3-Account model - practical help for saving money

At the end of the month, the budget regularly runs low. And actually you wanted to save for vacation and also finally put something aside for later. There are countless methods to save money. The 3-account model is a method of gaining control over your finances and automatically saving money. Once set up, it helps you keep track of your money and better achieve your savings goals. You can find out how it works in this article.

What is the 3-account model??

At its core, the 3-account model is based on the idea of managing all of your income and expenses with three different accounts rather than just one. This may sound complicated at first, but it is very easy to implement with the help of standing orders, as much is done automatically. Each of the three accounts serves a specific purpose:

The basic account

All of your income – such as your salary – goes into the basic account, which is usually your traditional checking account. In addition, this account is used to pay all those bills that are incurred on a regular basis. These are the so-called fixed costs such as rent, electricity, water, cell phone contract, insurance and also the things of daily use.

The savings account or future account

For your goals and desires like the next vacation but also for unexpected, bigger expenses like a car repair or the broken washing machine, it is good to have financial reserves. You can also save for your future as a retirement provision here. This is the purpose of the second account, to which you transfer a certain amount from your basic account every month.

The fun account

Saving for retirement only? No, this is about your fun. About enjoying life, celebrating with friends and indulging yourself. With the fun account you pay your monthly expenses for leisure time, shopping and co.. This way, your monthly expenses for "free time" are limited from the start, making you more aware of your budget and more likely to avoid unnecessary spending.

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Step by step to the 3-account model

To use the 3-account model, it is best to proceed like this:

1. Determine your monthly income and fixed costs – for example with the help of a budget book.

2. Then, you determine your savings amount that you want to put into your savings account each month. The amount for your consumption costs or. monthly spending in free time then results automatically: your income minus the fixed and savings amount shows you how much money you have at your free disposal each month. Income – (fixed costs + savings amount) = leisure budget.

3. Once the respective amounts for each of the three categories have been determined, open two additional accounts in addition to your basic account.

4. Now you set up two standing orders to make monthly deposits from your basic account to your savings account and your fun account. It’s best to schedule standing orders directly after you receive your salary.

5. Once the 3-account model is set up, the distribution of your income is completely automatic. However, to ensure that the ratio of the respective amounts always corresponds to your lifestyle, it is advisable to regularly review the flow of money and adjust the distribution of income if necessary.

Notice: If you not only want to keep a budget book, but also plan your budget in the long term, you will find the right tool for this in the Sparkasse web budget planner.

Planned games for the 3-Konten-Modell: 50-30-20 or rather 70-20-10?

With the 3-account model, you can divide your income between the various accounts as you see fit. For example, these two distribution variants are often used: "50-30-20" and "70-20-10:

Depending on your lifestyle, rental costs, and salary level, leave

50 and 70 percent of your earnings in the base account, respectively;
30 and 20 percent, respectively, you use for your free time with the fun account;
You can deposit the remaining 20 or 10 percent in the savings account.

Whichever option you choose: Simply following such a rule makes it easier to allocate your income and helps you to use your budget more effectively, thus automatically saving you money.

Conclusion: Saving with the 3-account model is simple and effective

Once you have permanently put your finances in order with the 3-account model, you will enjoy three major benefits at once:

1. You get an optimal overview of all income and expenses.

2. You create the best conditions for more conscious consumption.

3. You automatically save money for your goals and for your future.

No matter which option you choose here: With the 3-account model, you can always distribute your money in such a way that you can use your budget more purposefully and better achieve your savings goals.