Cancel superfluous insurance

The Germans like to insure themselves.

And also a little too much.

Personal liability, risk life, occupational disability and homeowners insurance are necessary.

And international health insurance.

Because in these areas, damage is so expensive that it can endanger your existence if you are not insured.

On the other hand, glass breakage, luggage, mobile phone, additional dental insurance or the double room in the hospital, which is often standard anyway, are not required.

Even with car insurance, some components can be dispensed with, such as discount protection, car protection letters or passenger accident insurance.

If you drive less than indicated, you should report it, then you pay less.

If the car is older, it is worth switching from fully comprehensive to partially comprehensive.

Driver license holders can be insured through their parents.

If they give up their car, they can transfer the often high discount they have achieved to relatives.

If you drive safely, you can also dare to increase the deductible a little and pay less in return.

This also applies to many other insurance companies.

Anyone who generally pays policies for the whole year at once and not quarterly also saves.

Choose a cheaper bank

Dyrk Scherff

Editor in the “Value” section of the Frankfurter Allgemeine Sunday newspaper.

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Out of habit, many bank customers are still with an expensive bank.

It doesn't have to be.

There are still many institutes that offer free checking accounts including free credit card.

Most then ask for online account management, but honestly, how often were you last in the branch?

Reduce the overdraft facility of your checking account to discipline yourself.

With interest rates of sometimes more than ten percent, the overdraft facility is the most expensive loan possible.

If you can't reduce it, reschedule it for a much cheaper installment loan.

make investments cheaper

According to the consumer advice center in Baden-Württemberg, consumers ignore high potential savings, especially when it comes to investments.

It starts with the depot, for which they pay hundreds of euros a year, while there are also free ones.

It continues with the purchase of actively managed funds with high costs and below-average returns.

Index funds (ETF) that only replicate a stock index such as the Dax or the MSCI World are at least one percentage point cheaper every year.

That adds up over the long life of the plant.

In addition, there are many expensive private pension insurance policies that you should refrain from taking out.

When financing a property, you should use intermediaries such as Interhyp or Dr.

Switch on small, which can obtain more favorable conditions than the house bank.

In view of the high purchase prices and the long loan term, there are great savings opportunities here.

Anyone who has had a loan for more than ten years should possibly reschedule it, because interest rates are often lower than they used to be, despite the recent increase.