Living costs remain high, making it challenging for many to make ends meet at the end of the month—let alone save. A long-term study by “Ängste der Deutschen” reveals that 40 percent of respondents fear they won’t be able to maintain their standard of living.
How Much Money Does the Average Person Have to Live On?
The R+V-Infocenter’s long-term study, conducted annually since 1992, surveys around 2,400 people about their biggest fears, covering health, politics, economy, and society. So, how much money does the average person have to live on, and how much do you really need to live comfortably and save a bit extra?
How Much Does Life Cost on Average?
To understand current living costs, we can look at average consumption expenses. Based on 2022 data from the Federal Statistical Office, an average multi-person household spent €2,846 monthly on private consumption. The highest share, €1,025, was for housing, energy, and maintenance.
What Are the Major Expenses?
- Housing, Energy, and Maintenance: €1,025
- Food, Beverages, Tobacco: €417
- Transport: €347
- Leisure, Sports, Culture: €245
- Catering and Hospitality Services: €177
- Furnishings, Household Appliances: €170
- Health: €118
- Clothing and Shoes: €103
- Other Goods and Services: €96
- Educational Services: €19
- Insurance and Financial Services: €7
Are These Costs Fixed or Variable?
While these costs are necessary, they are average values. Some costs are more variable than others. In some areas, it’s tough to save, while in others, it can be easier. However, this is also individual.
How to Calculate Your Monthly Expenses?
The Sparkasse offers a household calculator to estimate monthly total expenses and how much remains for discretionary spending. For example, a single person living in a rented apartment costing €800 per month with a net income of €2,000 and owning a car might have total expenses of €1,800, leaving €200 for savings or other uses.
Tips for Saving Money
To save money in the long run, consider keeping a household book. This helps identify saving potential by listing your income and expenses in detail.
ETAINFI can help you better understand these topics and answer any questions you may have. Feel free to contact and write to us.