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Finance check: "In my family, money was always a man's business"

Published August 24th, 2022

How much she earns, how she organizes her finances, how she plans on making provisions for her old age and when she realized that finances aren’t “a man thing”: Sina reveals all of that and more in our Finance Check format.

How we organize our finances is usually very individual – and also depends on the financial means we have. The important thing is that we get our finances organized once and for all as it makes everyday life and planning for the future a lot easier.

For this latest instalment of our Finance Check, we asked Sina how she takes care of her finances, what kind of an account model she has chosen with her partner and about when she really started getting to grips with the topic.

What’s your (net) monthly salary? 

I currently have €1,900 at my disposal.

Are you renting or buying your home?  

I’m renting a place in Hamburg. It’s 83 m² and I don’t live there alone, but together with my partner.

What’s the breakdown of your monthly outgoings in fixed costs and variable costs?

My budget is allocated as follows: monthly fixed costs of €650 for the rent – that’s my share, my partner covers the rest. And around €400 for groceries, insurances and contracts and subscriptions such as my smartphone, Netflix and the gym. My variable costs add up to around €550 for eating out, trips, cultural experiences, new clothes and gifts. And I save €300 a month.

How do you organize your finances to keep track of everything?

I have an account for myself and a joint account with my partner. Our fixed costs such as the rent, internet and food are deducted from that. To cover these costs, each of us pay around €1,000 into the joint account every month. We split everything 50/50. Other than that, I also have a standing order for the amount that I save every month. That means it’s done and I don’t need to think about it. I put my savings aside in a sub-account.

How are you making provisions for your old age or saving up for bigger dreams for the future?

For a few years now I have been investing money in ETFs, which is something I decided to do after my vocational training at a bank. To be honest, I’m not that passionate about investing, but I do think that it’s part of creating a financial cushion for yourself. But I’m also actively looking to invest in bricks and mortar with my partner. That will be the most important component of our joint retirement plan.

I would like to have a financially secure future.

What is particularly important to you when it comes to money?

Money itself isn’t really something I care too much about and it’s not the be-all and end-all for me, but of course I want to have a financially secure future. It would be good to have that security, especially if we have children one day.

What do you wish you’d known sooner about money and finances?

That the whole topic of finances is a lot less complicated than many people think. In my family, money matters were always left to the men, which is why I always thought that I didn’t have to concern myself with them. But after training to become a bank clerk I understood that that isn’t the case at all and began taking more of an interest in my money.

Find out more

Our Finance Check with Zoe, who earns €1,400 a month. Read more.

In this instalment of our Finance Check, Anastasia tells us how she saves €1,000 every month – from a monthly budget of €2,500. Read more. And here, not one but four couples tell us how they organize their joint finances. Read more.

Why old-age poverty is such an important topic for women – discover the facts and figures here. Read more.