It is worth reviewing all household expenditure from time to time. Where can you make savings? What about insurance? Which savings make sense?
According to the latest social report, consumer spending by private households amounted to an average of EUR 2,846 per month (2022). Households spent the largest proportion of their consumer spending (36%) on housing, energy and home maintenance. This was followed in second place by expenditure on food and drink (15%). Twelve percent was spent on transport, nine percent on leisure and culture, four percent on clothing and less than one percent on education.
Many German citizens feel that everything has become expensive and are looking for ways to make better use of their money. Where can you save money without sacrificing quality of life? Stiftung Warentest has taken a close look at insurance policies and reports on which ones are really necessary.
Statutory or private health and long-term care insurance is essential, as is private liability insurance. Everyone who owns a vehicle needs motor vehicle liability insurance. For dog and horse owners, animal owner's liability insurance is mandatory in some federal states. Owners of oil tanks need water damage liability insurance.
Occupational disability insurance is recommended. Term life insurance makes sense for anyone who cares for others. If you own a house, you need homeowners' insurance with natural hazard cover. If you are building, you need builder's liability insurance. Homeowners and landlords need homeowner's and landlord's liability insurance. Households with high-value household contents should take out contents insurance. Legal expenses insurance makes sense depending on the legal protection package.
According to Stiftung Warentest, daily hospital benefit insurance is unnecessary. Death benefit insurance is usually too expensive. Cell phone and tablet insurance and luggage insurance are usually not worthwhile. Nobody needs passenger accident insurance. For more information, see "You can save on these insurances" at www.test.de.
Photo: © Johnson Goh, Pixabay.
