Table of contents:

Building savings for young people: why it's worth it
Building savings for young people: why it's worth it
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From bonus interest to home construction bonus: There are various grants and special regulations that make building savings particularly lucrative for young people. So you can make the most of your options.

Table of contents Table of contents Home savings for young people: Why it is particularly worthwhile

  • Building savings for young people: Overview of grants and special rules
  • This is how young people make optimal use of building society subsidies
  • Tip: Sign a second home savings contract with Riester funding
  • This is how young people save money on home savings
  • This way, young people remain flexible when it comes to building savings

Table of contents Table of contents Home savings for young people: Why it is particularly worthwhile

  • Building savings for young people: Overview of grants and special rules
  • This is how young people make optimal use of building society subsidies
  • Tip: Sign a second home savings contract with Riester funding
  • This is how young people save money on home savings
  • This way, young people remain flexible when it comes to building savings

Home savings is worthwhile in times of low interest rates, because with the home savings contract you secure a loan with a low interest rate in the future - even if the interest for conventional real estate loans has long since risen again. Young people with low incomes benefit particularly well from a home savings contract because the state promotes the contracts with substantial subsidies, for example with the housing construction premium and employee savings allowance on benefits. In addition, providers like LBS often reward home savings for young people with bonus interest.

Of course, the currently low interest rate level means that the interest on the saved credit is quite low - however, even a call money account does not pay much higher interest. In addition: In contrast to the building society contract, it does not represent the right to a low-interest loan and is also not subsidized by the state. Young people in particular can count on special rules and generous subsidies when it comes to building savings.

Building savings for young people: Overview of grants and special rules

  • Housing premium: If the taxable annual income - as a single person - is less than EUR 26, 500, the housing premium is paid once a year to home savers who are at least 16 years old. The income limit for spouses is twice as high. During the savings phase of the contract, the state supports an annual saving of up to 512 euros (1, 024 euros for spouses) at around 45 euros (90 euros) per year. This corresponds to 8.8 percent of the eligible annual home savings. Since young people initially complete vocational training or a course of study, they hardly reach these income limits, at least in the first few years of the contract term. In order to make full use of the state subsidy, they have to pay around € 43 a month into their home savings contract and then receive a 13th savings rate from the state of around € 45 per year.
  • Employee savings allowance: Young people who are already working can benefit from the employee savings allowance in addition to the housing construction premium if they pay so-called asset-saving benefits into the home savings contract and have a taxable annual income of less than EUR 17, 900 (for spouses EUR 35, 800). The state supports a saving of up to 470 euros per year with 9 percent employee savings allowance per employee. This corresponds to an annual grant of a maximum of 43 euros. To apply for funding, the provider of the building society contract issues a so-called VL certificate, which must be enclosed with the tax return in the following year.
  • Free availability: If the home saver is younger than 25 when the contract is concluded, he does not have to use the savings or the associated loan for a specific purpose. This means that although he has received a housing premium from the state, he does not necessarily have to build or buy a property, but can also use the money to finance a new car, for example. This special scheme can only be used by home savers once in a lifetime - so if you are under 25 years old = " and already have your second home savings contract, you cannot benefit twice from this rule.
  • Bonus interest: Some building societies, such as LBS Thuringia, grant 2.5 percent bonus interest on an annual maximum saving of EUR 480 (“Classic Young” youth rate) during the savings phase. They are credited to the home savings account every year. This tariff was also recognized by the finanztip.de portal as one of the best building society contracts for young people. All young people who are under the age of 22 at the time of signing the contract = " receive the bonus interest.
Prämien
Prämien

* Funding requirements apply.

Photo: LBS

This is how young people make optimal use of building society subsidies

  • In order to benefit from the housing construction bonus as long as possible, parents should conclude a suitable home savings contract for their children as soon as they are older than 16 years. This is the minimum age required by law to receive funding. It is important that the contract is concluded in the name of the child so that it receives the housing premium and possibly further grants - even if the parents or grandparents pay the monthly savings rates.
  • Working young people should check with their employer's human resources management department before signing a home savings contract to see if the company provides employee benefits. In some professions, these are part of the collective agreement, but many companies also pay out wages and salaries on a voluntary basis. However, the prerequisite is that the employee has already completed his trial period. The amount is usually paid directly into the home savings contract by the employer.
  • Do not miss to submit a so-called exemption order with the responsible building society with the conclusion of the contract - otherwise you will have to withhold the capital gains tax and the solidarity surcharge on the interest paid and pay it directly to the tax office. This is a total of 30.5 percent that you would have to get back from the tax office without an exemption application via your tax return. The respective provider will inform you about the necessary amount of the exemption order.
  • Important to know: If you apply for a student loan as a student, the current value of your building society account will be deducted from your property allowance in the amount of 7, 500 euros. If your assets exceed this value, you will no longer receive the maximum Bafög rate.

Tip: Sign a second home savings contract with Riester funding

Young people who also sign a home savings building contract can collect even more government funding. This is where, for example, the residential Riester grant ends up - regardless of income, that's 175 euros per year. There is an additional 300 euros per child (up to the year of birth 2007: 185 euros). The state also gives young savers under the age of 25 a one-off starter bonus of EUR 200. In order to receive the maximum subsidy, four percent of the previous year's income subject to social security contributions must be paid into this home savings contract.

This is how young people save money on home savings

Of course, it is not easy for many young people to raise over 40 euros per month for a home savings contract. Young people have more money left per month if they take out health insurance that does not charge any additional contributions. Those who earn less than 400 euros are still insured with their parents up to 25 anyway. The same applies to private liability insurance: until the end of their first training, usually up to 25, young people enjoy protection from their parents' policy. And: Household insurance is often not worthwhile for the first Spartan institution. A second car insurance from the parents also makes the insurance policy for the car significantly cheaper because the damage-free discount is higher.

This way, young people remain flexible when it comes to building savings

At 20, you usually don't know whether you want to build or buy a villa, a condominium, or maybe not at all. You can adapt your LBS building society savings contract at any time without complications to the changed life situation, new wishes and goals.

Do you need more money? If you find that the amount of the home savings is not sufficient to meet your wishes, you can increase it by arrangement or add a second home savings contract. Your LBS advisor will tell you how.

One size smaller: If you notice that you are overshooting your target with the agreed home savings amount, you can also have it reduced. Or you can split the contract into two and use the remaining home savings later.

Make two out of one: you have several contracts in the same tariff variant? No problem: just put them together. The advantages: a higher home savings sum, a higher home savings loan and one instead of two allocation dates.

The emergency brake: You can terminate your contract at any time, for example if your economic conditions deteriorate dramatically.

Ask your advisor from LBS or Sparkasse before making any changes - so that you can get the ideal home savings balance based on your wishes and options.

Folkert Siemens editors haus.de

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