What is 20 out of 50
Saving money is associated with (consumption) renunciation, yes of course! But there are also savings strategies where you can treat yourself to something in between. Ever heard of the 50/30/20 rule? Many bargain hunters swear by this model, which this time is our financial question of the month.
Putting money aside, amassing a small fortune - that sounds good. But many fail to put their savings plans into practice and, above all, to persevere. Why is it? Maybe because you don't yet know the right way to save. There are many savings strategies - one of them is the 50/30/20 rule. 50% for fixed costs such as rent, 30% for lifestyle such as dining out and 20% for savings. But what is it about this model - and does it actually work? This time, this is our financial question of the month.
"The rule is unrealistic for many, especially at the moment, in some cities 50% of income is already attributable to rent alone," says Sally Peters, Managing Director of the Institute for Financial Services (iff) in Hamburg.
Take a cash drop, take a close look at your monthly disposable income and divide the amount up.
Let's assume that you have 3,000 euros at your disposal per month:
- 50% You reserve this sum, i.e. 1,500 euros, for your fixed costs. This includes expenses such as rent, groceries, toiletries, insurance, internet, telephone and electricity. For example, set up a household account at your bank and transfer this amount to it yourself every month by standing order from your salary account. From your household account you only pay for the recurring expenses, nothing else.
- 30% You use your income, i.e. 900 euros according to the example calculation, for your lifestyle. This could be trips with the family, a chic coat, a visit to the opera, books, CDs or a new tablet. If there is still some left over from this part of your income, you can put the money aside for your next vacation, for example.
- 20% You save on your monthly income, i.e. 600 euros according to the example calculation. You transfer this amount to a daily money account, for example, every month. Or you can pay into an ETF savings plan. So you save 7,200 euros over the year. Not bad, right?
This is what speaks for: "The rule helps to be consistent, it is simple and uncomplicated and saves a long discussion," says iff expert Peters. Against this, the rule is unrealistic in many cases, and not just because of the rent. “It is also questionable whether 20% saving is enough,” says Peters. After all, the money saved should be enough for acute emergencies, old-age provision and wealth accumulation.
Anyone who nevertheless opts for the 50/30/20 rule when saving must be disciplined when spending money. This includes: keeping an eye on costs, comparing prices. You have to be clever so that you do not overrun the budget that you have approved for your fixed costs or for your lifestyle.
- Put yourself inBudget book to, that can also be done easily via the app. In this way you can see when and for what you have actually spent money and which expenditure items are the largest. Anyone who knows the respective sums can consider whether the red pencil can still be used. In this way you can create a buffer for your fixed costs.
- With your family, create and create a weekly meal planShopping list together. If you go out with this, this reduces the risk that you will still put this and that in the shopping basket that you actually don't need.
- Do you actually know yourspower consumption? Anyone who records the electricity and gas meter readings on a monthly basis increases their awareness of consumption. This can help you use energy more efficiently. This reduces costs - and you have more money.
- electricity and gas - one of the items in your fixed costs - are expensive. It is often worthwhile to compare the tariffs of several providers once a year. By changing the gas tariff, for example, you can save 100 euros and more per year.
- What applies to electricity and gas can also apply toInsurance be helpful. Put them to the test once a year: Do you actually need the respective policy? Does another provider possibly offer more favorable conditions with the same scope of insurance? Here, too, a change can save a lot of money.
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