4 Ways to Save Money in Germany

Cost of Living in Germany - Average Cost of Living in Germany in 2020?

Moving to a new country brings about several problems. Financial challenges are one of them. Paying insurance premiums, rental charges, buying grocery, meeting educational expenses and a lot gets overwhelming. But there are several ways that can prove beneficial for cutting corners. The most important among them are: 

  1. Choose a Bank Smartly 

Having a bank account in Germany is mandatory to buy almost everything. Though the integrity of German banks is not doubtful, their service charges differ. Some will charge you a monthly fee whereas some won’t cost a single euro. Also, there is an ATM fee at some banks. 

Choosing a bank granting maximum flexibility to customers will be ideal for you. And no one can tell this better than the customers themselves. Visit websites like Erfahrungenscout, a review brand that has cemented its reputation in the German market for authentic reviews  to know which banks have earned customer satisfaction. At such platforms, you will also learn about the integrity of wealth institutions like Weltsparen, Growney etc. 

  1. Cut Your Transportation Expenditures

Finding public transport in Germany is not generally difficult as the country is determined to combat air pollution this way. Travelling through it instead of your personal car will cost less. Besides, if you are a student, expect getting an extra discount by showing your semester ticket. 

For shorter distances, we suggest not spending a single euro by riding a bicycle. As cycling is quite popular in Germany, you will not feel awkward. So, enjoy the pleasant weather, take this as an opportunity to maintain physical health and save money. 

  1. Buy Insurance Coverage Plans 

In case of an accident or negligence, German law will hold you liable for compensating the loss. This is the reason why almost every German has a liability insurance plan. If you still haven’t bought one, we suggest contacting an insurance company as soon as possible. They don’t generally charge much but are quite helpful in times of need. 

Also, according to German law, you must have a health insurance plan. For some, buying private health insurance can be more beneficial than public health insurance. To rightly figure out which one fits best for your scenario, consult a health insurance broker which is generally free of cost. 

  1. Shift to a Cheaper Area 

Like every other country, the accommodation charges are higher in the central cities and lower as you move away from them. Remember that for renting an apartment you will have to pay a high deposit especially if you are an expat. Therefore, it wouldn’t be smart to move directly to Munich or Frankfurt if you have a limited earning. 

There are cheaper cities like Chemnitz that will cost you €5.05 per square meter. But don’t think that low-cost means moving to a poor area. Chemnitz is one of the economic centers of Germany with several cultural sites to amuse the visitors. Other cities like Gelsenkirchen, Wuppertal or Duisburg are also quite affordable.  

The Bottom Line 

These are just a few ideas you can adopt for saving money. Doing part jobs, seeking special discount offers and several other ways can help you in further managing the budget. In brief, staying in Germany may get challenging at the beginning, the country also offers numerous opportunities for saving money. 

Natasha M. McKnight

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