This way expenses can be reduced
“100 euros should be left at the end of the month”
06/20/2023, 3:55 p.m
In view of the increased cost of living, even people with higher incomes have to be careful not to spend more money than is actually available to them. Experts from the Hamburg consumer advice center explain to ntv.de where many people could save.
Experts recommend a household book. What is it and why should everyone carry one?
Ideally, all fixed costs are recorded in a budget book, both the monthly and the quarterly, semi-annual and annual costs. In addition, all daily expenses are recorded so that you know where your money is going and whether there is anything left at the end of the month. If not, you at least have the cost factors in black and white, i.e. the adjustment screws that can be turned. Such household books come in all forms, be it in paper form, for example via the Consumer Center Hamburg, as a simple Excel table or as an app. If you really write everything down, you quickly realize how quickly supposedly small expenses – here an ice cream or chocolate bar, there a coffee – add up to considerable sums.
Food is one of the current price drivers; last year it was more than 13 percent more expensive on average. The Germans already spend comparatively little money on food – how could this expenditure be reduced even more?
Anyone who always goes to the supermarket with a meal plan in mind and a shopping list is the least likely to make impulse purchases. You should also compare basic prices there: The basic price must be given per kilogram or 100 grams and is therefore very easy to find the cheapest offer; because filling quantities are often different for the same pack sizes and prices. On the shelves, there are usually more expensive branded products in direct view. Consumers should also prefer special offers and seasonal goods, which are usually cheaper. Even if you cook for yourself, you can really save money compared to ready-made products. Homemade coffee for work and a roll for the lunch break also cost several euros less per day. You can also save money on mineral water from the bottle, for example with tap water and a bubbler.
Energy costs have now fallen again, and those who had to sign a new contract during the crisis still have significantly higher costs. And as a result of climate protection, energy will remain more expensive in the future than it has been in the past. How can you save here?
Heating has the biggest impact on domestic energy consumption. It is not uncommon for outdated boilers to drive up costs. If modernization is not possible, it can conscious heating lead to significant savings. You can also save on lighting: LED lamps are a bit more expensive to buy, but they use up to 90 percent less electricity and have a service life that is around 100 times longer. Electronic devices also have savings potential, simply through stand-by consumption. When buying a new one, it is best to focus on the energy consumption, and the so-called energy efficiency classes help with this. The following applies to dishwashers, washing machines and tumble dryers: Load the machine as full as possible.
What is the average cost of living per month today?
For an adult, 600 to 800 euros should actually be estimated – this gives an idea of why many people can no longer get by with their income. After all, it’s not just about food and drink or the car. The costs also include telephone/Internet/streaming services, the broadcasting fee, drugstore items, clothes, necessary insurance, magazine subscriptions, membership fees for sports clubs or trade unions, reserves for holidays and emergencies, etc.
How much money should I set aside for expenses that are only due once a year, and what are they?
You can only be sure that everything has been taken into account if you look at what you spent money on last year. Insurance and holidays are classic examples of non-regular expenses. Anyone who knows what he or she paid last year should – at least – put that amount aside again.
If at all possible, how much of my income should be left over at the end of the month?
For eventualities you should have at least 100 euros left over at the end of the month.
How much money should I always have on hand in my savings account for emergencies, in case a repair, a new purchase or something similar is due?
Ideally, at some point you will have saved three times your monthly income as a nest egg in your call money account.
What proportion of my salary should I put aside as a private pension plan, i.e. in addition to the contributions to the statutory pension fund, or pay it into a corresponding pension product?
That cannot be answered in general. On the one hand, you have to be able to afford the savings contributions. On the other hand, it is important to find the right product. A bad, expensive product can eat up a lot of returns. It is better to invest smaller amounts in a good product than large ones in a bad one. If you are unsure, it is best to seek advice.
Where can I get help if I’m not able to reduce my expenses as much as I need to?
A first step towards cost reduction should be an honest checkout. If you don’t want to part with actually superfluous expenses – keyword gym that you haven’t been to for a year – budget advice from a debt counseling service can also help. In some cases, it simply cannot be done without cuts. Sometimes it helps if you can lower the installments to the bank. We at the Hamburg Consumer Center can in our debt advice also help if previous spending behavior has led to over-indebtedness.
Protocol: Christina Lohner