In less than two years, Norges Bank has increased its policy rate from a historically low 0 per cent to the highest level since the financial crisis in 2008.
And Norges Bank warns that they will set it up a few more times after this. The key interest rate will then be 4.25 per cent. As usual, mortgage interest rates follow suit.
– Those who are most vulnerable to interest rate increases are often those who have the highest loans in relation to their income. The young people who took out their first loan when interest rates were at their lowest, and who may have had children in the meantime, probably notice this extra, but also single parents who have no one to share the increased expenses with, says savings and consumer economist at Storebrand Cecilie Tvetenstrand to Nettavisen.
The saving measures that monner
The animal season particularly affects those who have not had the opportunity to enter the housing market, but who have received a large increase in rent, according to Tvetenstrand.
But there are steps you can take to secure your finances this autumn:
– First of all, you should check that you have the correct interest rate on your loan, and do not pay more than you have to. When interest rates increase, so does the tax deduction. But if you do not change your tax card, you will not notice this until the tax settlement next year. By changing the tax card, you can get a little more paid out each month, says Tvetenstrand.
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Tvetenstrand adds that there will probably be more interest rate increases after the summer, and that you should therefore start setting aside an extra amount for a buffer account every month.
– Then you get used to the increased expenses that will come, while at the same time equipping your finances with an increased buffer.
Otherwise, she advises people to review all fixed agreements, insurance policies and subscriptions. Then you get an overview of what you can do without, as well as what you can negotiate down the price of.
– It may be a small amount alone, but it may be what is needed in total, says Tvetenstrand.
– If people become aware of it, there is a lot to save
After housing, car and food are some of the expenditure items people spend the most money on.
Consumer economist Magne Gundersen at SpareBank 1 therefore believes that the most important saving measures must be taken at the store. Here, not everyone is aware that it can pay off with self-picking, rather than buying prepackaged food.
– You have to look at the price per kilo and the price per litre. This is what tells you how much you get for your money, not how much a ready-made package costs. If people become aware of it, there is a lot to save.
According to Gundersen, this applies to all kinds of food, everything from snacks to canned food and fruit and vegetables.
– If you want the most for your money, you must go for the brands with the lowest price per kilo. There, First Price is often the leader, says Gundersen.
This is done by the experts themselves
Gundersen does not have a savings account. Instead, he uses a so-called flexible loan.
Flexilån is a flexible home loan, also called a framework loan. With security in the home, you get a loan limit that you can use as you like. You can withdraw money from the flexible loan in the mobile and online bank, and choose when and how much you want to pay off the loan.
– It is a way of getting lower interest expenses, while at the same time paying down the mortgage. If I need money, I take it from the flexiloan account.
A major disadvantage for many can be the lack of a repayment requirement, because it quickly becomes easy not to. If you were to lose control over a loan where you have put your home as collateral, this could have unpleasant consequences.
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– It is freedom at your own risk, but if you are good at paying off the loan and don’t spend beyond your means, it can pay off in the long run, says Gundersen.
Both experts also advise to review all the transactions on the current account in the last month, and cut out all unnecessary benefits.
– At home, we go over our fixed agreements and streaming services once a year. When you see that it is possible to cut some costs and that there is enough money to pay the bills, you often get rid of your worries, says Tvetenstrand in conclusion.
2023-07-22 14:54:15
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