How much is 37,000 per year per month
With this financial trick you will save 10,000 euros in one year
Maybe you've dreamed of a certain trip all your life, or you want to buy a new car, maybe you even save up for a down payment on your dream home.
Almost everyone has something that they want, but always put off because the finances just don't fit this dream. You don't have to wait until the salary has finally doubled or, in spite of all probability, we will win the lottery. You can also realize your dreams immediately - or at least start paving the way for them.
Saving with a plan
Unfortunately, many people have never learned how to handle money properly. This does not necessarily mean that they are dealing with their money the wrong way, but rather that they are simply not dealing with money at all.
In other words: You spend your money haphazardly. If you ask people how much money they spend on food a month, very few have a specific number in mind. They only know that at the end of the month their income is mostly completely gone. And when they ingest more, they usually spend more immediately.
The good news is that this behavior can be corrected with little effort and almost no waiver - and that alone saves a lot of money. We'll show you 6 steps to reach your savings goal in just one year!
Step 1: the inventory
Before you can start saving a specific amount, you first have to know how much money you already have available each month. So you need to know exactly how much you are taking in and how much you are spending.
A rough estimate is not enough. It has to be an accurate listing of all of your expenses and income. The more precise it is, the better your savings plan will be.
A classic way of doing this is to use a Budget book. There you enter your monthly income and other income or benefits. Then you write down every expense you make.
It is easiest if from now on you always use the Bill cancels. So at the end of the day you can transfer all expenses at once and only throw away the pieces of paper when you have done that. So nothing is forgotten.
If you prefer to enter something like this immediately, you can also use an app for it. Since you usually always have your cell phone with you, this can be a convenient solution.
Tip: The 'Wally' app has a user-friendly interface. You can enter all expenses and assign them to categories. The app then calculates how much you have spent and, provided you have set a budget, the app also warns you if you are spending too much.
Read also:These apps will help you save money in the long term!
Step 2: the budget
Once you know how much money you have and how much money is going out, you can also set a monthly budget. To save € 10,000 you would have to put € 833.33 aside every month.
After taking stock, you can see whether there is any money left over each month. Some may not have any money left at the end of the month, but others may spend less than they earn without even saving.
What can rent & Co. cost?
If you want to save, you have to start with your fixed costs. This calculates 30% of the net income for rent including ancillary costs and 15% each for food and transport.
The fixed costs should come to 60% of the monthly budget. The remaining 40% is left for leisure, retirement provision, clothing and more. So here you can decide for yourself how much you spend on which post, or whether you might even be able to do without new clothes for a while, for example.
Reading tip: 50-30-20 rule: This is how saving money is very easy
Sample calculation: fixed costs
If you calculate with a net income of € 2,000, € 1,200 should be enough to cover the fixed costs. Then there was still € 800 left for other expenses. The savings target would theoretically be reached, but of course nobody wants to limit themselves so radically when saving.
Step 3: Realistic Limitations
That's why a budget is calculated for the remaining € 800 that can be used for leisure activities and other things. This should be realistic for you.
As a guide, however, you can 10% for fun expenses like leisure and shopping and again 10% for retirement provision to take. With a net income of € 2,000, we would have monthly expenses of € 1,600. So you would still save € 400 every month with little sacrifice.
Also read:Saving money in the household: With these tricks you can reduce your ancillary costs
Possible savings per month: € 400
Step 4: lowering the fixed costs
Of course, a good monthly budget is of no use if you can't keep it. So if, for example, your rent alone already accounts for half of your monthly net income, then you have to reduce your fixed costs.
Of course, you could do without the coffee to-go to balance the sum, but you won't get very far with such small savings. You will only save really large sums of money if you also reduce the really large items in your expenses.
That means: Look for ways to reduce your warm rent to 30% of your net income. To stay with our calculation example: With an income of € 2,000, a warm rent of € 600 would be fine. For people who work in big cities often an impossible endeavor.
If your rent is too high in percentage terms, you don't necessarily have to lower the rent by moving to a cheaper apartment. Sometimes there is also the opportunity to increase your income to compensate for the higher rent. So you could also sublet a room, or your garage or parking space.
Nevertheless, the fact remains: if you have to spend a lot of money on rent, you can save less.
Also exciting: Ingenious tips for saving: 9 habits that will save you real money!
Step 5: a challenge
If you stick to the budget and don't want to go without further, with a net income of € 2,000 you will save € 400. But now we haven't exhausted the opportunity to challenge yourself to save as much as you can. A no-spend challenge is suitable for this.
Save thanks to the "no-spend" month
With a "no-spend" month you try to spend as little as possible for a month. That means: no extras. No new clothes, no taxi rides, visits to bars, restaurants or new decorative items for the apartment. This is also a good reason to rethink unnecessary subscriptions. Of course, fixed costs such as spending on food, insurance or the like remain.
Admittedly, this is not an easy task, but since it is limited to one month it is quite doable. Especially when you realize that ideally you can save 20% of your income! At € 2,000, that's € 400. Here too, of course, you have to be realistic. If you find it very difficult, you can at least try to do without half of it. That would also be a great success.
Possible savings per month: € 200-400.
Step 6: higher earnings
The most effective way to save a lot of money is of course to supplement your income. The more money is available for the same expenses, the easier it is to quickly achieve your savings goal.
So it pays to think about a part-time job. This could bring in € 450 extra every month. Even more for self-employed or freelance workers.
Of course, this would also take more time, but if you think about the savings, it would be worth it to one or the other - especially since the extra burden would also only be for one year.
Another important point is to save on spontaneous extras. If you get money from the family for your birthday, it should not be spent right away, but should also be saved. The same is true if you choose to sell old things. This income is also included in the savings target.
Reading tip: Investing Money: This strategy will save you the most
Possible savings per month: around € 450.
Conclusion: You can even save more than € 10,000
If you don't want a part-time job, with a net income of € 2,000 or less, it will be difficult to achieve your savings goal in one year. But even then you can get a lot out of your income:
- 12 x savings through fixed monthly budget: € 4,800
- 1 x savings through no-spend month: 200 - 400 €
- Total savings: € 5,000 - € 5,200
Of course, every additional no-spend month brings in another € 200-400. If you decide to take a part-time job, you will save as much again:
- 12 x income from part-time job: € 5,400
With this calculation, you would have saved a whopping € 10,400 in 12 months.
In the end, just one of these tips is enough to bring about positive changes in your finances. After all, small cattle also make crap.
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