(electronic newspaper) In less than two years, Norges Bank raised its policy rate from a historically low 0 percent to the highest level since the 2008 financial crisis.
And Norges Bank warns that they will rate it many more times after that. Then the key interest rate will be 4.25 per cent. As usual Mortgage interest rates follow suit.
– The people who are most vulnerable to higher interest rates are often those with the highest loans compared to their income. Young people who took out their first loan when interest rates were at their lowest, and who may have had children in the meantime, might notice this extra amount, but so too single parents with no one to share the rising expenses, Storebrand consumer and savings economist Cecilie Tvetenstrand tells Nettavisen.
Thrift measures that money
Animal season especially affects those who did not have the opportunity to enter the housing market, but received a significant rent increase, according to Tvetenstrand.
But there are steps you can take to secure your finances this fall:
– First and foremost, you must check that you have the correct interest rate on your loan, and that you are not paying more than you have to pay. When interest rates rise, so does the tax deduction. But if you don’t change your tax card, you won’t notice until your tax settlement next year. By changing the tax card, you can get a little more salary each month, says Tvetenstrand.
Tvetenstrand adds that there are likely to be more interest rate increases after the summer, and so you should start setting aside an extra amount for a reserve account each month.
– Then you get used to the increased expenses that will come, and at the same time provide your money with a growing reserve stock.
Otherwise, she advises people to review all agreements, insurance policies, and fixed subscriptions. Then you get an overview of what you can do without, as well as what you can negotiate for less.
It may be a small amount on its own, but it may be what is needed in total, says Tvetenstrand.
– If people realize this, then there is a lot that can be saved
After housing, cars and food are some of the items of expenditure on which people spend the most money.
So consumer economist Magne Gundersen at SpareBank 1 believes that the most important savings measures should be taken in-store. Here, not everyone realizes that it can pay off by self-selection, rather than buying packaged food.
– You have to look at the price per kilogram and the price per liter. This is what tells you how much you’re getting for your money, not how much an off-the-shelf package costs. If people realize this, then there is a lot to spare.
According to Gundersen, this applies to all types of food, everything from snacks to packaged goods to fruits and vegetables.
– If you want more for your money, you should choose 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 what is called a flexible loan.
Flexilån is a flexible home loan, also called a framework loan. With Home Security 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, choose when and how much you want to repay the loan.
It is a way to get lower interest expenses while paying off the mortgage at the same time. If I need money, I take it from my Flexiloan account.
The main drawback for many can be the lack of a repayment clause, because it quickly becomes easy not to do so. If you lose control of a loan for which you put your home as collateral, this can have serious consequences.
It’s freedom at your own risk, but if you’re 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 reviewing all transactions on the current account in the past month, and canceling all unnecessary benefits.
– At home, we review 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 let go of your worries, Tvetenstrand says in conclusion.
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