Are the New Year’s resolutions still holding up? Those who had planned to save more in the new year will be happy. The Association of German Banks has put together four useful tips for this.

The 52 week challenge is considered one of the best ways to playfully save a small fortune. The principle is very simple: Every week, on the same day – for example on Sunday – one euro more is thrown into the piggy bank than in the previous week. In the first week, one euro is saved, in the second two euros, in the third three euros and at the end of the year, i.e. in the 52nd week, 52 euros. In this way, a total of 1378 euros will be collected in the money box by New Year’s Eve, which can be used for a holiday, for example.

The five-euro trick works on a similar principle: every time a five-euro note ends up in your wallet, it is sorted out and placed in a money box. Even if it is not exactly clear how much money will end up in the piggy bank at the end of the year, a lot accumulates over time. Of course, this trick can also be used for other denominations, for example 1 or 2 euro coins.

Black Friday and constant sales and discount campaigns empty the accounts of many people. The temptation to spontaneous purchase is omnipresent, long-term saving is difficult. With the consumer diet you can consciously question your own behavior and thus avoid superfluous spontaneous purchases. The simple rule is: All wishes are first put on a notepad and are looked at again after a month. You can only strike if you still want it. Otherwise the money will be saved. Sounds simple, but it is effective.

The good thing about the consumption diet is that everyone is free to decide what they want to do without. Another variant of the consumption diet is to use up hamster purchases that have already been made before adding anything new. For example, items of clothing can be combined in new ways. Consumables such as perfume, household items or care products are consistently used up before new ones are purchased.

Of course, you can also face the consumption diet in a team. Together with your friends, define what you will do without for six months or a year, for example.

Every time you treat yourself, whether it’s a consumer good or a meal out, you round up and save the difference for yourself. How does this work? For example, if new shoes cost EUR 75.99, you calculate internally with EUR 80 and transfer EUR 4.01 to a call money account. Of course, you should round up more generously if possible – always to the next 50 or 100 euros. If the new shoes cost 75.99 euros, then transfer 24.01 euros to yourself. If the shoes cost 155 euros, you transfer 45 euros and so on.

Interest rates for fixed-term and money market accounts have risen sharply in recent months. Consorsbank currently offers the top offer in the FOCUS Online call money comparison with 2.1 percent per annum. If you want to counteract the significantly higher inflation, the best way to do this is on the capital market and save your assets in an ETF savings plan.

If the call money account is filled with a decent nest egg for the unforeseeable – the rule of thumb is: 3 net monthly salaries – you should invest any additional money you have in an equity fund, for example, preferably in a low-cost ETF (Exchange Traded Fund). This is already possible from one euro per month. You can find the best offer for your needs in our ETF savings plan comparison

When it comes to saving, it’s the same as with all good intentions: persevering is the hardest part. In addition, it is not possible to put money aside in every situation in life. Then it makes sense to make a checkout of the running costs and see if and where savings are possible. From mobile phone contracts, electricity costs to account management fees, a critical review of running costs should be carried out at least once a year. Ultimately, there is one truth that cannot be ignored: You can only save money that you do not spend.

Click here for the FOCUS Online Current Account Comparison 2022

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