Often this is due to one’s own habits in dealing with money. Just the vague intention to save money is not enough for that. You need a concrete goal and a plan. Learn how to put your goal into action in this section.
To do this, you need to know exactly what your monthly income and expenses are – a budget plan will help you do this. Then you can set a monthly budget for your variable costs and a savings amount. Always put this savings amount into a different account at the beginning of the month.
Challenge yourself and spend no money for a month, except for the necessary living expenses. You put the savings on the high side. Here you will find more challenges to quickly increase your savings amount.
Tip 1) Set SMARTE goals for yourself
How to save a lot of money quickly?
You want to save money? Why? And how much? And in what time frame? Granted, that’s a lot of questions to ask at once, but it’s very important that you can answer these questions.
Because it makes a big difference whether you simply intend to save money somehow or whether you are working towards a concrete goal. The way in which we formulate our desire to save money has a great influence on whether we actually put this plan into practice. You may know this phenomenon from your New Year’s resolutions that fizzle out and are forgotten over time.
If you have a concrete savings goal, it is also easier to persevere. The statement "I want to save money" is not yet a goal. Formulate this vague wish into a concrete and measurable goal, for example: "I would like to save within one year 5.Save 000 euros."
In other words – Your goal must be SMART, that is:
- Sspecific: For what exactly you want to save money? For a major purchase or retirement savings?
- Medible: set aside a concrete amount of money fixed, which you would like to save.
- Attractive: Do you really feel like saving? What exactly is your Motivation? If you set yourself an emotional, attractive goal, you will survive setbacks better.
- Realistic: Set a goal that you can actually achieve in your personal situation. Ambitious plans challenge us, but they should include not unattainable its. Therefore, determine exactly whether, after deducting all fixed costs and expenses, you still have enough money left to save each month to reach your goal.
- Terminable: Set yourself a concrete deadline, It’s best to set an exact date by which you want to have the desired amount of money saved up.
Tip 2) Save money properly with a plan – this is how it works!
Save money: Put your savings amount into a different account on the first of each month.
A strong motivation is the first step, but it alone is not enough to really get to the goal and save money. For In the hustle and bustle of everyday life with all the tasks and to-dos, it’s easy to lose sight of our goal. That’s why it’s important to have a plan in place for how you’re going to accomplish your goal.
Below, we outline some key methods and tools you can incorporate into your plan. In the next section, you will also find tips on how to save a lot of money really quickly.
- Get and keep an overview: You need an accurate overview of your income and expenses. Only then will you know how much money you can save each month without getting into trouble. And that would ruin your savings goal in the long run.
- Set a budget and savings amount for each month: Set a fixed amount of money you want to save each month and a fixed budget you have each month for your variable expenses. You can read in this infobox how best to divide your income.
- Transfer money immediately to a call account at the beginning of the month: It is important that you save money first and then spend the rest. The other way around – saving at the end of the month – usually doesn’t work if your income is depleted by then.
- Save additional income (at least partially): Set aside a certain amount of your vacation or Christmas bonus or from your tax refund as well. Then you will reach your goal faster and better.
- Plan for obstacles and emergencies: Nobody is immune to setbacks. If your salary suddenly disappears, it is simply no longer possible to save in the same way as before. Determine your emergency budget for a rainy day by eliminating all non-essential expenses from your plan, and switch to this plan when the going gets tough. Also, set aside a nest egg of 2 to 3 months’ salary.
How much should you save each month? It’s a question of your own goals and needs. And, of course, it depends on your financial circumstances how much money you can save. A good guideline is the 50-30-20 rule:
- 50 % for essential fixed costs (rent, electricity, food, etc.). pp.)
- 30 % for non-essential expenses such as hobbies and vacations
- 20 % as a monthly savings amount
Admittedly: This split doesn’t work for everyone, because often more than 50% of your salary already goes to necessary expenses. Adapt this rule to your situation and save for example only 5 or 10. Even with small amounts you can get to the goal. In this way you can save even with little money.
Tip 3) Save a lot of money extremely fast – 4 tricks that will challenge you
If you want to save money for the long term, you have to invest it in such a way that it is protected against inflation.
You can easily get to your savings goal if you regularly save your Stick to your budget, Without having to continue doing without other things. However, you do not exhaust all the possibilities yet. Here are 4 tips for saving money that will challenge you a bit.
- Spend nothing for a month: Try to spend as little money as possible for one month. You pay the fixed costs for rent, electricity, food, etc., but you don’t have to pay them., but forego restaurant, bar and movie visits, shopping and other amenities. Granted, it’s not easy, but it’s still possible because you only have to stick it out for a month. And if that seems too difficult, start with one or two weeks.
- 20-Euro Week: If you want to start smaller, you can try once to get by with only 20 euros for a week. The money that you have saved from your weekly budget is immediately transferred to your call money account as a savings amount.
- Save small change in a different way: This is the classic way to save money. It teaches kids to set aside pocket money on a regular basis. If possible, put a certain amount in the piggy bank every week. To make things a little more exciting, you can increase or even double the amount you save each week. You start z. B. in the first week with 50 cents. The next week 1 euro, then 2 euros, 4 euros, etc.
- Increase income: This is the most effective and fastest way to save a lot of money – provided you don’t spend your extra income right away, but put the extra money aside. With a part-time job you can earn 450 euros per month. If you’re freelancing or self-employed on the side, more may be possible. You have less time due to the part-time job. But for a foreseeable period of time, it’s worth it in order to achieve your goal. Alternatively, you can also work towards a salary increase.
Don’t think of these savings options as forced sacrifices, but rather as sporting challenge. And don’t set your goals too high at first.
Looking for even more tips to save money. Here you can find more guides on the topic:
Tip 4) Save money: How to cut running costs?
Save money: There is hardly any interest on the account, so it is only suitable for the nest egg.
Another way to save money is to reduce costs and expenses. Below, we summarize some tips that can help you reduce variable costs and fixed costs to save a lot of money:
- It’s best to start by listing all your costs by type and amount to give yourself a Overview to get. Do certain items seem particularly high to you? Where you can cut unnecessary expenses and reduce living costs?
- Reduce your Electricity consumption, To lower your electricity costs. Compare your provider with other providers and look for more favorable conditions. Then you can either switch and negotiate with your provider. Also read our guide on how to save electricity.
- Also with the Smartphone you can reduce fixed costs: Do not buy the cell phone together with the cell phone contract. Regularly cancel your current contract to benefit from cheaper offers. Also compare regularly with other providers. And take a look at your contract: you may be able to reduce your costs and save money by dropping additional services you no longer need.
- At Subscriptions can also save a lot of money. Do you need Amazon Prime Video and Netflix, for example, or is a streaming provider also enough? Live in a shared apartment? If so, you can reduce your costs by sharing an Abo. Or you can subscribe by month only.
- You can save real money when shopping: Use the good old Shopping list, so you don’t buy more than you need. Avoid impulse shopping and never go to the mall hungry.
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