You don't need $8000 on a bank account if you have a letter from someone -- parents? -- who agrees to take financial responsibility for you. Or, if your parents are nice enough, they can transfer money onto an account with your name on it, you print out the account balance, and then wire the money back.
As for working while you're there, it's been my experience that the work allowance is plenty to pay for your cost of living, especially if you can land a spot in a student dorm. It's not the most glorious lifestyle, but hey, you're still in Germany (!!) getting a Masters (!!) for cheap!