It's not rocket science: How you can save 10,000 euros even with little income

We all have smaller and larger wishes and dreams. But these are usually a long way off because the savings goal is simply too high. It's not that difficult to save a whole 10,000 euros in a year. Don't you think so? We have picked out a few financial tips for you that will help you achieve this savings goal in just one year.

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Unfortunately, many people have never learned how to handle money properly. This doesn't necessarily mean that they handle their money incorrectly, but rather that they simply don't handle money at all.

In other words, they spend their money without a plan. If you ask people how much money they spend on food each month, very few people have a specific number in mind. All they know is that at the end of the month their income is usually completely gone. And when they take in more, they usually immediately spend more.

Before you can start saving a specific amount, you first need to know how much money you already have available each month. So you have to know exactly how much you earn and how much you spend.

A rough estimate is not enough. It must be a detailed list of all your expenses and income. The more accurate it is, the better your savings plan will be.

The classic way to do this is to.... There you enter your monthly income and other income or benefits. Then you write down every expense you make.

It's easiest if you always do this from now onReceiptcancels. This way, at the end of the day, you can transfer all your expenses at once and only throw the notes away once you've done them. This way nothing is forgotten.

If you prefer to enter something like this straight away, you can also use an app for this. Since you usually always have your cell phone with you, this can be a convenient solution.

Tipp:DieApp ‚Wally‘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 if you have set a budget, the app also warns you immediately if you spend too much.

Also read:These apps will help you save money in the long run!

Once you know how much money you have and how much money is going out, you can set a monthly budget.To save €10,000, you would have to set aside €833.33 every month.

After taking inventory, you can see whether there is any money left over each month. Some may have no money left at the end of the month, but others may spend less than they earn even without saving.

If you want to save, you have to start with your fixed costs. You calculate 30% of your net income for rent including additional costs and 15% each for food and transport.

The fixed costs should therefore amount to 60% of the monthly budget. The remaining 40% is left for leisure, retirement planning, clothing and more. Here you can decide for yourself how much you spend on which item, or whether you can perhaps even go without new clothes for a while.

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That's why you calculate a budget for the remaining €800 that can be used for leisure activities and other things. This should be realistic for yourself.

However, as a guideline you can10% for fun expenseslike leisure and shopping and again10% for retirement provisiontake. With a net income of €2,000, we would have monthly expenses of €1,600. This way you would still save €400 every month with little sacrifice.

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Of course, a good monthly budget is of no use if you can't stick to it. For example, if your rent alone already accounts for half of your monthly net income, then you need to reduce your fixed costs.

Of course, you could also forego the coffee to-go to make up for the total, but such small savings won't get you very far. You will only save really large sums if you also reduce the really big items in your expenses.

This means: Look for ways to reduce your rent to 30% of your net income. To stick with our calculation example: With an income of €2,000, a rent of €600 would be fine. Often an impossible task for people who live in big cities.

Of course, if your rent is too high in percentage terms, you don't necessarily have to reduce the rent by moving to a cheaper apartment. Sometimes there is also the opportunity to increase your income and thus compensate for the higher rent. So you could also sublet a room, your garage or your parking space.

Nevertheless, the fact remains: If you have to spend a lot of money on rent, you can save less.

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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 decorations for the apartment. This is also a good reason to reconsider unnecessary subscriptions. Of course, fixed costs such as expenses for food, insurance or the like still remain.

The most effective way to save a lot of money is, of course, to increase your income. The more money you have available for the same expenses, the easier it is to quickly reach your savings goal.

So it's worth thinking about a part-time job. This could bring in an extra €450 every month. Even more for self-employed or freelance workers.

Of course, this would also require more time, but if you think about the savings, it would be worth it - especially since the extra burden would only be for one year.

Another important point is to save on spontaneous extras. If you receive money from your family for your birthday, it shouldn't be spent straight away, but rather saved. The same applies if you decide to sell old things. This income also flows into the savings goal.

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