In recent years, many Swedes have had a taste of a tougher financial existence, with high mortgage interest rates, more expensive food and electricity bills that skyrocketed during the winter months.
Towards autumn and the turn of the year, however, a certain lightening awaits.
– After two years of financial steel bath, households seem to be moving towards brighter times. Not least if inflation lands at 1.9 percent in December and mortgage interest rates at 3.65 percent, which is our forecast, says Arturo ArquezSwedbank and Sparbankerna’s private economist, i a press release.
READ MORE: 7,000 more a month – here are the winners when the economy strengthens
Arturo Arquez. Photo: Press image/Swedbank
DON’T MISS: Reduced tax for one million Swedes – are you one of them?
Here, students can withdraw SEK 5,000 a month
But for one group instead, a major financial challenge awaits in the autumn. On September 2, the autumn semester begins at all the country’s universities and colleges.
In order for all of Sweden’s students to be able to cover their expenses, the student grant and student loan have been increased this year by just over SEK 1,100 to SEK 13,156 a month.
However, a calculation made by Länsförsäkringar shows that this amount, for students in certain cities, will not be enough to cover all expenses. The main reason for this is the housing costs in several of the student cities.
READ MORE: Here is the city with by far the cheapest student accommodation
High housing costs make it expensive to study in Stockholm. Photo: Fredrik Sandberg/TT
The calculation shows, for example, that those studying in Stockholm risk falling behind by around SEK 5,000 a month. If you instead choose to study in Karlshamn, you can get approximately SEK 2,000 extra every month.
DON’T MISS: Student? Here’s the mistake you DON’T want to make before the start of the semester: “Can lead to fines”
The economist’s advice: Chart the expenses and income
Stefan Westerbergprivate economist at Länsförsäkringar, therefore emphasizes the importance of having a plan for your finances as a student.
– It may not be the most fun thing in the world, but it is still necessary to understand what student everyday life will look like. Even though the grant and the loan have been increased, every kroner must be counted in order to cope with both everyday expenses and be prepared for some large expenses that come at the start of each semester, he says in a press release and continues:
Stefan Westerberg. Photo: Adrian Leopoldson/Länsförsäkringar
– My appeal to all students is to map the expenses you will have and set them against the income so that you know how much there is to move around with each month. It is also important to plan for the months when you do not receive student funding, for example by applying for an extra job in time. Working extra is a good way to extend the student funds. Just make sure your income does not exceed the free amount.
DON’T MISS: Student Annifrid, 26, saves thousands every month – with 4 simple tricks