The first self-earned money on the account makes you very proud. However, the new financial independence is also associated with challenges. One of them is to spend the earned not immediately for Smartphone & Co., but proactively to cover a part of it.
The first salary – for trainees and young professionals the confirmation that they can financially stand on their own two feet. But if you make your first own money, you also have to learn how to manage it and invest early in individual provision. “Especially for career starters is not foreseeable, which costs and what capital requirements in the future can come to them,” says financial expert Michael Greifenberg. It is therefore helpful to invest in retirement products that can be flexibly adapted to their current life situation.
Which short-term forms of savings make sense for career starters?
A call money account is an attractive alternative to the low-interest savings account or checking account. “Especially with job starters, the savings account scores with its simplicity: Interesting interest rates for savings, daily available, this often easy and convenient to use online,” said expert Greifenberg.
Tip: When concluding the contract, make sure that the interest period is guaranteed and in which period you are credited. The more frequent the interest credit, the stronger the compound interest effect.
When are medium and long-term investments worthwhile?
Especially for job starters are attractive investment forms that offer high flexibility and still the option for retirement. “With the flexible retirement products, the investor himself decides when, how much and how long is paid,” says financial expert Michael Greifenberg. The investment can therefore be increased, reduced or stopped as needed. Payouts are also possible at any time without any disadvantages. These pension products guarantee the best possible flexibility and attractive interest rates.
Tip: For specialists who want to take advantage of the opportunities of the financial markets, a fund savings plan is also attractive because it offers better long-term return prospects. “Who concludes a fund savings plan or another provision product, should also check whether a current overview of the balance and on the transactions is possible,” advises financial expert Michael Greifenberg.
Can career starters also benefit from state funding?
Anyone who is new to their job can claim support from the state for retirement provision: with a Riester pension, trainees and career entrants receive a government subsidy of up to € 154 per year. Already with a commitment of five euros per month, government funding is possible. And for a bonus, you’re never too young: A one-time payment of 200 € receives who has not yet completed his 25th year of contract at the beginning of the contract.