What saving money tips?

With these 17 savings tips, you can achieve your savings goals in the shortest possible time. Especially in uncertain times, a fixed target can act like a safe rock in the surf. In addition, it helps you to imagine a happier future, which can significantly improve your overall well-being. So if you are wondering how to make money quickly, here are our 17 best suggestions for increasing your savings balance.

Before you can start putting money aside every month, you have to deal with your cash flows. This will give you an overview of all your income and expenses, What saving money tips? including any debt repayments, monthly invoices and deposits into your savings account. Let’s break it down step by step.

The most important tip to save money quickly is to learn to keep a household. If you have your budget under control, you also have your finances under control. This is very important if you want to achieve your short- and long-term savings goals. What saving money tips? Here you will learn how to create a savings plan to get started quickly with saving:

1. Get an overview of your finances over a period of 30 days. This includes all your income and expenses.
2. Compare your monthly income with your monthly expenses to determine how much you can currently put on the high edge or how much you go over the line every month.
3. Distribute your expenses into fixed and variable costs. Fixed costs are expenses that you usually find difficult to shake, such as rent or additional costs. On the other hand, you can easily adjust variable costs. This includes expenses for food, entertainment and subscriptions.
4. Determine all variable costs where you can set the savings pen to increase the amount you can put aside every month for your savings goals.
5. Check your progress regularly and make adjustments if necessary. If this overwhelms you, you have a number of savings apps and tools at your disposal that ensure effortless adherence to your budget plan.

Before you can start saving, you must pay all outstanding debts. The longer you are in arrears with the repayment of a debt, the larger it will be – due to the rising interest rates over time. What saving money tips?Therefore, all the savings you make are consumed by the amount you owe your creditors. What saving money tips? Therefore, make debt reduction your top priority before you tackle any other savings goal.

You can apply the 50/30/20 savings rule for this. The 50/30/20 rule was established by US Senator Elizabeth Warren during her time at Harvard as a professor of insolvency law and offers a simple method for debt reduction. And this is how it all works:

• 50% of your income is earmarked for your needs, i.e. for your fixed costs such as rent and additional costs.
• 30% of your income is available for your wishes, i.e. your variable costs such as restaurant visits and subscriptions.
• 20% of your income is first invested in debt repayments, later into savings. If you earn €2,500 net per month, you should therefore set aside €500. In just one year, you will have paid off debts of €6,000.

In order to save quickly, you have to separate the money for everyday expenses from the money you want to save. You should open a savings account for this. In this way, you minimize the risk of using your savings to cover your daily expenses. Instead, you will be encouraged not to exceed your current budget.

With a fixed monthly income, you should consider automating your monthly savings. This means that you set up a standing order, What saving money tips? within which a certain amount is automatically transferred from your free checking account to your savings account every month. Automating your savings reduces the temptation to nibble on this savings balance for your daily expenses.

Speaking of the topic, it is also worth automating the payment of your invoices. Companies often charge dunning fees if customers do not pay their bills on time. So if you pay your bills before the due date or set up direct debits, you avoid unnecessary costs.

Would you like a great tip to save money quickly? Set an upper limit for payments with your credit or debit card. This prevents you from spending too much money and makes you think about your daily expenses in advance. you can achieve your savings goals in the shortest possible time Many banks offer this service. With N26, for example, you can set a daily spending limit and choose whether you want to allow withdrawals at the ATM – all in seconds, directly from your N26 app.

Another excellent lifehack to quickly save money is the use of envelopes for budget planning according to Dave Ramsey. You withdraw your entire monthly income in cash at the beginning of each month (yes, all the money!) and distribute it to different envelopes according to your savings goals.

So you have different envelopes for fixed costs such as rent and additional costs and envelopes for variable costs such as clothes, restaurant visits and groceries. The disadvantage of course is that you have to make cash deposits – nowadays, digital transfers are of course much easier and safer.

Paying less rent is one of the fastest ways to save a considerable amount of money. If you still live alone, you can simply get a roommate. This immediately halved your rent. With two roommates, you only pay a third of the rent that you currently have to pay alone.

So if you currently pay €1,300 for a three-room apartment, you will save 650 € per month through a roommate. With two roommates, you would save around 870 € per month – that’s almost 10,500 € a year!

If you already live in a shared flat, you could move to a smaller room. The amount of rent usually depends on the size of the room, so you can achieve significant savings here every month.

Another great tip to accumulate money quickly is to reduce your additional costs. Your electricity and gas bill accounts for a large part of your monthly fixed costs.you can achieve your savings goals in the shortest possible time If you can reduce them, you can put a lot of money in your pocket:

• Change your energy supplier. With a cheaper tariff, you can save hundreds of euros every year.
• Replace your light bulbs with LED lights. Not only are they 75-85% more energy efficient than conventional light bulbs, they also last 15-25 times longer!
• Invest in an intelligent thermostat. This intelligently adjusts your central heating system, which can probably save you a lot of money.
• Prevent air leaks: Leaks on windows and doors can drive up your electricity bill, as your heating must run at full speed to keep the room warm. Instead, seal these areas with pressure-sensitive sealing strips so that no warm air can escape.

“Create, build houses” is the motto. A part-time job is recommended to increase your monthly savings. In addition to your normal office job, you could, for example, land a few jobs as a freelancer or look for a job as a virtual assistant or even as a pet sitter.

If you can do this, try to transfer your income directly to your savings account through additional earnings. However, be careful not to take over and end up facing burnout! Your mental health comes first and is more important than your savings goals.

Many companies earn a golden nose with subscriptions. This is because cancelling a subscription once concluded is simply too time-consuming for many customers – even if they hardly use the subscription.

This is due to the so-called fallacy of the sunken costs. Applied to a subscription service, the fallacy of the sunken costs means that it is difficult for you to cancel a rarely used subscription, as you have already paid a lot of money for it. If, on the other hand,What saving money tips? you can achieve your savings goals in the shortest possible time  you delay the cancellation of the subscription, this is often due to the hope of using the service again at some point. As a rule, however, very few of us take full advantage of our subscriptions. It is therefore cheaper to cancel all unused subscriptions on the spot than to hope to use the service again at some point.

A good way to build up reserves is to repair broken things yourself. Thanks to YouTube and the Internet, you can find out online how to repair pretty much everything yourself. From leaking pipes to the zipper of your jeans, it is always cheaper to repair such things yourself than to pay someone else for it or to replace things with new ones.

Before you make a large edition – be it an impulse decision or not – you should take at least three to four days and let the whole thing go through your head well. This prevents the impulsive part of your brain from gaining the upper hand through the immediate release of happiness hormones and from tempting you to buy.

If you want to put yourself to the test, it is a good idea to make an expensive purchase only after 30 days. This is a surefire method of keeping impulse purchases at bay. In addition, this gives you enough time to find out if there might be a better offer elsewhere.

If you want to get a real bargain, the best time to buy your car is usually at the end of March, June, September or December. And why? What saving money tips? Because most car dealers are given certain sales targets that they must achieve in order to receive their financial bonuses. While these sales targets are set weekly and monthly, the big bonuses are paid out quarterly. Consequently, at the end of each fiscal quarter, you will rather get a better offer for a car, as the car dealer will be eager to achieve its sales target for the quarter.

If you reduce your weekly food spending, you will be amazed at how much money you can save yourself over the course of a few months. One of the best ways to do this is to plan your meals in advance. This allows you to calculate the cost of this accurately before you go to the supermarket, thus reducing the likelihood of exceeding your budget.

Another tip: Avoid meat once a week. Since meat is usually more expensive than vegetables and plant-based products, it is worth choosing at least one day a week when you do not eat meat. This small weekly savings rattle over time.

In addition, you should resort to products that are on the lower shelves. Supermarkets often place their most expensive products on an equal footing, you can achieve your savings goals in the shortest possible time which should tempt you to spend more money. The cheaper products are usually at the bottom of the shelf and are often overlooked.

To make saving a habit, you can determine a day a month on which you do not spend any money at all apart from your fixed costs. For example,you can achieve your savings goals in the shortest possible time  you could prepare all your meals from the ingredients you already have at home, What saving money tips? meet up with friends in the park or at home or spend a cozy evening with a good book or relaxed in front of the TV. Once you get used to it, you can extend the whole thing to two days a month – or even to one day a week, to maximize your monthly savings amount as a real savings fox.

If you want to save money for your vacation quickly, it is worth snapping up your unused possessions and selling them on an online marketplace such as eBay. So you can not only clear out your home, but also flush a nice stick of extra money into your holiday budget!