For the nest egg or the next cruise: Saving money can provide security and fulfill dreams. We’ll show you how.
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the essentials in brief
- There are many ways to spend less money each month.
- Be it with home-cooked food, second-hand or lower electricity costs.
- A good foundation for financial planning is a properly managed overview.
In 2023, finding smart and efficient ways to save money is more important than ever. Whether as a student or in other areas of life, there are numerous ways to bring your own financial budget under control. In this post, we share 19 tips that can help you save more money.
Create a financial overview
The first step to successful saving is an overview of your own finances. Download your bank statement every month and create an Excel spreadsheet from it.
Assign a category to each payment, such as rent, groceries, entertainment, etc. On the one hand, you have an overview of your monthly expenses and, on the other hand, you can make monthly comparisons.
Save money when shopping and cooking
Activities at home are almost always cheaper than going out. You can easily conjure up a nice dish together with friends or ask each guest to make a small contribution. Home-cooked food is not only cheaper, but usually also much healthier with little effort!
Purchasing and processing food in a targeted manner
Buy seasonal and regional products: they are often cheaper and fresher.
Avoid unnecessary ready-made products and cook yourself instead.
Plan your meals in advance and create a grocery list to avoid unnecessary expenses.
Watch out for special offers and discounts when shopping.
Use leftovers and avoid food waste.
reduce energy costs
When the water temperature is low, washing clothes uses less electricity. According to the Hamburg consumer advice center, electricity consumption drops by up to 45 percent when the temperature is switched down from 60 to 40 degrees. If you reduce it to 30 degrees, you save up to 40 percent.
Other energy saving measures
Switch off electronic devices completely and avoid stand-by operation.
Replace incandescent bulbs with LED bulbs.
Insulate windows and doors to save on heating costs.
Saving money as a student
Many companies offer special discounts for students. Be sure to take advantage of these offers to save money. Examples are discounts on train journeys, visits to museums or cinema screenings.
Buy books and learning materials cheaply
Use the university library to borrow the books you need instead of buying them expensively.
Ask fellow students if they sell or lend books.
Buy used books online or in second-hand bookstores.
Use public transport or ride a bike
Avoid unnecessary car trips and instead use public transport or a bicycle. This not only saves money but is also more environmentally friendly.
Plan trips early
You know you want to travel in the near future? Book flights, trains and accommodation as early as possible to take advantage of great deals.
These 19 tips should help you to be more conscious with your money. At the same time, you can maintain or even improve your quality of life. Try a few and see which ones best suit your unique situation.
