set aside 202.80 euros at the end of the year .

5. Check contracts

Unused contracts are not only annoying, but also expensive. An unused membership in the gym should either be canceled or the weaker self overcome. The first case rewards savers, because the fees can then end up in the money box. The average for an annual contract is around 435.86 euros.


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What you have to remember about money and saving

  • Savings goalSaving money makes sense for several reasons. You secure your income and can create a financial cushion to make life’s dreams come true. With a view to retirement, too, it makes sense to save as early as possible.
  • Saving tips: First of all, it is helpful to draw up a financial plan. This makes it clear how much you can and should save for what. Part of the financial plan is also the budget, which gives you a comprehensive overview of your current finances.
  • Inflation: It describes the percentage increase in the price level and thus the loss in value of money. Anyone who parks money in non-interest-bearing savings accounts must expect a loss of value. That is why it is so important to invest your savings wisely
  • Low interest rates: The European Central Bank’s (ECB) interest rate low continues. As a result, the traditional savings accounts of the banks continue to offer hardly any interest. 
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Expaturm aims to help educate Expats in Germany on key issues that they will have to deal with while living in Germany by providing everything you need to know about Banking, Healthcare, Lifestyle, and Housing in Germany
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