Check the tax card

In December, the authorities adjust the new tax card for 2023. However, the tax deduction is often based on old information. If you have taken out more loans, the cut commuting or becoming a parent in 2022? Then the deduction may be incorrect. Also remember that the interest rates are much higher in 2023 than for 2021. Higher interest rates = higher interest deductions = lower tax deductions. But the authorities don't know that. You are the one who has to adjust the tax card. That is not directly wrong to leave the deduction as it is, but then you have to wait for the credit amount until 2024. You can find the tax card at www.skatteetaten.no/person/skatt/skattekort/

Skaff overview:

Log in to inkassoregisteret.no using BankID. You will then get a full overview of your debt collection cases, as well as unsecured debts, i.e. consumer loans, shopping accounts, credit cards, etc. Home loans, car loans and other mortgage-secured loans can be found in the tax return, as well as student loans, unless they were taken up in 2022. Private debt, res ttax and normal collection claims will not normally appear in the tax return or in the debt register. Feel free to use the tax notice from 2022 to see the development and set goals for the next turn of the year.

Make a budget

A budget is a very good guideline for everyday finances. Use the 'My finances' function in the online bank to get an overview of your spending. DNB, for example, has a super 'My finances'. If your bank does not have such a service, you can download apps such as 'Monefy' to your mobile. This gives you a starting point for setting up a budget. Check your consumption against the budget calculator at sifo.no, and you can see whether your/your family's consumption is much higher or lower than the standard family.

Forced invisible savings

Hard to save, you say? Fool yourself! Ensure an automatic withdrawal in the online bank of a few hundred Swedish kroner on the same day you receive your salary. Do you notice little consumption? Increase by another few hundreds next month. The day you have to fork out NOK 5,000 at the dentist or have to replace a broken washing machine, you will notice how good it is to have a buffer account for unforeseen expenses. Most people should have one to two months' salary available. Put the money into a high-interest account. You will find the best offers here:

Earn tax-free

Do you know that you can earn up to NOK 65,000 without paying a penny in tax? You also do not need to list all income in your tax return. Paint your uncle's fence, mow your neighbor's lawn. You can receive up to NOK 6,000 tax-free from one person if the work is carried out in a private home.

Automatic withdrawal

Use eInvoicing and direct debit as much as possible. It is then easy to get an overview of the bills to be paid and simpler to plan the finances. Go through all your fixed expenses and check which companies offer eFaktura. You will get a list of this in the online bank. You can also combine eFaktura and Avtalegiro, so that the bill is paid when due even if you forget to approve it.

Save in BSU

Housing savings with tax deduction for young people (BSU) is Norway's best savings scheme. This year, the annual quota was increased to NOK 27,500, which gives NOK 5,500 in tax deductions. Fill up the buffer account, but forget funds and other savings products until after you have filled up the BSU quota each year. BSU provides high tax deductions (if you have taxable income), the country's best savings rate and equity for home purchases. However, if you have already bought a home, you will not get any more BSU deduction.

Rent out

Rent out the cabin, car or boat when you are not using it. self. It provides good income, and is also favorable in terms of taxation. The first NOK 10,000 of the cabin rent is tax-free, and beyond this only 85 per cent of the income is taxed. If you live in a three-room flat, you can earn tax-free kroner by renting out a bedroom. Or how about renting out the room at weekends via Airbnb? If you rent out less than 30 days a year, the same rules apply as for the cottage: The first 10,000 is tax-free, then 22% tax on the profit.

Save electricity

Energy bulbs and energy-saving showers are all well and good. But did you know that heating accounts for over 50 percent of the electricity costs in a home? Installing a heat pump costs from NOK 15,000 to 25,000 including installation, but can cut the need for energy for heating by 60-70 per cent. Enova provides subsidies for certain single-use initiatives.

Be price conscious

Use services such as prisjakt.no and prisguiden.no, or others to find which stores are cheapest for your purchases. Many sports shops, electrical chains and so on have a price guarantee that means you can buy the goods as cheaply from them as from the competitor.

Smart car economy

You can save NOK 2,000-3,000 a year by filling up with fuel at the right time. In many places with competition between gas stations, the price is often reduced by NOK 2-3 on Sunday and Monday mornings (the pattern may be different where you live.) Do you drive with a ski box on the roof all year round? Greater air resistance = greater consumption. Take the box off when not in use and save money. And by all means check your car insurance with competitors once a year.

Expensive car hire

Are you going to hire a car in Europe on holiday? Often the rental price itself is low, while all possible additional services are expensive. For example, you can save a lot of money by bringing the child seat with you from Norway. Note that rental car insurance often has a very high deductible, up to NOK 20,000. That is why the companies will be happy to offer you an expensive excess insurance policy. If, on the other hand, you are a member of, for example, NAF, you have free deductible insurance. Several card companies have also received such additional coverage. It only costs a couple of hundred Swedish kroner.

Shop smart

It pays to plan your grocery shopping and shop big just once a week. There is money to be saved by being aware: Choose discount stores for the basic goods, and take advantage of the tempting offers of the more expensive chains. I myself use apps such as Kupp and Mattilbud to get an overview. If you register at both Coop, Æ and Trumf, you will earn some money regardless of which store you use. Link your card to the app.

Check your insurances. Every year!

It is not unusual to save several thousand Swedish kroner on a family package of insurance policies. Make it an annual check: Put the insurance policies out to tender. There are a number of such tender services online. You fill in the most important points for your insurance, and in no time it is sent out to competitors and you get a quote back. You do not necessarily need to change companies if you are satisfied with your existing one, but can use the offers to push down the prices. They have a lot to go on. Good luck!

Change bank

Last but not least. Check the interest rate on your mortgage and switch if your bank insists on a high interest rate. There is of course money in making your own lunch and ditching expensive subscriptions to streaming services, but it's a pittance compared to saving a few small percentage points on your loans.