Where to put the first salary? – 6 tips for savings beginners
The time has come – the first own money is earned! The last thing on your mind at this moment is saving money! Why also? You are young, finally have your financial independence and can enjoy life. Who would like itself at the moment already with topics such as saving, age precaution, let alone investment of funds occupy?
And in fact: Surveys show time and again that newcomers to the world of work in particular are almost completely unconcerned with the issue of saving money, in whatever form. At the same time, financial experts repeatedly point out how important it is to start saving as early as possible. This is the only way to make oneself less dependent on state pensions in the long term, for example.
Saving – all well and good, but how?
But saving and putting money aside means first and foremost learning financial discipline. In addition, you should think about whether planned expenses are really necessary and where the money can be used wisely. The following 6 points can help to ease your entry into the world of savings.
1. Saving means above all staying cool
After the first salary, you usually suddenly have significantly more money at your disposal than before. The temptation of a first, albeit small, spending spree is correspondingly great. From the point of view of saving money, it makes much more sense to leave everything as it is. For example, you can continue to live in a shared apartment without having to look for a new one or do without a car that you haven't needed in the past.
2. First pay off debts, then save money
In general, it makes sense to put all the money you have left over into paying off your debts. If you have received support in the form of BAFoG, for example, it is advantageous to pay it back first.
The same applies to any consumer loans, which should also be repaid as quickly as possible. Longer than absolutely necessary to pay interest on such loans, must not be. Saved interest can be set aside as a small monthly amount in the future.
3. Don't incur new debts
Taking out loans and using your newfound creditworthiness to run up debts are also beginner's mistakes that should be avoided at all costs. The motto is: First of all, continue as before, because if you haven't missed much so far, you won't miss much in the time to come.
However, this does not mean that you should not treat yourself to something small from time to time – it should just not be bought on credit.
4. Reconsider insurance policies and discover savings potentials
No sooner is the first salary in the account than they are already lurking: sales representatives who want to sell their insurances of the most diverse types and forms to the man. There are only a few insurances that you really need. For one thing, liability insurance, which you often already have anyway.
On the other hand a health insurance, which runs mostly over the first employer. All other insurances can be thought through at your leisure to weigh up what you need and what you don't need.
In addition, it can be quite helpful, for example, to compare the existing liability insurance with other offers. Often, even if the conditions are the same, costs can be saved on premiums by making a switch.
5. Save automatically
By having surpluses in your checking account automatically transferred to a separate account, you can save money in a disciplined way on the side. This may sound trivial, but it is of great importance. However, it depends on how the whole thing is handled. Instead of variably deducting what is left each month, however, it is better to consider how much you need each month to live and add an additional buffer.
This amount is then deducted from your salary and the rest can be constantly and automatically transferred to a separate savings account every month. This prevents the possibility of spending the entire salary every month.
6. Investing saved money wisely
It is not necessary at the beginning to rack one's brains over the suitable capital investment. Instead, you should first look for a separate savings account, which is usually offered free of charge by the bank. The interest rate does not play a major role for the time being, as long as the savings account is free of charge.
Much more important than the capital investment itself is first of all to turn saving into a habit. If one has then saved two to three monthly salaries, one can think about how to invest the money at higher yields. The earlier you start, the more you benefit from the compound interest effect later on.