Sponsored by Länsförsäkringar

The economic situation is hitting many people hard, not least parents of young children who are balancing work with parental leave. Perhaps you're worried about how inflation will affect you with higher interest rates, rising electricity prices and higher food prices in shops? That's why we're working with Länsförsäkringar to provide tips and advice on how you can save money on unnecessary expenses and make your family's finances easier.

The end of 2022 was marked by a noticeable increase in inflation, which will continue into 2023. No one knows how long the economic situation will last, so why not start the new year with an effort to get the economy under control? 

Here you will find a long, detailed financial template where you can easily fill in every aspect of your income and expenditure.

Together with Länsförsäkringar and financial expert Emma Persson, we share seven tricks to become financially smart and reduce stress if something unexpected happens. 

At the bottom, you can also download two different financial templates to make the process easier - and even fun! 

1. review fixed costs

Could it be that you are sitting on a bunch of subscriptions, contracts and subscriptions that are rarely used or not used at all? Then it is definitely time to reduce these or see if you can get a better price with another provider. Maybe you can share some subscriptions where you can have multiple accounts with a friend or family member?

2. Impose a purchase ban

Do you really need a new pair of shoes, more toys and clothes for the kids or a new lamp for the living room? Or could it be that it's something you 'want' - that is, something you really want but can do without? Instead, start the year with a total shopping freeze and see how many things you can cross off the shopping list that you or you can actually do without. Is it the case that the kids really If you need something new, we recommend checking out the second-hand market.

3. Find your financial weak spot

Many of us have a weak spot when it comes to unnecessary spending. Maybe it's expensive beauty products, excessive consumption of take-away coffee or many unplanned and unnecessary actions. Do you recognize yourself? Calculate how much you spend on unnecessary expenses and decide to save that amount instead. Most banks have digital tools to help you get a good overview of your spending, so it doesn't have to be a big project to get an overview of these expenses.

4. Negotiate with the bank

If you have a mortgage or other loan, it is always a good idea to negotiate the interest rate, especially now that we are seeing rising interest rates and high inflation. You will almost certainly notice rising interest rates regardless, but you can make sure it doesn't get higher than necessary by negotiating with your bank.

If you decide to lower your interest rate, the first step is to keep an eye on list rate, which is the lender's starting interest rate. It is possible to get a much lower interest rate than that, so step two is to look at the average interest rate, which is the average interest rate for mortgages at your bank. Compare this with the average interest rates of other banks and you will be in an optimal position to negotiate! Reducing the interest rate by around 0.5 percentage points can save you several thousand dollars a year, depending on the size of your loan.

5. Collect your insurance policies

Do you have many different insurance policies spread out in different places? By combining your family's insurance policies, such as child insurance, pregnancy insurance and home insurance, you can get the best possible premium and save money. Länsförsäkringar offers all types of insurance. Just make sure you get an approved policy before you cancel your existing one.

6. save smart!

Once you have reviewed your family's finances and all the expenses you can cut back on, you will have a clear idea of how much could be put into a savings account instead. By actively saving, you can reduce stress if something unexpected happens. Like now, when some expenses are rising a bit and the economic situation looks completely different than it has in recent years. And isn't it worth watching your savings account grow by spending a few hours reviewing your family's financial habits? 

Given the economic situation, you may find it difficult to fit savings into the equation. Try to accept that you will need to remove or reduce savings for a while to make ends meet, there will come a time when you can start saving as usual again!

7. use our financial template!

Last but not least, we want to make it easier for you to create good financial conditions by presenting our financial template! Here you and your potential partner can fill in your income and expenditure and thus be in the best possible position to deal with high inflation.

Downloadable Financial template for the monthly family budget in PDF.

Longer and more detailed financial template in Excel where you can easily fill in every part of your income and expenses.