While living in Germany is relatively inexpensive compared with many areas in the UK, moving to another country can be quite the expensive endeavour, which requires careful planning and budgeting.
Thankfully, we have a few tips and tricks that can help your money go that little bit further.
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Are you moving to Germany? Subscribe to the Ocyan newsletter for the latest news concerning expats and great promotions on services linked to your move.
1. Take the Opportunity to Declutter Your Life
One expense that can vary significantly when moving abroad is shipping, with the cost largely dependent on the volume of the belongings that you choose to take with you.
As such, if you are looking to move to Germany on a budget, we would advise you to be pretty ruthless when deciding what to take with you as every extra box is going to cost you.
Not only can you help to fund your move to Germany by selling your old stuff, but this will give you the chance for a clean break and the perfect opportunity to refresh your wardrobe!
If you are planning to start over again in Germany in terms of possessions, keep reading to find out how to save money when furnishing your new dwelling.
What if you can’t find your perfect accommodation? Read this article for useful links to find you new home.
2. Keep an Eye Out for Flöhmarktes
If you want to furnish your new accommodation and start feeling like home, then you will likely want to keep an eye out for posters for any mention of a Flöhmarkte.
Flöhmarktes or flea markets are fairly common throughout Germany and range from single household sales, to full neighbourhood bonanzas.
Flöhmarktes are a great place to pick up various household items on the cheap and are the ideal way to pick up some essentials when you first move to the country.
There are often Märktes for specific items such as kid toys or games, and there are various websites you can visit such as flohmarkt.de to check sales in your area.
The less you spend when renting a new house, the more you can spend on decorating it. Learn more about rental deposit guarantee and instead of paying the renter a deposit of up to three months’ cold rent, you pay a small premium to the insurance and give your householder the certificate instead of the deposit.
3. Save And Earn Money At The Same Time With A Local Bank Account
Another efficent way of saving both money and time is opting for a new way of banking. Online banking is the best option for a free bank account with all the advantages of a traditional one. No queues, long waitings or pile of paperworks. Bitwala offers you the bank account of the future – today.
2 products, 1 app – Open your free bank account for everyday savings and payments. With integrated wallets, you can send and receive bitcoin and ether easily. The interest account allows you to earn from your bitcoin. Watch your coins grow in real-time and cash out whenever you like. Get paid every Monday directly to your wallet. Bitwala offers a Bitcoin interest account through which one can earn 4% APY on Bitcoin. Read more about cryptocurrency market here.
Use your Bitwala card to spend in-store, online, or to withdraw money at millions of ATMs globally. The VISA card is accepted anywhere with no extra fees when paying.
How does it work? It’s free. It’s fast. It’s easy.
- Create an account – Create your free account and follow the onboarding steps.
- Verify your identity – Once you’ve onboarded, jump on a quick video call to verify your identity.
- Just start – Start mobile banking, trading and investing all in one app.
4. Save Up to €50 Every Month On Your Insurances
While some types of insurances are not obligatory in Germany to have, they are still crucial to get. Anyhow, when it comes to insurance nobody wants to deal with incomprehensible terms and conditions, a pile of paperwork or long processing times when filing claims. Don’t worry, there is a company insurance in Germany that can be taken out online in just a few clicks via smartphone or computer. After entering the basic information such as name, zip code and location, users receive their personal offer directly and digitally. Coya is completely paper-free and all insurance data and conditions can be viewed and edited digitally anywhere at any time.
Discover in details all the products that Coya offers. Subscribe for free at Ocyan and benefit from the limited promotion:
€15 monthly discount on
- Private Liability Insurance
- Home Content Insurance
- Pet Health Insurance
- Dog Liability Insurance
€5 monthly discount on
- Bike insurance
- E-bike insurance
5. Transfer Your Money Through a Leading Currency Provider
One of the best ways to save money when moving to Germany from a non- euro zone, is to move your money through a leading currency provider.
If you’re moving to Germany and need to transfer money to the nation, we recommend TorFX – five times winner of the “International Money Transfer Provider of the Year” Moneyfacts Consumer Award. TorFX will help you secure an excellent exchange rate and they won’t charge transfer fees. They also have a handy online service and app, giving you the ability to arrange transfers anytime, anywhere.
By moving your money through TorFX, not only you avoid the extra transfer fees tacked on by high street banks, but you will also ensure you get a competitive exchange rate and expert insight, allowing you to maximise the returns on your transfer. In addition, TorFX offers a range of extra services which can offer additional value and better protect your transfers against currency volatility.
For instance, a forward contract allows you to protect a future transfer against any negative market movement by fixing an exchange rate for up to two years, although this could mean you would miss out if exchange rates strengthened.
Explore TorFX’s services by subscribing for free at Ocyan and get a free quote to see how much you can save!
6. Take Advantage of ‘Aktionstage’
Aktionstage, (action days) are days on the German calendar in which companies or public institutions organise an ‘open day’ to highlight their products or cause.
During these days you can expect to see some major discounts on various activities relating to the day in question, such as free museum entry on International Museum Day.
By keeping a close eye on the calendar you will have the opportunity to enjoy many unique experiences for a fraction of what it might cost you otherwise.
7. Read Up on Your Tax Requirements to Save Money
Germany has a number of sometimes obscure tax obligations, and you will want to make sure you are familiar with your various requirements before you move so you aren’t hit by any surprise costs.
For instance, if you are moving with your dog you should be aware of the Hundesteuer, or dog tax, with all dogs needing be registered locally and regular taxes paid, or the Kirchensteuer, or church tax, which is required if you formally register as religious. Besides, if you don’t want to incur in unexpected expenses, you can insure your pet with a small premium. Read this article to know more about pet health insurance and dog liability insurance.
When filling out your taxes, double check and then triple check all the boxes, don’t get caught out paying a tax which you are not obligated to do so.
Are you looking for help regarding other financial services linked to your move? Here are some useful articles to help you save money:
- Health Insurance in Germany – Ultimate Guide for Expats
- Moving From The UK To Germany After Brexit – Key Points To Consider
- Common English Speaking Jobs In Germany and Job Portals
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