The new year often means something of a fresh start. At the same time, January is not without reason called the poorest month of the year, where the wait for the next salary or other compensation is longer than usual.
The guiding star in these times should, according to SEB’s private economist Américo Fernández, be “many small streams”; to turn over every penny to find the private financial space.
And there are several things you can do.
– The critical thing for the vast majority of people is to have a general buying freeze, and then I’m not just thinking about the wardrobe but everything from interior design to food and so on, says Fernández to SVT Nyheter.
There he is supported by Swedbank’s private economist Arturo Arques.
– That latte on the way to work, or those other small purchases that you think don’t cost much, easily become a large amount when you add them up, says Arques to the news agency TT.
Take away the savings – and avoid loans
Both are reminiscent of the everyday saver’s best friend: the lunch box.
– Here, many households can actually save thousands of Swedish kroner a month, says Américo Fernández.
There’s also no better time to clean out closets and storage and sell things on the second-hand market.
And if needed, the savings should be used now.
– You shouldn’t be afraid, especially during January, to take away your savings. An important thing to take with you is to try to make sure that tough January does not characterize the entire personal financial year, says Fernández.
Therefore, it is best to get rid of the credit card and avoid expensive consumer loans. It risks spilling over into the whole year in the form of high interest payments.
Better times await
The savings economist also has a condition for 2025: a lot will get better.
– Wages are rising while inflation is kept fairly low. This means you can buy more for your salary every month. Tax cuts have come into effect on the first of January, and that will put a little more money in the wallet, says Américo Fernández.
Interest rate cuts are also expected in the spring. The Riksbank’s forecast is only a reduction going forward – to 2.25 percent – while several major banks believe that the policy rate will be 1.75 percent by the summer.
If you are unemployed or on sick leave and have difficulty paying off the home loan, it is possible to apply for a repayment deferral.