Savings beginner with questions about the plausibility of the "rough" plan

- I would simply try living on 2500 € net for the next 2 years. You can then see how hard or easy that is for you, and at the same time you save a little more. If after 3 months you find that it’s not for you, you should probably plan a bit smaller.

Hello BeHaElJa,

a little update...

For the past 2-3 months we have had better control of our finances and have found that so far we managed comfortably with EUR 2,050 per month.

We are currently saving x500 per month. The difference goes into a "vacation account." That way we can use our year-end bonuses for other things.

Since I have received payments from last year, our current equity amounts to x4800 EURO. If things continue as they have so far, we could save up an equity of x5000 in 2 years.

After monitoring our household budget more closely for 2 months, I found that the two of us spend almost exactly 800 EUR per month on food and personal care. May I ask how much you spend on that per month?

Regards Mattheu

I bet you that after the appointments at the banks you will want to start building immediately!

Hi Schubert, Sorry for bothering you again... But somehow I can't get your above sentence out of my head. Tell me. What made you come to this assumption? Regards Mattheu

Banks naturally try to sell loans... if the numbers fit, you get a corresponding offer. Our monthly budget is 1200€ for 4 people. What we really need fluctuates. A shopping cart at Aldi costs 50 €, 5 items at the organic market also. If there is a lot of money left over, we go shopping there more often.

Regarding the banks: Well, if the numbers add up, then it is also in my interest to accept the loan. It would then be a win/win.

Regarding the monthly budget: 1200 for 4 people. Hmm, that could be about the same for me... (You won’t come down to the euro anyway). Although, if we were ever in cooking mode, I would definitely pay attention to very good quality. In other words, organic would definitely be a must. This in turn means that I will have to expect a lot more household money. (And please, let’s not start a fundamental discussion about organic here).

But somehow I really can’t figure out how it could work with a repayment rate of 1,800 EUR per month.

1800 house repayment
300 additional costs
200 reserves
1000 household money (2 adults, 1 child / calculated tightly)
450 1 car including fuel
200 insurance (calculated tightly)
450 daycare fee Schleswig Holstein
75 telephone/internet
------------------------------
4475 total fixed costs

If you then consider that the woman earns less (parental leave) and afterwards does not work full-time, but possibly 30 hours, then it will be extremely tight... Not to mention if you think utopian and want a second child.

Being at plus/minus zero every month is not my goal.
On top of that, clothes, vacations, etc. are not even listed...

Best regards
Mattheu

Building houses costs a lot of money
We have a slightly higher net income and are aiming for a 2400€ installment; let's see if that works.
You write that you currently get by with 2050€ monthly, more than 1800€ would be 3850€. The child costs money but also brings child benefits. The childcare can be claimed for tax purposes.

With 1800€, 430K € would be reasonably repayable. More is certainly possible, also a lower installment; just always keep in mind that the bank wants its money back too.

You're right! A house is expensive...

Sure, we're currently managing with 2050,-. Doable for two. But with a child, additional costs also come in. [Kita] for example (even if it can be claimed for tax purposes).
Then there are higher car costs because you live further away and use more gasoline (at least the wife does).
Then some other insurances etc.

So, it won't be that simple once the child is here. (You didn't claim that either).