How to fight against inflation and how to save in times of crisis? Save more money with these tips!

The purchase is becoming more and more expensive, heating costs and rents are increasing. New bills come home every day. Financial support or salary increases may remain at a lower level against these expenses. We share with you some of our savings tips for World Savings Day.

• Determination of needs and wishes, asking ourselves before purchasing affects the buying behavior.
• Setting long and short-term goals gives the person a purpose to save.
• Small daily or monthly savings make a significant difference in the long run and increase the savings rate without realizing it.
• Noting and reviewing expenses makes it easy to find where potential areas of savings are hidden.

With our tips you can keep your costs under control as much as possible and set aside small amounts of money.

Get an overview

Heating, electricity, fuel, rent, kitchen expenses... Prices are increasing significantly in many areas. High inflation can lower your purchasing power. Streamlining your finances can help you break through major financial hurdles and meet your savings goals.

Classic but efficient: the household budget planner

Do you want to balance your financial situation? A budget planner helps you keep track of your finances. Record your income and expenses and see how much money you spend in which area. In this way, you can also discover some savings opportunities. Do not forget to look at the budget planner, where you can plan your budget by taking note of your expenses and incomes.

Check your insurance

Some insurances are necessary and protect you from emergencies. Others may be considered optional and may need to be reconsidered. Having at least one of the following types of insurance can help you save on emergency expenses.

• Health insurance
• Car Insurance (if you have a car)
• Household goods and home insurance if any
• Private Pension System

Set your goals and reach them with the savings plan

It doesn't matter if it's for the next vacation or for a new car. We may not always have enough money for our small or big wishes. With the savings plan, you can reach your goal step by step.

Advantages of a Savings Plan:

• You can reach your goal by small savings.
• You can save flexibly.
• You pay no fees and closing costs.
• You always get your money (depending on the contract with termination).
• You have a safe investment with regular interest rates.

From small savings to larger amounts

Surely you have wishes that you would like to fulfil one day. With a savings plan, you lay the foundation for this.

If you regularly save tiny amounts, over time you will have a small or larger savings. It creates a savings that you can use to reward yourself or your family with something extraordinary, or capital that you can use for a property or retirement.

Save flexibly

You can flexibly adjust how much or how often to save according to your budget. Remember, your present is as important as your future. Live your life in balance while saving. Rather than trying to save all at once, even small savings instalments will eventually reach an amount that will help you reach your goals.

Waiting longer is more profitable for the valuation of the savings

The longer you wait, the bigger your savings will be. Because you will pay more to the savings plan and you will receive interest for a longer period of time. You can take advantage of safe investment and fixed interest rates until you need your savings.

This is how you can build your own money box:

Do you want to see how you can make your own money box and save creatively, colourfully and individually for your wishes and goals? There's almost nothing we can't buy these days. The Internet also helps us in this regard. There are countless online retailers that we can find on the internet, and they sell almost anything we want. There's no doubt that it's incredibly practical. But something you can easily obtain is also something others will discover very quickly. If you want to call something unique your own, you have to search for a long time or you may prefer to make it yourself.

What is Upcycling?

To talk about the concept of DIY, which has become a trending topic for a while; DIY is short for Do It Yourself. The Do It Yourself (DIY) movement can now be seen not only in blogs on the Internet, but also in many magazines or on television. One area of DIY has also become very popular in recent years: upcycling. Does this word remind you of recycling? Then you are on the right track. Upcyclers reuse old things to make something new from them, and sometimes more. They make reusable things that previously seemed useless. This new form of craft is popular for several reasons. On the one hand, it focuses on reuse, leading to no new purchases. Thus, while saving money and raw materials, you can also support the protection of the environment by producing less waste. In addition, it supports the development of your creativity. Because there is no limit to imagination during upcycling. Lamps made of old hats or whisks, perforated wall shelves made of buckets or pear seats made of car tires; everything is possible.

Make your own cool money box!

In fact, it is also possible to make our own money box. We can even make a money box from objects we use daily. We can see this when we look at the money box made from an old picture frame.

From when? For what? And how much? – Tips and recommendations

Whether parents pay pocket money to their children is entirely their decision. There is no legal regulation in this regard. However, pocket money is important for children to learn at an early age how to use money responsibly. We've put together everything you need to know about pocket money.

Critical Points:

• Pocket money has a positive effect on money management.
• Children learn early on to take responsibility for their own finances.
• This is how even the smallest learn about economic relations.

Important lessons for kids: Pocket money serves a variety of purposes

Ice cream, popcorn, favorite comic book or just a new toy. Children and young people can easily fulfill their own wishes with their pocket money. If parents are careful about giving pocket money, children will not only learn how to use money responsibly. They also learn to make their own decisions, such as whether they should buy, compare prices, and how to allocate money wisely. In addition, they gain their first place in economic life without being dependent on any authority.

Giving pocket money: how often, how much and from what age?

When it comes to pocket money, the most important thing is not the amount, but the timely and regular payment deadline, whatever the behavior of the children. Your child should not need to remind you of the date.

Depending on the child's development, pocket money can be given from the age of 4 at the earliest, when school starts. As younger children still find it difficult to plan for longer periods, pocket money should ideally be given weekly until the age of 10. From the age of 10, the payment can be made on a monthly basis.

It is also important that children are generally free to spend their pocket money. Advise your children, teach them certain limits, but don't criticize every purchase. As long as your children are buying things that are age-appropriate and not harmful to young people, you should not prohibit them from buying. If they make a bad purchase, they learn how to handle money better. For example, if your child gets out of control because he's had too much candy, set clear rules or reduce pocket money if necessary.

Tip

Due to the increase in digital payment methods, people's use of cash is decreasing day by day. It is always necessary to set aside the amount of pocket money that is planned to be given. Older children can also transfer the amount to their current account.

How much pocket money is appropriate to give?

The amount of pocket money can depend on several factors:

• Financial situation of the family
• Where they live
• The size of the family and the number of children living in the family
• Age of the child
• The child's development level

Financial independence of young people with additional pocket money

Young people may need to pay an additional amount for necessary expenses that should not usually be covered by pocket money. This includes, for example, expenses such as their favorite sneakers, mobile phone expenses, eating out, cosmetics or school supplies. This gives young people more financial independence. Additional pocket money for such expenses is recommended from the age of 14.

The gender pay gap also applies to children.

The wage gap between men and women is known as wage inequality. The scary thing is that this inequality starts at an early age, according to the Children's Media Study. On average, boys still receive slightly more pocket money than girls. Pay the same pocket money to your children, regardless of gender, as a role model.

Important: Pocket money is not an educational tool. Pocket money should not be given as a reward for good school grades, nor should it be taken as a punishment.

A different account for your children

If you haven't opened an account for your child yet, now is the time! Children from the age of six can have their own pocket money accounts. You can then transfer the money to your child's account via bank transfer. This way, you can help your children develop a feeling for their own money at an early stage. Opening a current account, student account can be considered for young people from the age of 12 at the latest. This gives your child the opportunity to make payments without using cash in their increasingly independent daily lives, to manage their own account online.

How long should you give your child pocket money?

The duration of pocket money you give your children depends on several factors. On the one hand, it's about your own financial situation. On the other hand, it also depends on whether your child is now making enough money on his own. In these cases, there is no longer any need to pay pocket money.