2015

Know Your Money

HELP WITH YOUR BUDGET

Advice and tips about your finances

FOLLOW THE JOHANSSON FAMILY

FREE

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KNOW YOUR MONEY

Your financesYou’d like your money to last all month, every month. You have something you’d like to save up for but you don’t know how. You’d like to have control of your finances but don’t know where to start. “Know your money” will help you get an overview of your finances and make a budget so you can meet your goal.

In “Know your money”, you’ll follow Anne and how she and her three children get their finances to break even on one paycheck. You can read about the Swedish Consumer Agency’s estimates for various household types and where you can turn if you have problems with your finances.

Do you want to save more?Then you can try to either increase your income or reduce your costs. If you want to try to reduce your costs, you can start with calculating how much you can save on various cost items. In the Budget columns on page 23, fill in how much money you’d like to put into the various cost items instead. Now you’ve made a budget for how you’d like your finances to look. Now the exciting work of trying to keep to your budget begins!

What do you think?Go to www.www.enkat.kov.se and help us make “Know your money” better. It will only take a few minutes to submit your views. You can also access the questionnaire via QR code.

SalaryParental benefitChild allowanceMaintenance support/child supportHousing allowanceUnemployment benefitStudy allowance/Training allowanceSickness benefitSickness and activity compensationPensionOther income (allowances, scholarships, etc.)Total monthly income after tax

Enter your household’s income in the table below. Add everything up and enter the sum in the table on Page 23.

Income

Total

After you have filled out the table, enter the grand total on the “Total income” line on page 23.

How to fill in the tablesFill in the table below, and the tables on pages 8 and 21. Transfer the totals to page 23. Also fill in the other costs lower down on the table. You now have an overview of your current income and costs. You can easily see what you’re spending your money on.

Tips

Fill in and calculate!

Fill out the table inside the dotted lines and do the simple arithmetic.

Monthly income, benefits, allowances and compensation after tax

Household member 1

Household member 2

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KNOW YOUR MONEY

Single parent with three children

“It’s perfect for Dexter, my four-year-old! I don’t need to worry about him playing in the street, because everyone knows everyone here and cars aren’t permitted,” Anne says.

She is 40, and she bought this terrace house on the edge of Oxelösund five years ago. The house is full by turns when her oldest son Pontus, 20, and her daughter Emma, 18, live here. They live two weeks at a time with their respective parents. Anne and her previous live-in partner separated when the children were small, but both still live in Oxelösund. They cooperate well around the children and share all the costs. Dexter lives with Anne full-time. He’s like a little rocket, and something of the family’s centre.

“We often end up at his level, all of us, on the floor among his toys or on the sofa in front of an animated film,” Anne tells us.

At the right placePreviously, Anne was studying to become a high school teacher, but with a year left on her degree she took a break to work. She got a job with the Swedish Prison and Probation service, and is still there.

“I’m absolutely at the right place! My job is to see to it that people who have been convicted get the help they need to be able to live without criminality,” she says.

Anne bicycles the 25 kilometers to her job in Nyköping and back three days a week during the summers. To manage this, she’s bought a really great bicycle.

“It’s probably my best purchase! I keep in shape and I save money on both petrol and workouts. In addition I save time; I’ve already exercised by the time I get home,” she says.

Since Anne bicycles so much, she’s supplemented her home insurance with health and life insurance, as increased economic security for her children if something

should happen to her. When she was looking for the best insurance, she found better conditions and a better price for both her child’s insurance and for the car. She switched immediately.

Great own responsibilityAs a single parent of three children, Anne has always had to fight to make ends meet. Both Pontus and Emma have been allowed to manage large parts of their own finances themselves for quite a while. Since they were 15, they have been responsible for both clothes and mobile phones; if their student grants weren’t enough, they had to earn their own money. Pontus started working summer jobs after high school, in the harbour where his father works. Emma

Along a bicycle path, just inside a barrier gate, is the row house where Anne lives with her three children. Their neighbours live very close by, and the playground is just outside their front door. Co-operative and rental flats are mixed together here, and the children run in and out of each other’s houses.

Dexter is playing with the neighbour children. The district is a car-free zone, so Anne doesn’t need to worry about traffic.

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works as a waitress on the side while studying in high school. She wants to afford skiing trips and going to parties during her last year of school.

Anne and the older children’s father have helped pay for activities such as sport and studies. Lately, there has been a great deal of discussions about extra money when they are out on activities with their friends. But Anne’s line is clear:

“They can get food at home.” If they want to eat out, that’s their choice. Then they can pay with their own money,” she says.

A sharp eye on the refrigeratorAnne is primarily the person who takes care of food. She shops, determines the menu, and cooks. The children are growing up, and since above all Pontus exercises a lot, food is a major expenditure. This is especially noticeable during school breaks, when the children aren’t eating at school and preschool. To keep costs down, Anne always compares prices and buys what’s cheapest. She tries to shop according to the season, but ecological and locally grown are most often too expensive. Since she has an eye on what’s in the refrigerator, she doesn’t need to waste food; she cooks what there is at home. But Emma doesn’t agree that Anne cooks most of the food.

“When you were pregnant, I cooked everything,” she says.

Clothing circulatesAnne doesn’t put much money into clothing and shoes, either for herself or for the children. Pontus and Emma manage their purchases themselves, and Anne gets used clothing from her friends for Dexter.

“I have two bags of shoes in the closet that he’ll grow into. I often wonder if I bought anything he’s got on,” she says.

When the clothes are too small for Dexter, there’s often someone in her circle of friends who’ll take it.

“Mom, you should stop working out”Since Pontus finished high school and started earning his own money, Anne has demanded that he pay for living at home. Sharp discussions have broken out about how much he is to pay. A while ago, Anne had enough.

“I gave Pontus and Emma a mini-calculate each, a bag of candy and all the receipts, account statements, and bank fees from the past few months. Here you go, calculate how much you cost!

After a couple hours they were done, and a deeper conversation about the family’s finances, the children’s contribution to the household, and costs followed. Pontus said ‘Mom, you should stop working out. It’s too expensive!’ ”

The conversation has continued, but deals less with finances and more about helping out at home with laundry, cleaning, and washing up. More concretely, it led to Anne buying her bicycle and starting to ride it to work. After the fact, Anne regrets not having started to discuss finances and paying at home earlier, during Pontus’ high school days.

“He and I would have been prepared then.”

Empty tankThe family has a car – a little 2008 Toyota Auris. Anne bought it used from a car dealer for money she’d borrowed from the bank.

“I’m pleased, it’s actually one of my better purchases! It doesn’t break down like my earlier, much cheaper cars, and it uses less petrol,” she says.

During the winter, Anne drives the car to work instead of bicycling. Previously, she had to fill up frequently since both Pontus and Emma used the car. The petrol often ran out. This led to many discussions over the kitchen table. Anne then changed tactics – now she only fills it up a little bit at a time so that the tank is nearly empty when she’s finished.

The family, gathered together. From left: Emma, Anne, Dexter and Pontus. Within two years, it will be only Anne and Dexter at the table. Pontus will be studying abroad, and Emma wants to study at Lund University.

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KNOW YOUR MONEY

Monthly income

Anne’s wages after tax 23,100Total Expenditures 23,100

Expenditures

Housing Operating costs 1,100 Fee 4,600 Loan 1,200

Car Fuel costs 700 Other car costs 1,300 Loan 1,000

Fixed costs: CSN loan repayment 1,250 Child care, child support payment 500 Other insurance 350 Unemployment and union fees 350 Media 300 Children’s insurance 250

Variable costs Food 5,000 Savings 2,000 Clothing and shoes 1,000 Leisure/play 800 Mobile phone 350 Personal hygiene 300 Doctor, dentist, medicine 250 Consumer items 200 Pension 200 Household appliances 100Total Expenditures 23,100

Anne’s finances

• Discuss finances with your children early on.

• Tell your children that they will have to pay to live at home when they start earning their own money.

• Check if your bank offers a service that categorizes your payments with a bank card. You’ll have a better overview of where your money’s going.

Anne’s tips

“Pontus and Emma can use the car, but first they have to fill it up using their own money. It works really well,” she says.

New bank yielded lower costsLast year, Anne took up something she’d been putting off for a while: investigating whether she could get the costs down on her house loan. It ended with her changing banks, as she got better conditions. In addition, the new bank valued her house at a higher price. She could then borrow more with the house as collateral, thus freeing up money to pay off a large part of the expensive loan for her car.

“My monthly costs were approximately 1,500 kronor less with the change in banks,” Anne says.

Apart from the loan for the house and the car, Anne has student loans that she pays 1,250 kronor a month for. She has no other loans, and no credit card either. She only uses her regular bank card.

Leaving homeAnne counts of the fact that within two years both Pontus and Emma will have left home. Then she hopes to be able to afford renovating the kitchen and bathroom. She’d also like to increase her savings for retirement.

“If there’s money left over, I’d like to travel more in the future. And someday I’d like to live by the ocean,” she dreams aloud.

Dexter’s preschool is on the way to Anne’s job.

KNOW YOUR MONEY

RentingIf you live in a rental apartment, the landlord is responsible for maintenance and repairs to the apartment, and fixed equipment such as a stove or a refrigerator. The landlord must also see to it that the heating works and that the apartment is in good condition when you move in. If you have problems with the apartment, it’s just a matter of contacting your landlord.

As a renter, you are responsible for paying the rent and taking proper care of the apartment. If you happen to break the bathroom window or scrape up the wallpaper because you keep parking your bicycle in the entranceway, you will have to pay the costs of repair. Read more about renting an apartment at omboende.se.

A checklist before you move in:• Make sure you have a written tenancy agreement before

you move in.• Request that you and the landlord inspect the apartment

together and write down a record of any damages that you both will sign.

• If you discover damages after having moved in, write them down and request that these are also put into the record. Otherwise, you risk having to pay for damages that previous tenants caused.

For most of us, housing is one of the largest expenses. Here, you can read about various types of housing, and what’s good to think about when you choose.

Housing

SubleasingWhen you rent an apartment from another tenant, you are subleasing. If the main tenant gives notice on the apartment or is evicted, you must move out. You are thus dependent on the person you’re renting from.

Read more about subleasing at omboende.se.

A checklist before you move in:• Ask to get a copy of the permit to sublease from the

person you’re renting from. • Write a subleasing agreement with the person you’re

renting from. You can find an agreement template and much more at omboende.se

• Inspect the apartment together with the person you’re renting from and note all damages in a record that you will both sign and receive one copy of.

• If you are renting a furnished apartment, make a list of all the things in the apartment. Note if anything is damaged. Once you are in agreement on the list, you both will sign and take one copy each.

Read morewww.elpriskollen.sewww.omboende.se

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Buying an apartmentIf you buy an apartment, you are actually buying a share in a housing cooperative. This share gives you the right to live in the apartment. The cooperative owns the building where the apartment is located, the land and the common spaces.

Expect that you’ll have to save up at least 15 percent of the price itself and pay it in cash. For the remaining 85 percent, you can apply to borrow from the bank.

You’ll pay a monthly fee to the cooperative, which will cover costs for interest and loan payments, and to keep the building in good condition. You are responsible for maintenance of the apartment, such as wallpapering or changing the floors. And if the stove, the refrigerator, or the like break down, you are the one who must pay for it.

When you want to move, you will sell the apartment. If you’re lucky enough to sell when prices are high, you could make a profit. If you are unlucky and sell when prices are low, you could lose money. It may even be that you have a debt you have to pay back to the bank even though you’ve sold the apartment.

Preparations if you’re thinking of buying an apartment:• Count on being able to manage interest of 6 percent.• Apply for a loan commitment from the bank.• Read the annual report from the housing cooperative.• Ask someone on the board which renovations are planned.

Major renovations could mean that the fee will increase.• Check that the cooperative uses straight-line

depreciation on the value of the property. Progressive depreciation methods may not be used. Find out more at www.omboende.se

• Read the regulations of the cooperative, which describe what rules apply.

• Read the apartment listing and check that there is not a lien on your apartment.

• Use checklists for apartment buyers at www.omboende.se

Buying a houseWhen you own a house, you are the one paying all the costs. For a homeowner, there’s always something that needs to be fixed. Expect that there will always be costs you hadn’t thought about. You will have expenditures for things such as garbage collection, soot removal, gardening equipment, home insurance and heating. You will also have to pay annual property fees, registration of title, the mortgage, and for the arrangement of new loans. Homeowners need a buffer to be able to withdraw money for unforeseen expenses.

When you buy a house, you must pay a cash deposit of at least 15 percent of the price. For the remaining 85 percent, you can apply to borrow from the bank.

If in the future you wish to move, you will sell the house. If you’re lucky enough to sell when prices are high, you could make a profit. If you must move, for example owing to separation or your job moving, you may need to sell despite prices being low. You then risk losing money. If you are really unlucky, you may still have a debt to the bank you’ll have to pay back although you’ve sold the house.

Preparations if you’re thinking of buying a house:• Go through your finances.

Can you manage an interest of 6 percent?• Coordinate a loan commitment from the bank.• Inspect the house carefully. A surveyor can be of great help.• Use checklists for house buyers at www.omboende.se

How to save energy and moneyThere are many ways to reduce energy use and to save money at the same time. One example is shut off the power to the computer and the TV – that is, not leaving them in standby mode. Find out more at www.energimyndigheten.se and test their energy estimate.

Keeping your expenditures on an even keelSave the difference between what you pay at the current rate of interest and an assumed rate of 5.5%. When the rate later exceeds 5.5%, you can draw from the money you saved, and won’t have to cut back on other expenses. (Another possibility is to pay off the mortgage faster when interest rates are low.)

Switch electricity supplier and save moneyDepending on your electricity consumption, you can save from a couple hundred to several thousand kronor per year by changing electricity supplier. At www.konsumenternas.se or www.elpriskollen.se you can read about how to do it.

Practical tips

A lively four-year-old like Dexter will gladly be the focal point of the home.

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Economical drivingYou can reduce your fuel consumption by more than 10 percent and save 1,500 kronor per year by driving in a stingy manner: • Drive in as high a gear as possible.• Keep acceleration even.• Use motor braking. • Time your decelerations so that your car does not stop

completely.• Don’t let your motor idle.• Let up on the accelerator going downhill, accelerate

evenly going uphill.

Read more about economical driving at www.trafikverket.se

Owning a carA car costs money even when it’s standing unused in the parking lot. New cars in particular decrease rapidly in value at the beginning, and you must also pay for:• Taxes• Insurance• Inspection• Service• Repairs• Maintenance

At bilsvar.se, you can read more about different makes of car and calculate what various cars cost.

When you purchase a car, you can be sure of one thing – it will cost you. At the same time, your car gives you a great deal of freedom. Perhaps you could join a carpool, or rent and only pay for the car when you really need it.

Car

Enter your car expenses in the table on page 23

Join a carpoolYou’ll have access to a car when you need it without it costing as much as owning the car yourself. There are carpools all around the country, often linked to landlords or tenant-owner associations.

Tips

If you want to drive, you’ll also have to fill the tank. This is Emma, who wants to get away.

Buying a carAs a rule, it’s cheaper to buy a car from a private individual than from a car dealer. The risk is that if something is wrong with the car, you can’t make a complaint about it. It is therefore extremely important to inspect the car and check on the seller before the purchase:• You can bring the car in for inspection at a garage or

vehicle inspector.• Check that the seller is the registered owner and that

there are no debts on the vehicle. The Swedish Transport Agency can help you.

• Write out a contract of sale. You can find examples at www.konsumentverket.se

If you buy from a dealer, the Consumer Purchases Act applies; among other things, it gives you the opportunity to lodge a complaint against any faults. • Request a declaration of goods on the car.• Run an acceptance test when you pick up the car.

The checklist is available at www.konsumentverket.se

Car model Toyota Auris Your own car 1.6

Model year 2008 Purchase price 224,000 Fuel Gas Fuel expenditure 8,800 Tax, inspection 700 Insurance 4,400 Repairs, service etc. 7,000 Tyres 1,500 Depreciation 14,000

Total costper year 37,000 per month 3,000 per 10 km 25

How much Anne’s car costs per year More information at www.bilsvar.se

Read morewww.konsumentverket.se www.bilsvar.se

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Using your mobile phone abroadWhen you’re at home in Sweden, you probably pay a fixed fee for data traffic. If you are abroad, it will be much more expensive to surf on your Swedish subscription. Within the EU there is a maximum limit for how much it can cost to call, send an SMS, and surf. To keep an eye on your costs, you can ask your carrier to notify you when you’ve surfed for a given amount.

When you travel abroad, keep in mind:• Check with your carrier how much it costs to call and

surf in the countries you’re going to visit.• Shut down apps that automatically connect to the

Internet. Shut down roaming as well.• If your telephone is not locked into a given carrier, you

can purchase a local cash card to call and surf with.

Shopping from homeShopping on the Internet, or via phone or mail order, is called “long distance shopping”. Under the law, you have 14 days to change your mind about your purchase. This applies even if the salesperson comes to your home or if you run into a seller in a mall or on the street.

Telephone salesIt’s common to be called up by a telephone salesperson, and the conversation can go quickly. If you change your mind afterward, you always have the right to return it within 14 days. If you don’t want to be called up by telephone salespeople, you can block your number to sales calls for free via the NIX register: 077-228 00 00.

Tips if you’re called up by a telephone salesperson:• If you’re not interested, decline the offer clearly and end

the call.• If you are interested, ask how much you have to pay

in total and if you are committing yourself for a longer period.

• Ask what the company is called, and ask for their telephone number and address in the event you change your mind about your purchase.

• If you get a bill for something you didn’t order, you must write to the company that you didn’t order anything. Keep in mind you’re not obligated to pay to send the item back–the company is.

Telephone, TV, and Internet Read more

www.telekomradgivarna.se www.pts.se www.konsumenteuropa.sewww.bredbandskollen.sewww.konsumentverket.se

“My bank has an app that categorises my purchases. It’s easy to get an overview of where the money’s going,” Anne says.

If you’ve tried switching providers, perhaps you’ve noticed that it’s not entirely easy. There are many suppliers and numerous technical alternatives. Services are often sold as a package, which makes them difficult to compare.

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We throw away large amounts of foodOne big problem is that we throw away a lot of food unnecessarily. The Swedish National Food Agency has calculated that we here in Swede throw out thousands of kronor of food per person annually. This is money you could use for more fun things. Smell and taste food even though the “best by” date has expired. The food is still often edible.

How to get lower food costs• Make a plan of what you’ll eat over the week.• Write a shopping list of what you have to buy.• Buy only the things that are on your shopping list.• Buy fruit and vegetable according to the season.• Use frozen vegetables–they’re cheap and easy to cook. • Buy less meat, and more beans and lentils.• Make lunchboxes out of leftovers.

When you pay for food yourself, you notice that it costs quite a bit. Count on about 2,000 kronor per month if you’re an adult. At the same time, food costs are something you can affect yourself to a great extent though what you eat and how you plan your meals.

Food

This is how much small purchases cost you in one year:

coffee at a café once a week (ca. 50 kronor) 2,600 krbulk candy 3 hg per week (6 kronor/hg) 936 kr soft drinks 1 per day (ca. 10 kronor) 3,650 krstrong beer 3 per week (ca. 15 kronor ea.) 2,160 krcigarettes 1 pack a day (ca. 53 kronor/pack) 19,350 krsnuff 3 tins per week (43 kronor ea.) 6,700 krmagazines 2 a month (50 kronor) 1,200 kr

Small purchases are rough on your wallet

If you bring a pack lunch to work instead of going out to eat, you can save approximately 1,200 kronor a month.

Pack lunches save money

Read morewww.slv.se/matvanekollenwww.slv.se/matsvinnskollen

Anne often decides the food that will be served but sometimes even Dexter is allowed to join in and help.

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Help in choosing insurancewww.konsumenternas.se www.minpension.se

Home insuranceIf you have householder’s insurance, you can get compensation if your possessions are destroyed or disappear. If you have to pay because you accidentally destroyed someone else’s possessions, you could also receive compensation. Legal protection is often also included, which can give you compensation if you end up in a dispute that must be resolved in court. Most householder’s insurance also has travel insurance and assault protection, which compensates you for medical care and lost wage income.

You can supplement your householder’s insurance with all-risk insurance, which can provide compensation if, for example, you accidentally spill coffee on your computer.

Sickness and accident insuranceIf you fall seriously ill or have a serious accident, sickness and accident insurance provides compensation beyond the help you receive from the state via the Swedish Social Insurance Administration. You can receive compensation if you are permanently injured, and for health care costs.

Children’s insuranceChildren who are permanently injured in an accident or from illness receive relatively low compensation from the Social Insurance Administration. Children’s insurance can provide extra compensation.

Car insuranceIf you own a car, by law you are obligated to have auto insurance. If you cause an accident, your auto insurance provides compensation for personal injuries and damages to the other driver’s car and property. On the other hand, you receive no compensation for damages to your own car. For this, you need comprehensive cover or limited damage insurance.

Computer insurance and other product insuranceOften, salespeople will offer you the chance to purchase special product insurance when buying something a little more expensive like a TV, a computer, or a mobile phone. But remember that you have adequate protection even without product insurance. You have the right for three years to make a complaint against something that breaks, and most often the manufacturer provides a warranty for a set amount of time. In addition, you can receive compensation through your householder’s insurance.

Unemployment insurance and the Unemployment Insurance FundEveryone who works and meets certain conditions is covered by unemployment insurance. If you become unemployed, you will receive relatively low compensation–a base amount. If you are a member of an unemployment insurance fund, you can receive somewhat higher compensation based on your wages.

Read more on the conditions for an unemployment insurance fund and how much compensation you can receive on the website for your fund.

Through the website of the Swedish Unemployment Insurance Board at www.iaf.se, you can find links to the various unemployment insurance funds.

You yourself decide which insurance you think you need, but they provide financial security if an accident happens to you. Be careful to read the pre-purchase information before you purchase insurance. There is a summary of important conditions and exemptions you should know about.

Insurance

Compare insurance companies Through www.konsumenternas.se you can compare different insurance companies.

Tips

Checklist – what kinds of insurance policies do you need?

Householder’s insurance

Comprehensive

Tenant-owner

Home

Sickness and accident insurance

Child and adolescent

Life

Unemployment insurance fund

Vehicle (car, motorcycle, moped, etc.)

Pension

Pet

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A buffer frees you up a bitIf you’ve managed to save up a buffer, you can more easily manage a month with a lot of bills, or buy a new winter jacket during the spring sale. You can live a little more securely and a little more cheaply. Try to save 10 percent of your income every month for a year to start. Then you’ve come a good bit along the way.

Save up for something specialWhen saving up for the longer term, you have many different alternatives. You can choose among things like:• An interest-bearing bank account.• Funds that can both increase and decrease in value.• Shares that require great involvement and can increase

or decrease in value.• Investment savings accounts, which make your savings

in funds and shares easier to declare on your tax return.

Determine something you really want or would like to do. It will then be easier for you to start saving. But save up a buffer for unexpected expenditures first.

Save up for a dream...

You can read more about savings and the various alternatives on the Konsumenternas banking and insurance website at www.konsumenternas.se.

Three savings tips• Find something you really want or would like to do. It

will then be easier to save.• Increase your savings when your income increases. • Automatically transfer to your savings account

immediately when you receive income.

Transfer part of your salary automatically to a savings accountYou can set up automatic transfer to a savings account and make sure the money is transferred immediately when your pay has come in. Think carefully about what risks you’re willing to take with your savings.

Tips

Emma has managed to get an extra job. She could therefore set aside money for a trip to the mountains last winter.

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If you don’t have money left over to save every month, then you don’t have money left to borrow any, either. Wait until you have more stable finances instead.

...or borrow?

Borrowing money costsWhen you shop for money to borrow, you’re using money you don’t have but you hope to get in the future. You must always pay back the loan to whomever you borrowed from. In addition, you have to pay interest.

Many alternativesThere are many different ways of borrowing money; some are more expensive than others. Loans without collateral are most often expensive, for example such as quick loans or using the credit on a credit card. Take the time to look at the different alternatives and conditions. You can find a good summary of the loan conditions on the SEKKI form that whoever is lending the money will give you.

A good rule of thumb When borrowing money to buy something, try to repay the entire loan before the item you purchased wears out.

Tips

Right to cancel a loanAny loan you take out is subject to a 14-day cancellation period. The period starts when you sign the agreement, or no earlier than when you as the borrower are given written documentation of the contents of the agreement. Note that, so far, this does not apply to home loans.

Effective interest rate:The effective interest rate is a comparative price on the loan expressed as an annual interest rate. It includes interest, the fee to open an account, payment notice fees and any other charges. The lender is obliged to tell you what the effective interest rate is.

Facts Here’s how much it might cost you to borrow money

You borrow 20,000 kronor. You pay back 647 kronor a month for five years. This is what you pay altogether:

40,000

30,000

20,000

10,000

0

Total

payments:

38,829 kronor

Kronor

Borrowing cost: 18,829 kr

Effective interest rate: 34.49%

Loan

Once you’ve found some good alternatives, you can try negotiating for lower interest and fees.

Credit checkA lender will want to find out if you can pay back a loan. This is called running a credit check. Information about you from the Swedish Tax Authority, the Swedish Enforcement Authority and other government agencies is used to assess whether you can pay back a loan. This is called a credit report. If you apply for many loans, many credit reports will be registered on you. It will look like you have a lot of debts. The lenders will be unsure about lending money to you, and you will receive a lower credit rating. You should therefore apply for a loan only if you really need it.

Read morewww.konsumenternas.se

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According to Swedbank, having children costs 1.4 million kronor up to their 18th birthday. It’s worth every krona, but it’s good to have an eye on your finances if you’re going to have children. It’s also important that parents talk together about how you’d like your finances concerning children to be.

About finances as a parent

Count on lower incomeWhen you have a child, you can apply for compensation from Försäkringskassan to stay home and care for your child instead of working. The compensation is called parental benefits. If you take out the maximum parental benefits, you can get around 80 percent of your wages. With a child allowance, it will be a little more.

Go to Föräldrakollen on the Försäkringskassan website, where you can calculate how your income changes when you have children.

Pram,cot, and child insurance cost moneyIn the beginning there are a number of things you need, for example a baby carriage, a child bed, and perhaps a child car seat. If you want to keep costs down, you can buy them used, or perhaps borrow from family or friends. Children’s

insurance, clothes and diapers are other things that you may not think of but the child needs.

Children and safetyAt the Swedish Consumer Agency website, you’ll find tips on what to think about if you’re going to buy a baby carriage, child car seat or other children’s products. You can also read more about child safety at:• www.dinsakerhet.se• www.trafikverket.se

What you can do to improve your finances• Take the opportunity to cook more of your own food. • Invite your friends on parental leave home instead of

going out for coffee.• Buy used, or borrow from family and friends.

When Dexter was younger, Anne worked part-time. The family then had to count their pennies.

Read morewww.forsakringskassan.se www.konsumentverket.se

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KNOW YOUR MONEY

You don’t have a lot of money. But you want cool clothes, a new mobile phone, and money for hanging out in town with your friends. At the same time you dream of travelling, getting your driving licence, and buying a new computer. How can you make ends meet?

Your finances as a young person

Your parents pay until you’re 18–then what?Your parents are obligated to pay for you until you turn 18, or until you’re 21 if you’re still going to high school. But count on paying to live at home if you’re earning your own money. See what’s reasonable in the table on page 16.

You can increase your income...If you’re going to school, perhaps you can get part of a student allowance. If you have time after your studies, perhaps you can get an extra job on evenings and weekends. During the summer, there are usually a large number of summer jobs.

...or reduce your expensesIf you start yearly, you can put together a large sum, perhaps for getting your driving licence. If you start saving when you’re 15 and save 200 kronor a month, in three years you’ll have a good start.

Savings planMaybe you’d like to buy a new mobile phone that costs 500 kronor a month. What other things can you save on so you can afford 500 kronor a month? Or did you think you

could afford it by earning more money–that is, starting to work? Can you get a job? Or if you already have a job, can you work that much more?

Who has control of your money?To sign an agreement, you must be 18 years old. This means that if you are under 18, the salesperson has to check that your parents approve the purchase. Otherwise, your parents can demand that the purchase be returned. If you have turned 16, you can control money that you earned yourself.

Emma’s finances

Income per month

Study allowance 1,050Extra job after tax 1,000Total 2,050

Expenditures

Mobile phone 200Clothes and gadgets 500Dining out 250Fun 400Gym 250Petrol 150Savings 300Total 2,050

“The social things are what cost–doing things with my friends,” Emma says.

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All joint costs will be yoursWhen you live at home with your parents, everything is right there: kitchen things, electricity, food, householder’s insurance, furniture and the vacuum cleaner. When you live in your own apartment, you’re the one who has to make sure everything is there–and you have to pay for it.

Is the money enough?Count up how much money you have left after your rent is paid. Is it enough for food, electricity, householder’s insurance and your mobile phone? Can you afford to buy furniture, clothes and shoes, and to go to the gym? Can you afford to save?

Live on your own or at home with your parents

Monthly expenditures Woman Man Woman Man

All food cooked at home except lunch on weekdays 1,410 1,860 1,410 1,860Consumer items 60 60 100 100Household utensils and small appliances 160 160 370 370Media and telecommunications 250 250 940 940Rent, electricity 1,840 1,840 5,000 5,000Householder's insurance 30 30 90 90Total household expenses 3,750 4,200 7,910 8,360

To pay at home 3,750 4,200

Other expendituresPersonal hygiene, incl. dental care 520 390 520 390Clothing and shoes 600 580 600 580Leisure 640 640 640 640Mobile phone 250 250 250 250Lunch out (20 times/month) 1,680 1,680 1,680 1,680Local travel on public transport 530 530 530 530Union and unemployment insurance fund membership 450 450 450 450Total other expenses 4,670 4,520 4,670 4,520

Total cost 8,420 8,720 12,580 12,880

*

*

*

*

*

*

*

*

*

*

Living with your parents Living on your own

Leaving home Read morewww.omboende.seFinally, your own apartment! An end to all the nagging–now

you decide. At the same time you have all the responsibility–for cleaning, washing up, and shopping. You’re also responsible for paying the rent every month. Read more about what costs you’ll have when you move away from home.

Living more cheaplyPerhaps you could split the rent with a friend, or move into a collective and make new friends. Then there are several of you sharing the joint costs.

Four tips• Don’t buy everything at once; get a gradual feel for what

you need.• Buying used furniture is much cheaper.• Choose your electricity provider, have a look at www.

elpriskollen.se• Get householder’s insurance, it costs around 100 kr a

month.

*One-quarter of costs for the entire household, as the calculation is based on a household with four persons.

Examples of costs for a 20-year-old with own income, living in a medium-sized city

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It could cost this much to equip your first apartment*

*The examples are based on purchase of new furniture and utensils, and assume that you choose the cheapest alterna-tives possible.

One person

Kitchen china, silverware, microwave oven

and other cooking equipment 5,500

Bedroom bed, mattress, lamp, bedside table

carpet, blinds, chest of drawers, chair and bedclothes 3,200

Living room – sofa, bookshelves, coffee table, armchair, carpet, ceiling lamp, standard lamp, curtainsand media equipment 16,000

Hall and bathroom – mirror, lamp, towels, tools and cleaning and laundry equipment 3,100

Total cost 27,800

LIVING WITH SOMEONEThe Swedish Cohabitees Act applies to people who live together as if they were married, not to friends who decide to be roommates. The basic idea is that the joint household, including furniture and other items, is to be divided equally if the couple stops living together. It doesn’t make any difference who paid for them. The only exceptions are items that were bought before they started living together. In other words, it’s a good idea for you and your partner to share household expenses.

The Act does not cover items that are not directly connected to the residence such as savings, or cars and boats; during a separation these items go to those listed as the owner. If you want your possessions to be divided up differently, you can arrange this by signing a cohabitation agreement. The agreement overrides the regulations in the law.

People who live together without being married do not inherit from each other. In the event of a death, the property of the deceased goes instead to his or her relatives. That’s a good reason for making a will.

If your partner has debts with the Swedish Enforcement Authority, be prepared to prove which possessions belong to you. Otherwise they might assume that the items belong to your partner and confiscate them in order to pay off the debt.

Report your new address to Skatteverket, the Swedish Tax Authority.

Sign a householder's insurance policy. Compare insurance policies at www.konsumenternas.se

Order telephone and broadband connections. You can get impartial information from Telekområdgivarna. Find out more at www.konsumenternas.se

Notify Radiotjänst that you have a TV. If you own a TV, you are legally required to pay for a TV licence. You can notify Radiotjänst at www.radiotjanst.se or phone 020-91 00 00.

Sign an agreement with an electricity supplier. If you don’t sign an agreement, you’ll pay the “until further notice” price, which is often more expensive. Find out more at www.konsumenternas.se and www.elpriskollen.se

Send your new address to family and friends. Why not take the opportunity to invite them and your new neighbours to a housewarming party?

Pontus on his way home from working out, but also off to study abroad.

FactsChecklist to use if you are planning to leave home

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Consumer guide Monica Petterson receives visitors in Koordinaten, the all-purpose building by Järntorget in central Oxelösund. Carina Ceder, who works as a budget and debt counsellor, is also part of this although she actually has her office in the town hall. Everyone who wants help with consumer questions or with handling their finances are welcome to see Monica and Carina.

“For many, contacting us is a big step. Having financial problems and needing to turn to someone outside can be a very emotional situation. All kinds of people who need help and who want to do their share come to me,” Carina says.

Help with debt restructuringThe most common causes of large debts can be a divorce, illness, or having sold a house or apartment at a loss. Many turn to Carina to get help applying for debt restructuring. It usually takes several weeks before Carina has a free appointment.

“But if I notice that someone who’s calling is in a real panic, I can often re-prioritise my work tasks to be able to help out quickly,” she tells us.

The answering machine is always onNeither Monica nor Carina work full time with consumer guidance or with budget and debt counselling, but they always have their answering machine on. If they can’t answer immediately, they always call back later. And they

always answer their e-mails. Monica holds open consumer guidance sessions two days a week.

“A common problem area people contact me about is telephony. It happens sometimes that people come to me after having been convinced to change telephone subscriptions but the cancellation of the old subscription hasn’t worked. Then the consumer is stuck with two contracts to pay for,” Monica says.

Contact your municipality if you need help All municipalities are obliged to offer budget and debt counselling according to the law. Consumer guidance, on the other hand, is not required by law, but most municipalities in the country offer it.

Do you want to know how it works where you live? Go to your municipality’s website, or find the right way via www.konsumentverket.se

Personal guidance

• If you are going to hire help to alter your home, use the Hantverkarformuläret (the “craftsman questionnaire”) from the Swedish Consumer Agency.

• Always pay your household bills first. Prioritize your rent, electricity, food, and householder’s insurance before anything else.

• If you have difficulties making your money last for an entire month, you can divide it up by the number of weeks remaining until your next paycheck. Save your “weekly money” in separate envelopes. Each envelope should be enough for everything you need for one week.

Monica and Carina provide tips on finances

What does a consumer advisor do, and what help can you get from a budget and debt counsellor?

Everyone who lives in Oxelösund Municipality is welcome to visit Carina and Monica.

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Free help from the consumer bureausYou can get free guidance on telephony, TV, Internet, energy, banking and insurance. You can call or send an e-mail. You can read a little more about Telekområdgivarna here.

Each weekday, specialists sit in at Telekområdgivarna and answer questions by telephone, by e-mail and by letter. At the Telekområdgivarna website, you can read about things like different subscriptions and your right as a consumer in TV, telephony and Internet.

“The web site is a first step to check if you have a question,” says Camilla Brogren of Telekområdgivarna.

Common questions for TelekområdgivarnaThe consumer bureaus provide general advice and help for self-help, but never represent an individual person. Many get in touch with Telekområdgivarna with questions and complaints concerning, for example:• Problems that arose at the time of purchase, in which the

consumer thinks the salesperson provided incorrect or misleading information.

• Consumers who were moved to a new carrier without having understood this.

• The right to cancel a purchase and binding periods for contracts.

Telekområdgivarna recommends • Always read through all contracts carefully.• Not to believe that you will get mobile phones and other

equipment for free.• To get all oral promises in writing before

signing something.

“ Also keep in mind that oral contracts are binding, which is why calls are often recorded,” says Mattias Grafström, CEO of Telekområdgivarna.

The four consumer bureausBehind the consumer bureaus are government agencies and industry organisations. Their operations are funded by businesses within the respective industries.

You can find all the bureaus at www.konsumenternas.se

On the websites of these bureaus you can:

• Compare different banking and card fees.• Read about different electricity, gas, and district heating contracts. • Compare auto insurance, review children’s insurance and calculate various retirement costs.• Read about contracts for TV, telephony and Internet.

The bureaus have telephone hours every weekday between 9:00 AM and 12:00 PM. Their task is to provide facts and information prior to purchase, interpret and explain contract conditions, and explain how to go further if you are dissatisfied with a decision from a business.

Telephone numbers for the bureausBank- och finansbyrån: 0200-22 58 00Energimarknadsbyrån: 08-522 789 50Försäkringsbyrån: 0200-22 58 00Telekområdgivarna: 08-522 767 00

Contact the consumer bureaus

If you contact Telekområdgivarna, you will get an answer from a specialist. Kristian Ramirez is one of them who answers questions via e-mail, letters and telephone.

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* Due to free dental care, the total for 18 and 19-year-olds is approximately 65 kronor less per month

Consumer Agency estimates 2015Every year the Consumer Agency makes an estimation of what are reasonable costs for households of various sizes. These figures can be a starting point when you want to go through your finances. You can also compare our estimates with your own.

The calculations are based on a base need for goods and services and shows examples of costs for this.The estimates assume that you have no disabilities or illnesses that require extra expenditures, for example medical devices or medications. Another assumption is that you live in an apartment and do not have any expenditures for gardening or repairs.

Keep in mind that the estimates do not cover all household expenditures. Travel, health care, glasses, presents, holiday, entertainment, alcohol, tobacco and gambling are some of the costs that are not included.

Enter your own figures in the table or use the Consumer Agency’s estimates if you aren’t sure how much you spend. Then transfer your costs to the budget on page 23.

The amounts in the tables have been rounded to the nearest ten kronor.

Read moreIf you want to read more about the Consumer Agency’s estimates, you can read Report 2013:1 and 2013:4, which can be downloaded from www.konsumentverket.se

Consumer Agency Estimates

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ts

Expendable itemsHousehold utensils and small appliances Media and telecommunicationsHouseholder's insurance

big citymedium-sized citysmall town

Total joint costsbig citymedium-sized citysmall town

What the costs include Food:All food cooked at home. Food costs for all meals in the Consumer Agency’s menu. This is a four-week menu, which covers daily calorie and nutritional requirements for the respective age groups. The menu includes breakfast, lunch, dinner and two or three snacks.

All meals at home except lunch on weekdays. Food costs except for lunch five days a week. (Children eat lunch at school and adults eat lunch at a restaurant). Other food costs, such as parties and extra coffee breaks (whether at home or at a café) are not included. You must add those costs yourself.

Children Girls Boys Women Men 6–11 months 1 2–5 6–9 10–13 14–17 10–13 14–17 18–30 31–60 61–74 75+ 18–30 31–60 61–74 75+All food cooked at home 760 770 930 1,520 1,680 1,880 1,920 2,420 1,840 1,810 1,660 1,610 2,420 2,310 2,080 1,880All food cooked at home except for lunch on weekdays 580 590 720 1,160 1,290 1,440 1,470 1,860 1,410 1,380 1,270 1,230 1,860 1,770 1,590 1,440

0 1–2 3 4–6 7–10 11–14 15–17 11–14 15–17 18–30 31–49 50–60 61+ 18–30 31–49 50–60 61+Personal hygiene, including dental care 500 430 150 110 140 280 400 210 250 520 520 500 500 390 390 390 390Clothing and shoes 370 440 440 520 560 580 590 570 580 600 600 600 600 580 580 580 580Recreation and play 80 180 180 400 620 710 720 710 720 640 640 640 640 640 640 640 640Mobile phone 200 240 200 240 250 240 230 210 250 240 230 210Child and adolescent insurance 130 130 130 130 130 130 130 130 130

Total costs, excluding food 1,080 1,180 900 1,160 1,450 1,900 2,080 1,820 1,920 2,010 2,000 1,970 1,950 1,860 1,850 1,840 1,820

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My monthly household expendituresConsumer Agency Myestimates costs

Expendable itemsHousehold utensils and small appliances Media and telecommunicationsHouseholder's insurance

big citymedium-sized citysmall town

Total joint costsbig citymedium-sized citysmall town

1 member 2 members 3 members 4 members 5 members 6 members 7 members

100 130 220 260 320 370 410 370 450 540 620 730 820 880 940 970 990 1,010 1,030 1,050 1,070

120 130 150 160 160 180 180 90 100 110 110 120 120 120 80 90 90 110 110 110 120

1,530 1,680 1,900 2,050 2,240 2,420 2,540 1,500 1,650 1,860 2,000 2,200 2,360 2,480 1,490 1,640 1,840 2,000 2,190 2,350 2,480

* *

Personal hygiene, including dental care:Applies to things like soap, toothpaste, diapers, haircuts etc. and the cost of an annual dentist visit (examination) for adults.

Clothing, shoes:One basic need is clothing and shoes for everyday use, for leisure time and for more festive occasions. Handbags, watches, umbrellas and other accessories are also included here.

Recreation, play:Common leisure time activities, toys, books, skis, bicycles, membership fees, and so on.

Mobile phone:The cost for a telephone with a prepaid card.

Child and adolescent insurance:Cost for sickness and accident insurance for children and young people. Also covers illness and accidents during leisure activities.

Consumer items:Daily items primarily used for care and running a household, such as laundry soap and cleansers, toilet paper and paper towels, etc.

Household utensils and small appliances:Furniture, kitchen utensils, TV, computer, etc. Freezer, dishwasher, and washing machine are not included.

Media:Cost for broadband, land line, radio and TV licence, daily newspaper, etc.

Householder's insurance:Costs vary depending on the amount of insurance on the house and place of residence. Big city: over 200,000 inhabitants. Medium-sized city: 50,000–200,000 inhabitants. Small town: fewer than 50,000 inhabitants.

Children Girls Boys Women Men 6–11 months 1 2–5 6–9 10–13 14–17 10–13 14–17 18–30 31–60 61–74 75+ 18–30 31–60 61–74 75+All food cooked at home 760 770 930 1,520 1,680 1,880 1,920 2,420 1,840 1,810 1,660 1,610 2,420 2,310 2,080 1,880All food cooked at home except for lunch on weekdays 580 590 720 1,160 1,290 1,440 1,470 1,860 1,410 1,380 1,270 1,230 1,860 1,770 1,590 1,440

0 1–2 3 4–6 7–10 11–14 15–17 11–14 15–17 18–30 31–49 50–60 61+ 18–30 31–49 50–60 61+Personal hygiene, including dental care 500 430 150 110 140 280 400 210 250 520 520 500 500 390 390 390 390Clothing and shoes 370 440 440 520 560 580 590 570 580 600 600 600 600 580 580 580 580Recreation and play 80 180 180 400 620 710 720 710 720 640 640 640 640 640 640 640 640Mobile phone 200 240 200 240 250 240 230 210 250 240 230 210Child and adolescent insurance 130 130 130 130 130 130 130 130 130

Total costs, excluding food 1,080 1,180 900 1,160 1,450 1,900 2,080 1,820 1,920 2,010 2,000 1,970 1,950 1,860 1,850 1,840 1,820

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If the money isn’t enoughYour bills must be paid. Your loans, too. Food is expensive and your winter shoes are leaking. The month has just begun but your money has run out. Again. Does this sound familiar?

Everyone has problems sometimeSome months have more bills and larger expenses than others. If you’ve managed to save up a buffer, you’ll still make it. Or maybe you have a family member who can help you out temporarily. If you think that otherwise, your finances work, perhaps it will be enough to increase your buffer savings somewhat.

Difficult to pay every month?If you have constantly recurring problems with paying your bills, you must change your situation properly. Otherwise you could get notices of non-payment or be evicted from your home. Hopefully, you can solve your problems in a short amount of time and then get back on your feet again.• Move to a cheaper house or rent out a room.• Cancel your subscriptions.• Sell your car and things you have at home.

You can get help• Talk with whoever you got the bill from and ask to be

allowed to pay the bill off a little at a time over a few months.

• Talk with the budget and debt counsellors in your municipality, they will advise you for free.

Do you have debts?Do you owe thousands of kronor on an expensive credit card? Try to get a bank loan with lower interest and pay off all your credit debts. Then cancel the card so that you aren’t tempted to run up new debts.

Tips

An unpaid bill will multiply right before your eyes.

Phone bill 600Written payment reminder 60Collection letter 180Application to the Enforcement Authority for a an order to pay 300Collection company’s retainer 380Collection fee 600Total: 2,120

If you lose control, it can get expensive

Read morewww.kronofogden.se www.konsumentverket.se www.datainspektionen.se

If you don’t pay a bill, you could get a notice of non-payment in the credit reporting company’s register. This could entail problems for you. For example, you could have a bank loan or a mobile phone or Internet subscription rejected. You could also have problems renting an apartment.

The path to a record of non-payment• You get a bill.• If you don’t pay, you get a reminder.• If you don’t pay that, you get a collection letter from the company

or from a dent collection agency.• If you don’t pay that, you get an injunction to pay

from the Swedish Enforcement Authority.• If you don’t pay that, the Enforcement Authority establishes your

debt.• You have a record of non-payment.

If the debt is incorrect, it is important that you protest in writing as quickly as possible. Save your protest so that you can show it to the Enforcement Authority if you get an injunction to pay.

Record of non-payment

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To achieve your dreams, you might need to save more. Make a new budget of how you’d like to spend your money so that there is extra to save.

Go through all the cost items again and write down what you want to reduce them to in the My new budget column. What you take away, you can put into savings instead. Now it’s just a matter of trying to live according to your new budget! If you manage this, your savings will grow every month and you’ll be taking yourself closer to your dream, one step at a time.

Your budgetIn the table below, fill in your income and your costs in the My current budget column.

My current budget My new budget

Total income (from p. 2)

Costs

Food (from p. 20)

Personal hygiene, including dental care (from p. 20)

Clothing and shoes (from p. 20)

Recreation and play (from p. 20)

Mobile phone (from p. 20)

Child and adolescent insurance (from p. 20)

Consumer items (from p. 20)

Household utensils and small appliances (from p. 20)

Media (from p. 20)

Householder’s insurance (from p. 20)

Car (from p. 8)

Other insurance

Housing

Household electricity

Loans (principal and interest)

Public transport

Unemployment insurance fund and union dues

Doctor’s bills/medication

Other (e.g. candy, games, presents, alcohol, tobacco, pets, holiday)

Savings

Total costs

RESULT (Income minus costs)

Feel free to try out the Consumer Agency’s budget calculator at www.konsumentverket.se

Monthly income and costs

Are you looking for additional advice about your finances?Contact a consumer guide or budget and debt counsellor in your municipality. The contact details are available at: www.konsumentverket.se

Tips

© Konsum

entverket 2015 ISBN

978-91-7398-977-0

Konsumentverket, Box 48, 651 02 Karlstad. Telephone: 0771-42 33 00. konsumentverket.se

Ten financial tips

New information serviceStarting March 31, 2015, there will be “Hålla konsument” (Hello Consumer), a national information service for all consumers. There, you can get answers to questions about purchasing goods and services, contracts, and complaints, or get help finding the right consumer advisor, budget or debt counsellor, consumer’s bureau or government agency that can help you further. You can speak with our guides via telephone, e-mail or chat and read more at www.hallakonsument.se

0771-525 525 00hallakonsument.se

Would you like to receive more brochures? More brochures can be found at your municipality’s consumer guide and budget and deb counsellor. They can also be ordered from the Consumer Agency website: www.publikationer.konsumentverket.se

Project management & text Joel Samuelsson Photos Øyvind Lund Design Universitetstryckeriet, Karlstad Printing Elanders

1. Make a budget based on the Consumer Agency’s budget estimateYou can also compare your expenses with the Consumer Agency’s estimates if you like.

2. Keep a record of your expendituresWrite down all your expenses for a month and you’ll get a picture of where you’re putting your money.

3. Plan your food purchasesMake a weekly menu with a shopping list, and keep to it when you’re shopping.

4. Pack your lunchBy preparing your meals at home and packing a lunch, you can several hundred kronor a month.

5. Review your TV, broadband, telephone, electricity plans, etc.Do you really need all those television stations? Is there a cheaper way to make and receive phone calls? Is there a less expensive electricity provider?

6. Ride your bicycle instead of drivingDriving a car is expensive. Ride a bicycle or public transportation instead.

7. Save energy Go to www.energimyndigheten.se and run an energy calculation to see how much you can save.

8. Review your insurance policiesDo you perhaps have double coverage, or are you paying for insurance you really don’t need?

9. Review your loansGet in touch with your bank and negotiate better interest. Perhaps it’s time to change banks?

10. Take a break from buying thingsTry just buying the absolute necessities for a month. How much do you spend then?

HELLOCONSUMER!

Independent guidance through the Swedish Consumer Agency