The accumulation of Germans in 2021 reached a new record | News from Germany about Germany

Many residents of Germany continued to save in 2021, as a result of which the country set a new record for the volume of private savings, dpa agency reports on Sunday, January 2, citing data from one of the largest banking groups in Germany, DZ Bank.

According to her calculations, in 2021 the financial assets of private households increased by more than 7 percent and reached a record 7.7 trillion euros. Official data from the German Federal Bank (Bundesbank) is expected to be released in the spring.

DZ Bank’s calculations take into account cash and bank deposits, securities, including shares and funds, as well as payments expected from insurance companies.

“The main driver of wealth accumulation was the savings, which, although slightly diminished, were once again extremely high by historical standards,” says DZ economist Michael Stappel. According to him, in 2021, for every 100 euros of income, private households in Germany are supposedly saving an average of 15 euros.

In 2020, residents of the Federal Republic of Germany saved a record 16.1 euros from every hundred

The highest average savings rate in Germany – 16.1 percent – was recorded in 2020 amid the coronavirus crisis.

This was due to the fact that many Germans reduced their expenses for fear of losing their jobs or lower income. In addition, forced travel abandonment and temporary store closures have severely curtailed spending opportunities.

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Fashionable German Economy Course
Home-style accounting
Controlling funds in and out of your budget is the best way to prevent big financial gaps. On a piece of paper or in an Excel spreadsheet, experts recommend fixing, first of all, monthly expenses that cannot be avoided, for example, rent, insurance, credit, etc. This way you can track how much is left for books, clothes and parties.

Fashionable German Economy Course
Money in the bank
The amount remaining after deducting fixed costs is easier to distribute using the “cans principle”. Empty containers can help you identify and prioritize spending categories (study materials, travel, new purse, treats, etc.). The bank reserved for what you think is most important should be filled out first.

Fashionable German Economy Course
Shopping according to plan
A shopping plan will help to avoid spontaneous acquisitions, which you will then have to regret. With a list of essential products, you are less likely to end up in the basket with what you can do without. A number of mobile applications will help with this. In addition, it is important not to visit the supermarket on an empty stomach and to spend limited time shopping.

Fashionable German Economy Course
By status it is necessary
The holder of a student card in Germany is entitled to more than just a discounted travel card. With its help, you can save on going to the cinema or museum, buying a mobile phone or connecting to the Internet. Student rates are offered by some hairdressers and car rental companies. Discounts can be found, for example, at www.studententarife.org.

Fashionable German Economy Course
Double benefit
A visit to a fitness club is a serious burden for a modest budget. It is possible to maintain a healthy lifestyle in a more gentle mode for the wallet by playing sports at the university. Every semester, German universities offer a wide variety of courses, from yoga to horse riding, completely free of charge or for a minimal fee. Not only students, but also free listeners can become their participants.

Fashionable German Economy Course
With flea markets
Second-hand clothes will not suit everyone’s taste, but young people in Germany actively acquire some things in a second-hand form. The most popular goods are textbooks. It is not uncommon for universities to offer furniture, laptops and digital cameras on bulletin boards. Another popular used item is a bicycle. You can buy it at a flea market or special bazaars that are held in the courtyards of universities.

Fashionable German Economy Course
You – me, I – you
You don’t have to go to the store to buy a new outfit. Special exchange sites such as Tauschbörse.de or Kleiderkreisel.de will help you save money. However, when buying, you will have to pay the shipping cost. The disadvantage is that clothes that do not fit are usually non-refundable.

Fashionable German Economy Course
Food sharing
The idea of food exchange saves not only natural resources, but also money. Foodsharing portals offer products suitable for eating, but which turned out to be superfluous or not very marketable. Public refrigerators operate on the same principle in some cities in Germany. And the map of the portal Mundraub.org indicates the places where fruits and berries grow, intended for everyone.

Fashionable German Economy Course
Do it yourself
Is your bike broken? Mixer burned out? Prices for repair services in Germany are high. You can save on them by visiting the Repair Cafe. Its employees will tell you how you can give your favorite thing a second life, but you will have to fix the malfunction yourself. Some of these workshops are free for students.

Fashionable German Economy Course
Money is not a waste
Not only low-cost airlines will help to avoid unnecessary expenses. If time permits, it is cheaper to travel around European countries by regular bus or car, using the service of sites for finding fellow travelers.
Author: Tatiana Vainman