What I wish I’d known about money in Germany: one expat woman’s story

I moved to Germany from England almost 10 years ago. I’m employed, I live with my partner, and we don’t have children. When I sold my flat in England, I suddenly had a larger sum of money. By then I also owned a flat in Germany, with a mortgage still to pay off.

The money stayed in my account. I knew that wasn’t right. I wanted it to work for me instead of just sitting there but I was convinced I had to understand everything first, and I was afraid of doing something wrong and losing money. So I waited.

One thing was always clear to me, though: it couldn’t stay like this.

1. I thought I had to understand everything first

My questions were big ones. How can my money work for me? What protection do I actually need?

In our first conversation, Kerstin told me something that had never occurred to me: I’m allowed to define my own goals.

So I did. My goal was that the money from England should work for me, so that when the mortgage on my German flat ends, I can pay it off. I left that conversation with a much clearer idea of what I actually needed.

2. Then it clicked

Once I understood how everything connects and how the pieces work together, something shifted. My reaction was: “Wait, it’s that simple?”

That moment changed how I approached all of it. I made decisions for myself. I chose the insurance cover I felt was important and I started investing.

I also realised that I didn't have to study it all or understand everything 100 percent before I could start. My first small step was to get an overview of where I stood. That gave me a list of tasks and I worked through them one by one without overwhelming myself. 

3. The appointment at my bank

I booked the appointment at my bank myself and went with my own plan. The banker had a completely different one and she never asked what I wanted.

I knew what I wanted, so I could see straight away that her proposal didn’t suit my needs. That was the real game changer.

Afterwards I told Kerstin: “Do you know how good it felt to have the situation under control? I’m not giving that up.”

I haven’t. Once a month, I take what I call my “Kerstin time” and review my finances and the protection I have in place for the future.

Reach out to Kerstin to book a free 30-minute call and review your finances

What I wish I’d known earlier

I was 40 when I started, so there was still plenty of time. I’m grateful for that but it does annoy me a little that I didn’t know all this 10 years earlier.

What I wish I’d had in my younger years:

• more control over my money
• access to information that is relevant to my situation
• the feeling, whenever I do something, that I’m on the right path

One thing is clear to me: I had to take action myself for anything to change and to truly feel that I had the situation under control.