It’s like a jinx: We decide to finally save money – and at the end of the month there’s still so much left over. Can you actually learn to save? You can! If you want to put money aside starting today, our savings tips will help you:
A small change that makes a big difference
Normally, we imagine saving like this: We try to be cautious with our money, don’t spend it all, and set aside what’s left at the end of the month. The problem: In most months there is simply nothing left. So we don’t save anything either.
There is a very simple trick that you can use to turn the tide and start saving money regularly every month: Just save at the beginning of the month instead of at the end! Exactly: No longer what is left (resp. (or should remain), is saved, but a fixed amount immediately at the beginning of the month. Professionals also have a name for this method: Pay yourself first! (We also call it: The golden savings rule)
Learn to save: Make yourself a plan and a goal
What are you saving for?? How much money do you need? It’s much easier to get by with your money if you’re clear about what you’re spending it on – and what you’re saving for. If you "just save If you don’t want to spend the money, you never know when you will reach your destination (strictly speaking, you have already done that if you only put one Euro into a money box). So you should know what you want the money for. Possible saving targets would be:
- a reserve for emergencies
- the next vacation
- a big wish
- a cushion for "later (retirement plan)
Once you’re clear on what you want to save for, your goal is also clear. You now know how much money you need (by the way, for an emergency reserve, experts recommend a cushion of three to six net monthly salaries).
In the next step you can think about how to reach your goal. An example: You want to take a vacation in one year, which will cost you 1200 Euro. Then it’s already clear that you’ll have to throw 100 euros into your vacation fund every month in order to reach your goal safely.
Learn to save: Reward yourself for your success
Saving should not be a torture. Even if you should be very disciplined to achieve your goals, you can also reward yourself with little pleasures in between. You do without your daily coffee to go from now on to put the money in the savings account? Why not treat yourself to your hot soul comforter once a week?
Saving should not feel like deprivation. If you feel like you’re denying yourself all the pleasures of everyday life, there’s a good chance you’ll soon stop enjoying saving money. With diets, this is called the yo-yo effect – and it also happens with saving money. So: Be disciplined, but don’t torture yourself and reward yourself in between for your successes.
Learning to save: Every little helps
One of the easiest ways to save money from now on, without it "hurts": Set aside small amounts of money, by, for example, throwing the coin money from your wallet into a piggy bank every evening. In just a few weeks, "the few coins" will become "the money" grown into a tidy sum and after a year you may well have saved up a few hundred euros without really noticing it.
Or try the five-euro trick and put aside every five-euro bill you get. The effect is the same: You hardly notice that you are missing money, but the small amounts accumulate to a tidy sum.
Learn to save: Do it automatically
One of the easiest ways to learn to save is to automate the processes. You’ve already learned that it’s smart to save money right at the beginning of the month. It works even better if you simply set up a standing order that automatically transfers a certain amount from your account to a savings account.
How much money do you want to set aside each month?? Experts advise setting aside 10 to 20 percent of your salary for "later" to set aside. If it seems hard today, you can also start with 5 percent of your income and slowly increase the amount (after a few months to 6 percent, then to 7 percent – until you reach your desired amount).
When should I start saving?
Now you know the most important tricks to put money aside for your dreams or even for bad times. The only question that remains is: When should you start? There can be only one answer to this: immediately!
If you really want to learn how to save, you should start now. You can set up your standing order today, you can plan now how much money you need for what and you can implement your chosen savings strategies starting today. We wish you much success!
By the way, do you want to be rich? Keeping a budget book can also help you learn how to save, because a budget will help you keep track of your fixed costs and avoid impulse buying. The main thing is that you avoid the most common savings mistakes and don’t go into debt.