– Some of the goods we carry with us in everyday life add up to large sums without us thinking about it. It quickly adds up to many thousands of Swedish kronor, says author and journalist Marie Olaussen. She runs the Instagram account with the tabloid name “Hvordan bli rik” with almost 50,000 followers. Last week, news told that many people are completely broke and using up their savings because everything has become so expensive. Here we asked for questions from readers about what they wondered about finance. We have put together a panel which now provides answers to the questions we received. Our experts are Marie Olaussen, financial adviser Camilla Slevikmoen and director of information Tom Staavi at Finans Norge. Marie Olaussen Journalist and author who has published two books on personal finance and runs the Instagram account “Hvordan bli rik”. How much can you save annually by not throwing money away on small purchases? Marie answers: – Sometimes, for example, we buy coffee out of old habit and not because we really feel like it. One cup of coffee (NOK 44) five days a week for a year is NOK 11,440. Making it yourself costs under NOK 500. If you buy a pint of soft drink (NOK 23) a day, that’s almost NOK 9,000 a year. It may be wise to think that you will “find” NOK 28 a day. For example, by going for cheaper varieties in the store. This amounts to over NOK 10,000 a year. NOK 28 can be the difference between two different types of cheese, or you can buy loose red onions for NOK 18 per kilo, instead of a net of onions for NOK 48 per kilo. How do you set up a good budget? Marie answers: – For most people, it may be best to create an account system in the online bank. Add up all your income, find the fixed expenses and the variable costs, such as food. I use the online bank as my budget and have created several accounts there. For example, account and food account. The money I have set aside for food is automatically transferred to the food account. To keep track of how much you can spend per week, you can divide the sum by 4.3 (which is the average of the number of weeks in the month). Everything you have to save for should be deducted from the salary account on the day you receive the income. My experience is that it is difficult to save if you have to take away what is “left over”. If you struggle with higher expenses than income each month, a solution may be to get an extra job. Photo: Simon Skjelvik Brandseth / news How can I manage to increase my income through extra income? Marie replies: – If you already have a job, it is okay to work overtime if possible. You can also earn extra income through sales, renting or working. For example: Sell clothes online. Rent out the car or equipment you have. Contact a staffing agency. Become a mystery shopper. There is a person who gets paid to check the service in shops. Take extra shifts at a nursing home. They also have jobs for the unskilled. Become a user-controlled personal assistant. Tom Staavi Director of Information at Finance Norway. Is it possible to convert the savings account into, for example, a deposit in euros in a normal Norwegian bank so that savings do not become less valuable now that the Norwegian krone has weakened? Tom replies: – As far as I know, there are no banks in Norway that offer currency accounts to private customers. The banks offer this to business customers. Norwegian kroner is a small currency that can move a lot in a short time when measured against other currencies. Most people who know this well believe that the risk is too high for most of us. We have almost all income and expenses in Norwegian kroner. How much can you save by getting rid of the car and using public transport instead? Tom replies: – It depends, among other things, on which car you are getting rid of (old/new/expensive/cheap). A relatively ordinary and new family car costs from NOK 100,000 and upwards per year. Then interest costs, loss of value and operating costs are taken into account. How does the war in Ukraine directly affect our private finances? Tom replies: – The biggest consequence is increased energy prices. The war also disrupts global supply lines and drives up the price of many goods and services. Although the inflation we now see is made up of many elements, the war is one of the explanations. It causes the world’s central banks to raise interest rates. Thus, it can be said that the war is part of the explanation for the mortgage becoming more expensive now. Camilla SlevikmoenSenior authorized financial advisor at DNB. Which insurances do you MUST have and which can you cut to save money? Camilla replies: – Cutting insurance is not a good idea. For example, disability insurance can be something you hope you don’t need, but which is important if you are suddenly unable to work. You must also not forget to insure yourself or the children. If one of you is exposed to an accident or illness, without the right insurance, it can have serious consequences. If you are young, the most important insurance policies are travel and household goods. You may be covered by your parents’ insurance, but remember to check the conditions! What is most profitable? To pay down the mortgage or to save in a high-interest account? Camilla replies: – If you have the opportunity, pay down a little extra on the mortgage. If you have a few extra kroner, you can also pay off more of the loan each month. If you have already paid down a lot on the mortgage, you can instead increase your savings. Set up a monthly savings agreement and have fixed withdrawals. Pay down the mortgage or deposit into a high-interest account? Photo: Josef Benoni Ness Tveit / news How should minimum pensioners cope when their wallets are empty after two weeks? Camilla replies: – Unfortunately, there is no simple answer here. If you feel that it is challenging in everyday life, set up a budget and contact the bank as early as possible. How should we save for retirement? Camilla answers: – When prices rise and things become more expensive, it’s easy to prioritize savings, so take a look at your finances. If you’re young, a pension may seem distant, but just saving a few hundred Swedish kroner a month will make a difference. Also examine what pension savings you have with your employer, and start with a similar pension savings in a share fund earmarked for pensions. Then you can double your payout. How can students get better advice? Camilla replies: – You have to prioritize your money and get an overview of what is useful to have and what actually has to be paid. That is why it is incredibly important that you know what the money is going to and set up a budget. If you want to get better advice, part-time work alongside your studies is both wise and useful. There is hope if you want to buy your own home. Photo: Leif Dalen / news It can be more expensive to rent than to own. How can you get into the owner market when you can’t afford it? Camilla answers: – Many, especially young people, are currently outside the housing market. It is not because they lack the ability to pay or the will to save for housing, but because the parents do not have the opportunity to provide security. That is why DNB has what we call the Young Billionaire. There is a billion in half a year that is used in cases where those we help have the income to service the loan, but lack sufficient equity or parents who can help financially.
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Here are the tips from the financial experts on how to get a better personal economy – news Sørlandet – Local news, TV and radio
