Status: 16.01.2024, 11:30 a.m.
By: Alina Schröder
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Many things are becoming more expensive at the moment. In order not to get into financial problems, the consumer advice centre therefore recommends setting up a cash reserve.
Kassel – Due to the war in Ukraine, the economic situation in Germany is extremely tense. Many things are becoming more expensive, including food, electricity and gas. For private households, this is often an enormous challenge. In order not to get into financial difficulties, it is therefore advisable to create an emergency fund.
After all, unplanned expenses can always occur, whether it's a car repair or a decent rent arrears. The consumer advice centre advises to save a certain amount and set aside.
A nest egg should be saved as a financial reserve. The consumer advice centre has a recommendation. (Symbolic image) © K. Schmitt/Imago
Creating a nest egg: This is how much money you should save
However, the term "nest egg" is somewhat misleading in this context. After all, the recommendation of the consumer advice centre is a much higher amount of money. Specifically, this means two to three months' salary. Of course, different life situations have to be considered: After all, a single household consumes less on average than a family of four. Accordingly, the latter need higher emergency reserves.
But where should you stash the amount of money? According to the consumer advice centre, a piggy bank or a current account are rather bad ideas. A call money account is more suitable. After all, this is made to save money that is currently not needed. In addition, there are overnight interest rates on it.
Emergency fund for unplanned expenses: the best way to save money
But what is the best way to save this high amount? After all, two to three months' salary is a lot of money. This can be done, for example, in the following ways:
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- Save bit by bit: A certain fixed amount can flow from the current account to the call money account every month. Depending on the expenditure per month, five percent of net income can be targeted, according to the consumer advice center.
- Tax refunds: If, fortunately, you receive a tax refund after filing your tax return, part of the money can flow directly into the call money account and be used as a financial reserve.
- Christmas and holiday bonuses: Christmas or holiday bonuses are a nice bonus for employees. If you benefit from it, this can also be used as a reserve for the cash reserve. According to the consumer advice centre, one third of the amount is an ideal guideline here.
Basically, it is important to be prepared in good time for foreseeable price increases, for example for increases in energy costs. If you have saved a good amount as an emergency reserve, you shouldn't get into financial problems so quickly. In summer, you can also save a lot of energy – if you avoid a few mistakes. (ASC)