Separating current and savings accounts is the first step on the way to achieving your savings goal.
Financial experts know other tricks - like the 752 rule.
Munich - "People do not understand what a great source of income lies in frugality," Cicero is said to have once said.
It is often difficult for many consumers to save money on a regular basis.
Sometimes it is the small expenses in everyday life that tear a hole in the budget book.
The takeaway coffee, the tenth sweater in the shop around the corner.
But the shops and cafés that were closed in lockdown have shown many that things can be done without these spontaneous purchases.
To motivate yourself, financial experts recommend the 752 rule: If you save 20 euros a week, for example, you can multiply this amount by the factor 752.
The result of 15,040 euros is the amount that this small savings rate will result in ten years.
Consumers can multiply monthly savings by a factor of 173 to get their savings potential in ten years.
Whoever sees how much the small savings of everyday life can achieve in the long term is often more motivated.
Savings tip number 1: separate current account and savings account
A few little tricks can make a big difference.
It starts with the strict separation of savings and current accounts.
Many banks offer a free savings account when you open a checking account.
However, if you have easy access to your savings account through online banking, you will be tempted more quickly to access the money you have saved.
Financial experts therefore recommend keeping checking accounts and savings accounts strictly separate.
If this is not easily possible with the same bank, it is worthwhile to obtain offers from other financial institutions.
Investing money correctly: overnight money, time deposits or ETFs?
Although there is currently hardly any interest on overnight or fixed-term accounts, these savings accounts are recommended in order not to be able to access the savings that easily.
While the overnight deposit account offers flexibility, the money in the fixed deposit account is fixed for a certain period of time.
For some, this can be useful to prevent themselves from being accessed.
However, consumers should always have a certain amount of cash on hand for unforeseen expenses.
This cushion is used in the event that the car breaks down or the washing machine no longer works.
If you have different savings goals, you can open a separate account for each of these savings goals - provided these are free of charge.
It is definitely worthwhile to place a standing order on the savings account.
If you want to generate a passive return on your savings, you can take a closer look at ETFs.
These exchange-traded funds are considered a sensible investment for long-term wealth accumulation.
Saving tips for everyday life: Little effort, big effect
In everyday life, consumers can save a lot of money with little tips.
For example when refueling: if you refuel at the right time, you save.
The Bundeskartellamt has compared thousands of data and gives tips in the video on when and where car owners can fill up the cheapest way:
You can also save a lot when buying groceries. Throwing away less food not only protects animal life, but also your wallet. Some swear by always paying in cash instead of by card in order to better keep an eye on expenses. And then there are of course the classics: compare tariffs, change insurance or switch from car to bike.
