Best Ways To Save Money In 2020 And In General

We can save money in everyday life, on vacation, with fees, and when investing. The best tips for saving money have no disadvantage to our quality of life. The saving tips are easy to implement and for most, we benefit twice: we have more money and live healthier. Whether as a Frugalist by saving earlier in retirement at 40 or a dream for which you need money: let yourself be inspired by the savings tricks and like to write in the comments if you have any more tips on saving!

Start by clarifying why you want to save at all and what conditions you can create so that you can really save money.

Why save money at all? Know your savings goal!

I want to save money! But why? The most important thing is to be aware of the reason for saving money. A great savings target keeps you motivated and helps you if you find it more difficult. What is your savings goal?

Saving tips for misers: Of course, the term miser is not meant seriously. There is a big difference between saving and avarice. When we save, we use our money more efficiently. In our normal everyday life, we ​​can often save a lot of money because we make habits every day.

Save for a car, vacation, or retirement at 40

The savings goals are very different. One saves on his first car, the other on a vacation. People who live very consciously and can usually save a lot, often retire at 40 or earlier if they want to.

Strictly speaking, there is no saving if we spend the money directly on a car or a vacation. Better than we don't touch our savings anymore, we invest them. Investing the money, continuously generates income for you.
No matter what your savings goal is, the basic rule is simple: spend less money than you earn!

How much money should you save?

There is no rule about how much you should save. You decide. There are people who earn well, spend little, and have a savings rate of over 50 percent. Those who earn less may be able to save less - the important thing is that you save at all.

All the costs that you can save and do not degrade your quality of life are perfect. The sum is different for everyone. Some get along with 5 € a day,  others need more money for a happy life. This is about finding out what we really need for our quality of life and how efficiently we can achieve it.

If you have an overview of your money and implement the savings tricks, you can build up your wealth month after month.

How can I really save money?

Let's start! How can I save money? Some are simply economical by nature. Others find it a little more difficult and say to themselves "I want to save money, but how?"

The best way to save money was to first get an overview of my finances. I can only improve and save more if I know how much I spend and earn every month. You can use an Excel template or a household book as an app or classic with a note and pen.

Best Ways To Save Money

Savings tip # 1: Know your expenses: cash trick

A household book was always too complex for me. It is enough for me to know the amounts per category of expenditure. Most people are aware of costs such as rent, cell phone, etc., but what about the not so easy to understand expenses? Eating/drinking / free time? To determine these expenses, a simple trick can be helpful: estimate the costs for a month and withdraw the amount in cash at the beginning of the month.

This month you then consistently pay the expenses for eating/drinking/leisure time from this money. If the money runs out before the end of the month, you fill up with more cash. At the end of the month, however, you note how much was used for a normal life. After 2 months you will know your expenses for this more difficult category.

Savings tip # 2: Use discounts for students or trainees

If you are enrolled as a student at a university, you can get a student discount in many situations.

How can I save on training? The same often applies to trainees: be brave and ask, that never hurts!

Banks, investing money, and taxes - you can save here!

Saving money, what's worth it? Money itself is a lucrative area. In the digital age, we have alternatives to the inappropriate monthly fees for checking accounts and bank transfers.

Money-Saving Tip # 1: Switch to a free checking account

A branch bank no longer has any added value for me today. Direct banks answer me quickly online via email and can be reached by phone if there are any problems. That's enough for me. I am happy to save the fees for the current account at a branch bank every month.

Money-Saving Tip # 2: Avoid financial mistakes like consumer debt

Success in wealth building is not just based on the things we do. The things we don't do are particularly important. Typical financial mistakes are meant: a new car that loses value extremely after 3 years, the overdraft facility, or consumer debt.

These are just a few examples of decisions many of us make without being aware of the bad impact on our wealth. Is your overdraft facility in the red? Get a quick overview of your finances and set your first goal: Debt-free on your checking account!

Money-saving tip # 3: Daily allowance for the emergency reserve

In any case, an emergency reserve of money should always be quickly available. This can either be in cash or in a call money account.

Most providers offer the option of a savings plan so that you can flexibly deposit your savings amount monthly into your call money account.

For example, by stipulating that from now on you will automatically make a deposit into your call money account at the beginning of the month, it also works: Pay yourself first. The money pays interest at the currently applicable interest rate. If I save money, which account should I take? A free account, for example, is popular for overnight money.

Money-saving tip # 4: money box and the € 5 challenge

Make fun of it and empty all cent coins into a money box every night. You hardly notice the small amounts and after a few months a nice sum comes up without you realizing it.

If you have a little more money at your disposal, you can also try out the € 5 challenge. The principle is the same as with the coins, except that you save the 5 € bills that are in your wallet every night. Participants had saved several hundred euros after a few months.

Money-Saving Tip # 5: Learn the Basics of Investing!

Saving is a big lever for wealth accumulation. However, if you only leave the money in the savings account, you will not make more money in the long term, but less money, since inflation will reduce purchasing power. Therefore, everyone should be familiar with the basics of investing. You don't have to be a math genius for this.

Here, too, your own further training helps to learn from the mistakes of others.

Here, significantly more return is possible than on overnight money. If you know the risks and pitfalls and develop a strategy for yourself, everyone can implement it. Only those who know the effects of their financial decisions can avoid bad ones.

Be it by working through an eBook, attending a seminar, or researching financial blogs. Let your money work for you!

Money-saving tip # 6: Make a tax return

A tip to save money can also be the filing of a tax return. This is also worthwhile for people who do not earn or only earn little because they are still in training or studying. In the meantime, this can be submitted online via magpie.

Money-saving tip # 7: Check car insurance regularly

It is worthwhile to regularly compare car insurance at cheaper rates. It is often possible to make significant savings by changing tariffs without changing the insurer.

Enter your license plate and check whether another insurer is cheaper for you:

Saving money in everyday life: eating

There are many ways you can save money on the topic of food. The good thing: Most of the time our health also benefits. Sweets or fast food are in the long run. How this saves you will automatically get fitter and healthier. A lot of things can be made easier by good planning.

Food saving tip # 1: Cook more often yourself

Fast food, visits to restaurants, and the possible coffee-to-go tear a deep hole in the household budget in the long term. Expenditures that are bad for health or that happen due to laziness can be canceled directly. Visits to restaurants that bring the joy of life and are consciously perceived can remain. You can definitely ask yourself if you don't want to cook a dish yourself. The activity alone can be fun, you learn new skills and your wealth grows faster. At the same time, you will tend to eat healthier if you cook yourself, which will benefit you for a lifetime.

Food saving tip # 2: save money while cooking

Two short tips for cooking: If you leave the lid on the pan when heating, you need less energy. If you also heat water in the kettle first, it is even cheaper than on the electric stove.

Food saving tip # 3: Smoking and alcohol are hard cash

The great thing about unhealthy habits is the double effect we have when we change our behavior: our health is happy and at the same time we keep more of our hard-earned money. Quitting smoking or reducing alcohol is a great lever for our health and for saving money quickly.
If you make a list without going shopping, you don't have to spend unnecessary expenses. I recommend for updated information.

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