Wether you are a student or have a regular job – saving seems to be important nowadays as the future benefits from government spending plans are, let’s say…uncertain.
One of the most secure and popular ways to save money is saving with a building society (Bausparen). The agreement is usually valid for 6 or 10 years and you have to pay minimum 10€ or more monthly. As extra bonus you receive an annual premium from the government.
Another option to save money is to open a savings account ( Sparbuch). Standard savings accounts are the most secure way – but the interest will hardly cover inflation, so you might be actually loosing money there. For short-term parking of money it is still a good possibility.
Funds and other financial products offer far higher yield than savings accounts. The risk is higher – but you can go for a good mix of investments to balance risk and return. However – extensive advice from bank is required. Austria has special laws for investments – in general keeping the investment for a minimum of three years is required in order to save some tax.