There is, of course, one thing that you must not ignore and this is saving. So don’t give in to every impulse to buy. Don’t knock bonuses on the head straight away. Make sure that there is something left over from the salary every month.
How much money do you need for financial security?
Experts recommend a savings rate of 20 percent, for example, 20 percent of your income every month. This way, you prepare yourself for possible costs that suddenly arise, such as a car repair. Depending on your income, however, you may need more for this. For some, such as low-wage earners or single parents, even 20 percent may not be possible. Calculate your household expenses to find out the maximum amount you can save per month.
