Could use some advice on saving money for future

6 posts in this topic

Posted

I'm hoping to stay in Germany indefinitely since now I have dual citizenship. I currently have a low paying job and and looking for an Ausbildung for the fall, and I don't I won't have much money, however is there a way I can take some money from each check and put it into an account or some sort and earn interest? Is there something where I could access this money if I need it in like an emergency or something? I just want something with flexibility and potential to save up some money for later use for a car or house or something. Any help would be appreciated :) I currently only have a bank account with Sparkasse Dieburg.

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Posted

open another bank account with Sparkasse Dieburg. (Savings account)

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Posted

If you search you'll find a lot of useful information, but you need to sort the wheat from the chaff - example

Tagesgeld (like PandaMunich refers to) are simple interest bearing accounts that you can add or remove money from at will. Interest rates vary (but are nonetheless miserable) and you need to keep ahead of the game by moving money between different accounts to get the best rate. Some banks offer bonuses if you stay with them longer. Once you have a decent amount of money in the pot you can consider to lock it away for 3, 6, or 12 months and get a better rate - the downside here is that there is a risk that interests rates may improve in the meantime but you can't take advantage of it. Forecasting interest is a gamble, but at least your basic investment is safe.

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Posted

Thanks, Panda and Yorkshire. That sounds like something I could do seeing as at this point I have no large sum of money and this would be a better way to build some up instead of just keeping some in a jar somewhere and building that up. Thanks again :)

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