Because a personal conversation is worth a lot
What can we do for you? We’re happy to address your concerns directly. You can contact us in the following ways:
Set money aside in a targeted way: for financial independence today and tomorrow
We all have wishes, dreams, and goals that involve a certain cost. We can’t afford most of them right away. That’s why it makes sense to set money aside.
Ideally you don’t just do so sporadically, but save a set amount each month. This makes it easier to see how long it’ll take to fulfill a certain wish. You also lay the foundation for your financial security and independence early on.
Saving? But I don’t have that much left at the end of the month …
The move went well, and Antonia has settled into her new apartment. But one thing is still missing: a large, comfortable sofa bed. She’s already found the perfect one in the thrift store, but even second hand it’s still quite expensive.
So, Antonia decides to save up for one. But somehow she can’t quite make it. At the end of the month, there’s hardly any money left – and when there is, another unplanned expense usually gets in the way.
When she complains to her friend Charlotte about her problem, she tells her about a savings challenge she has been taking part in for a few months. First, she documented all her income and expenses for a certain period. She was then able to draw up a budget plan. This way, she knew how much she can spend on what – and how much she can save.
She has consistently put the money she has saved aside as a safety net and for a trip to New Zealand next year. “Why don’t you give it a try, and you’ll definitely have the money for your sofa soon.”
“Yes, why not?” Antonia thinks to herself. With her dream sofa in mind, she gets to work on her first budget plan.
Save money every month thanks to a solid budget plan
With a budget plan, you determine how much of your disposable income you want to spend on what. To create one, first record your monthly income and expenses.
The costs can be divided into various categories. A typical breakdown is as follows:
- Fixed costs: Accommodation, insurance, subscriptions, fees, etc.
- Variable costs: Household costs, personal expenses, transport and taxes
Have you created an overview? Next, you can check which expenses you can save money on. Reduce the amount for these expenses accordingly in the budget.
Then subtract all planned expenses from your income. This gives you the amount you can set aside each month: your savings amount.
Saving with a goal: how to bring your dreams within reach
Set savings goals and plan a fixed amount in your monthly budget. Consider how much money you want to save, for what purpose and within what time frame.
Depending on how much time you have to reach your savings goal, they can be considered short-term, medium-term or long-term goals:
- Short-term goals: 1 to 5 years (for example, buying a laptop, a bike or booking a vacation)
- Medium-term goals: 5 to 10 years (for example, financing a career break, training, or starting a family)
- Long-term goals: 10 years or more (for example, purchasing a property, retirement provision)
In order to decide how and where it’s best to put the money aside, it’s helpful to know the three building blocks of targeted saving:
- Liquidity: This is money you can access at any time. You can use it to pay for living costs and set aside a reserve for unexpected expenses.
- Retirement savings: Retirement capital in a restricted pension plan (especially pillar 3a) is “reserved” for later, usually in order to maintain your previous standard of living.
- Spare Funds: This is money that you may additionally have at your disposal. You can save or invest it to achieve bigger goals and dreams and optimize your retirement savings.
Helpful tools
You are here on your personal learning path:
- Module 2Save with a plan: to make both big and small wishes come true
Women’s Wealth Academy
Women who actively take care of their finances increase their chances of achieving financial security and are more optimistic about their future. Take your finances into your own hands.