For trainees and graduates not only the income increases with the first job, but also the expenses increase. It is important to keep track of the costs and to decide on the right investment strategy.
After completing the training financially on your own two feet: With the entry into professional life, this desire finally comes true. But having your own first income entails new challenges for career starters. Often, for example, your own home and insurance must be paid for the first time. In addition, student discounts and other perks fall away. If you are smart and follow simple tips, you can easily master this new situation.
Tip 1: Plan Expenses
So that at the proverbial end of the money not too much month is left, also professional entrants should know their fixed costs exactly. Only who knows what the monthly fixed costs are, can determine what amount is still at leisure. A fixed cost plan helps to keep track.
Tip 2: Disassemble contaminated sites
Anyone who has received financial support during their apprenticeship – for example in the form of BAföG – must begin repayment five years after the end of the standard period of study. And the timely planning saves money here: Because a part of the sum is waived if you settle the amount with a one-time payment. Therefore, it is advisable to put something back on a monthly basis – this way the loan can be replaced at the best possible conditions on the key date.
Tip 3: Create nest egg
If money is left to save at the end of the month, it is important to find the right investment form. Who parks his savings only on the current account, waives higher interest rates. Therefore, the following applies to the checking account only the essentials. For additional amounts, a flexible call money account is more appropriate. And what should ideally be covered? Even if it’s hard: A rule of thumb recommends parking about three net monthly salaries on the call money account. These can always be accessed and also benefit from attractive interest rates.
Tip 4: Use promotion
The state also helps to save: The new Riester pension also benefits jobseekers. “Depending on the living situation and income, full funding is possible even with small monthly amounts,” says Silke Barth, precautionary expert. And the sooner the person is “stoned”, the better: anyone who has not completed his 25th birthday at the time of concluding the contract will receive an additional, one-time subsidy of 200 euros for the first year of contributions.
Tip 5: Provide for the long term
The job until the retirement is long gone. Today’s career starters have to be flexible in their job. Relocations or job changes are now part of the normal professional life. So that even newcomers can fulfill their big and small wishes or even the dream of a retirement home, they need forms of investment that can be adapted to their respective life situation. If money is needed quickly – for example, for a new car – can be easily withdrawn credits. Beginning with a monthly savings of 25 euros, career entrants can make flexible provision. The guaranteed interest rate increases gradually in the first three years from 1.75 over 2.25 to 3.80 percent. In addition, the option exists for a retirement pension. There are no costs, ie every paid-in Euro will immediately pay interest in full. If you would like to actively exploit the opportunities offered by the capital market yourself, Flexible Vorsorge Invest on a fund basis is the right choice for you.