Almost 9,000 euros a year – German citizens throw money out the window

Saving is important. But a study found that every German simply wastes almost 25 euros per day. What is the reason for this and what you can do.

Hand on heart: Did all expenses really have to be in the last seven days? If we're being completely honest, the answer is: probably not. Most consumers are well aware that not every day, week or month is really necessary.

For small amounts, this is basically no problem. However, a study by the investment platform Weltsparen.de shows that Germans waste up to 8,830 euros a year, which is just over 24 euros per day. So every hour, one euro is spent on something that could be avoided.

Almost 9,000 euros a year: Where is the money?

The authors of Weltsparen.de's research have written down the points where most money is wasted:

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• Discarded food: According to Welthungerhilfe, 78 kilograms of food per capita end up in the garbage every year. At current prices, this corresponds to about 260 euros.
• Gym: According to a study by Deloitte, the average monthly amount for a gym is 42.14 euros. However, two-thirds of the members do not even go to the studio and waste almost 334 euros a year.
• Bottled water: If you rely on tap water to quench your thirst, you pay about 1.50 euros a year. However, most Germans often drink more bottled water, which costs at least 50 cents in the store. If you extrapolate that to two liters, that's more than 360 euros a year, according to Weltsparen.
• Cigarettes: The addiction costs Germans an average of almost 330 euros a year, based on the sales value of 22.7 billion euros (2021 in Germany). (For a smoker who smokes ten cigarettes a day, it can quickly be almost 1,400 euros a year.)
• Account management fees: The financial platform Biallo calculated the average value of 86.49 euros per year for the various accounts of Germans. Some direct banks were even well above this amount.

Customer loyalty for contracts, for example for telephone, electricity or gas, is also not worthwhile in most cases. Adding up all the items, Germans are approaching 10,000 a year – for expenses they could save.

Take advantage of savings potential and have up to 9,000 euros more per year

Of course, if you cancel your unused fitness contract now, quit smoking immediately and also do without bottled water, you can save a lot of money in the future. But it's not always that easy in all places.

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If you'd rather buy water from the supermarket than drink it from the tap, you're wasting up to 363.54 euros a year. (Symbolic image) © Francesco Buttitta/Imago

That's why it's definitely worth increasing your financial knowledge (e.g. with free financial podcasts), getting an overview of your own finances (e.g. using grandma's envelope method or the classic budget book) and comparing providers, such as different account variants, banks, smartphone or electricity tariffs.