How much money is in your savings account? We ask a different Dutchman every week. Because even though we talk more and more about money, we never talk about exactly how much we earn and save. This week: 22-year-old Marco, who can save a lot through various income streams.
Profession: 4th year university student in healthcare
Net income: 1600 euros (from two different side jobs and including holiday pay and year-end bonus)
Living situation: at home with the parents
Marco .s savings account
Tell me how much is in your savings account?
“Currently, there is 10,500 euros in my savings account. In addition, I have 33,000 in cryptocurrencies on many different cryptocurrencies and wallets and 2,800 in individual stocks. In addition, I have a DUO student loan of 930 per month, which has now increased to a student loan of 9,000 euros. I convert this amount every month to the least risky cryptocurrencies.
More friends are using this way of investing, despite the fact that there are many risks involved. I’m certainly aware of that, and I can imagine that the majority of readers of this column think it’s unwise. So I do not recommend it to anyone. “
Are you happy with the amount in your savings account?
“I can not help but be satisfied with the amount I have saved up. A minority, but still a significant amount, comes from my parents and grandparents, who have saved up for me. I am very grateful for the benefit they have given me for the moment that I want and can live alone.
Currently, I use this money to pay for my annual tuition. They know, or at least expect, that I spend my money wisely and do not often make large unnecessary purchases. ”
How much do you save per month?
“I save around 1000 euros a month if you do not include my DUO loan. That’s a huge amount, especially for my age. This is primarily due to the two part-time jobs I have: in home care as a nurse and as a research assistant in a hospital. I also have a small source of income from buying and selling things on websites like Marktplaats, which provide around 100 to 200 euros a month.
Fortunately, home care, hospital work, and other small sources of income give me great flexibility so I can actually work whenever I want. It ensures that I can study, work and have enough free time for fun things.
My goal is to save 10,000 euros a year from multiple sources of income. Of course, this is only possible because I do not have large expenses such as rent or the daily purchases. I pay all other fixed costs myself, such as gym, telephone subscription and health insurance. I want as little as possible to be a financial burden for my parents. ”
Do you ever withdraw money from your savings account?
“Rarely. Nevertheless, there is occasionally a luxury (impulse) purchase. A delicious hi-fi set, cryptocurrencies or vacation abroad are among the latest purchases. I never steal from my cryptocurrency, despite the fact that I think that too large a percentage of my assets are stored in it.
I hope to get something out of it in the medium term and put it in the savings account, but so far I have not been successful. I leave a large part of it in the long run, then more than ten years. As long as I do not need money, this part will remain in crypto. ”
Do you consider yourself to be good for money?
“Yes and no. I spend my money as efficiently as possible, which means I want as much product as possible for as little money as possible. Instead of walking on the patio, I go to the park with friends and get a six-pack. beer and a baguette. When I go out with my boyfriend or friends, I buy house brands instead of A-brands as often as possible and I drink water instead of soda. Better a whole loaf than individually baked bread and peanut butter than expensive cold cuts.
I also buy primarily sustainable clothing. By this I primarily mean that I buy clothes that last a long time and are therefore relatively cheap, if you take into account how many times you can put a piece of clothing on. You will not find a Primark shirt in my wardrobe that you can throw away after using it 5 times.
However, I am not yet happy with the balance of my fortune. Too much of it is in cryptocurrencies, which is very risky active is. It is not a problem in the long run, but since at some point I will have to spend money on a house, I would like to prevent the price from being low at that time.
I can not convert that to euros, because then you always think that the price will be even higher. It’s a psychological game that I have not quite mastered yet. “
What would you like to change about your financial situation?
“There is only one thing I really want to change, and that is my income. It will not be possible until I have completed my education, which will take place within a reasonable time. 1400 euros net per month is already a lot as a full-time student, I am aware of that.
Still, I bet on buying a starter home with my boyfriend within a year of graduating, including with the savings we have together. This is ambitious and for many a big dream. I am convinced that it will work. ”
What is your best financial tip?
“My best tip in finance is about your net income and your expenses. If you want to save more, you need more money. This can be done in many different ways, but quick money simply does not exist (for most).
Take the time to build wealth by investing in ‘assets‘such as stocks and mutual funds, or an investment in yourself through education or a step up in your current job.
One last card, but also important tip: focus on your own income and savings goals and not on the savings stories you hear from others. Often you hear people who are proud of their savings account who quickly demotivate you. Pay special attention to your own goal. “
Stefan’s savings account (34): ‘By living with my father I can still save’
You can find all articles from this series here. You can find other useful articles on money and career here.
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