Money Marathon:
How to START your financial journey

As a young adult, you might have just started your first job or moved out from home. This is the perfect time to think about your finances and level up your know-how. Whether it's saving for your next big adventure or investing in your future, being financially literate is key to making smart money moves. 

With our START-approach, we are providing you with 5 steps that help you get started with your financial journey. Ready to train your financial muscle? Read the article below to begin the money marathon at your own pace.

#Set up the first steps

The earlier you start investing, the better. Why? Even a small amount per month adds up over time. The longer your investment horizon, the higher the so-called compound interest. This means you not only earn a return on your original investment but also on your investment return. This is where even starting with small amounts can make a difference over time.

When it comes to investing, the opportunities can look quite overwhelming. Don’t let this stop you from getting started! On our Future Workout platform you can find free training resources to help you learn more about financial literacy. And if maths is not your thing, no need to worry: there are also some easy-to-use calculators to help you plan your financial decisions.

#Track your expenses

Budgeting is a skill that is important to stay on top of your finances. In its simplest form, the essential parts of budgeting are income and expenses. Basically, it’s like having a training plan for your wallet: Be aware of how much money you earn each month and how much you are spending. Some expenses are fixed, like rent or insurance costs. Other vary, like eating out or going on holiday. Try to stay on the safe side and plan your finances accordingly.

Ask yourself these questions: What are your fixed and variable expenses? Do you have an income that allows you to save money? How can you free up money for savings? 

With our Budgeting Assistant you can track all your expenses and find out how much potential you have for savings. Go check it out!

#Activate your protection

Being prepared for risks is an essential part of your financial wellbeing. Financial risks might not always be recognizable at first glance, but think about a ski trip in a foreign country: If you have a ski accident and need to be airlifted because of an injury, the costs for transportation and health treatment abroad can get extremely expensive. Insurance can help protect you from these risks. In practical terms, it gives you financial protection for specific situations. You pay a monthly or annual fee (often called a premium) and in return, your insurer has your back. This could be anything from losing your phone to your luggage going missing while traveling to your holiday.

Take the time to find out which coverage is right for you and what you really need to be protected. Learn more about the different types of insurance and how to choose the right one for yourself here.

#Reflect on your goals

When you’re about to start your financial journey, it’s time to ask yourself what you want to achieve. Reflect on your goals and dreams: What are your current and future financial needs? For example, are you looking to finance a couple of months traveling in the next years? Or perhaps, you would like to save for a longer-term goal like a house or retirement? 

Being clear on your goals will help you to decide which investment strategy is best for you. Some investment opportunities are more appropriate to finance your short-term goals, others might help more to contribute to your long-term goals. Also, the risk of different types of investments can vary. Find out more in next step of our START approach.

#Tackle your savings and investments

Investing is one way to build wealth and save for your financial goals. Put simply, investing is buying into something you think will grow in value over time. But this chance to grow also comes with risks. Putting your money into a savings account with a bank is the simplest form of investing.

Through a broader, more diversified investing, you can give yourself the chance of getting a better return. Be aware of the risks associated with investing and think about how much risk you are willing to take. When investing, remember that diversification is key to safety.

Besides a saving account, there are many more possibilities (“asset classes”) you can use to build a diversified financial portfolio for example bonds, stocks/ equities, funds, exchange-traded funds (ETFs), real estate and many more.

Learn more about the different possibilities of investing in our free online training.

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 746 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of March 31, 2024.
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
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