Small animals also make a mess – even with small amounts you can save a considerable amount of money every year. There are various “challenges” that can also be fun.
One euro more every week
The “52-Week Savings Challenge” is a simple and effective way to save 1,378 euros throughout the year. You start with one euro in the first week and increase the savings amount by one euro every week. At the end of the year you reach your savings goal of 1,378 euros. All you need to implement it is a savings container, a piece of paper and a pen. Although many start the challenge at the beginning of a new year, saving can be started at any time.
“Hot or not” challenge
The Sparkasse offers three more savings challenges that can be fun and help you save at the same time. In the first challenge, any change goes straight into the piggy bank in the form of 5 or 10 euro notes or 2 euro coins. If that’s too much for you, you can of course also opt for a smaller unit. The only thing that is important is continuity, says the Sparkasse in its article.
The second challenge, the “Hot or not” challenge, uses the outside temperature in euros each week as the savings amount, saving less in winter and more in summer. When temperatures are below zero, converting to Fahrenheit helps.
The third challenge is based on a concept that many people will already be familiar with from their childhood, namely the fines for swearing: every curse word uttered leads to a set amount in the money box, which can add up to a considerable sum over the course of a year.
Germans save around eleven percent of their income
The principle of thrift has not only become established as a guiding principle of German budget policy at the political level; private households in Germany also save a lot of their income compared to other countries. According to the Federal Statistical Office, private households in Germany saved around eleven percent of their income on average in 2022. Compared to other industrialized nations, only households in Switzerland (18.4 percent) and the Netherlands (12.7) have saved more of their income. In Italy the savings rate was only 2.1 percent and in the USA only 3.7 percent. What is saving for anyway? According to a Statista survey from fall 2023, 56 percent of respondents said they were saving for retirement. The second most common motive was purchasing or renovating a home, which 42 percent cited as a saving motive.
Carl Kusche, editorial team at finanzen.net
