Home economy is about how to take control of your personal finances and make sure your money covers your expenses.
Making a budget
(Att göra en budget)
It can be useful for everyone to make a personal budget. When you make a budget, you write down all your costs and all your income. That gives you a good view of your finances and how you can change things, for instance make a plan to pay off debts you may have.
The Swedish Consumer Agency publishes a folder called Keeping tabs on your money. The folder gives advice on how to make a budget and how to make your money last longer. The folder is available for free at their website in several languages.
Read more on the website: www.konsumentverket.se The information is available in several languages.
You can contact the consumer advisor in your municipality for help and information about home economy, such as assistance in making a budget.
Budget and debt advice
(Budget- och skuldrådgivning)
Many municipalities offer budget and debt advice to their residents. The advisors can give practical tips and advice to people who have difficulties with their money. They canexplain how to make a budget, give advice on how to pay off a debt, and assist in applying for debt rescheduling. You can read more about debt rescheduling further on in the text.
To talk to a budget and debt advisor, contact your municipality. The service is free, but you may have to wait a long time to meet the advisor, so it’s a good idea to ask for help in good time.
A bill that isn’t paid on time can become very expensive. You often get a reminder, and a reminder fee. Many companies send unpaid bills to debt collection firms, which charge their own fees to the customer when they collect on the debt.
If the debt collection firm doesn’t get paid, the bill is sent on to the Swedish Enforcement Agency, which also charges a fee to the customer. If the bill still isn’t paid, the Swedish Enforcement Agency may decide on a seizure. This means they can seize part of a person’s income or property to pay the debt. They can seize personal property, like jewellery or a television, or real property, like a house.
People who don’t pay their bills in time may also end up in the Swedish Enforcement Agency’s register. This makes it difficult for them to get a bank loan, buy cars or other items in instalments, or get a mobile phone subscription.
If it is difficult for you to pay your bills on time, you can always call the companies and ask them if you can postpone the payment for a short time. You can also ask to pay your bill by instalments, in smaller sums over a longer time. You can also contact the consumer advisor in your municipality to get help in contacting the companies.
The most important bill to pay on time is the rent for your home. If you don’t pay the rent you may be evicted, which means that you will lose your home.
You can read more on the National Enforcement Agency’s website: www.kronofogden.se
Buying in instalments
(Köpa på avbetalning)
Many shops and companies offer to let their customers pay in instalments for the items they buy. That means paying in smaller sums over a longer time, like once a month for two years.
Buying in instalments can be expensive, since companies often charge fees and interest. It’s important to find out the total cost for this type of purchase, including all fees and interest.
(Låna hos banker)
To buy a car or a home, you often need to take a bank loan.
To get a bank loan, you normally need to have an income. The bank investigates your credit to see what your assets are and if you will be able to repay the loan. If the bank gives you a loan, the bank also makes a plan for how you will repay the loan and decides what rate of interest you will pay for the loan.
Interest is a cost you pay to take the loan. The rate of interest can change over time. Sometimes it is high, sometimes it is low.
People who have large debts that they cannot pay may get help with debt rescheduling. The person must pay back as much as possible during five years while living at subsistence level, and after that, the remaining debt is cleared.
To get debt rescheduling you must have been in debt for several years and done everything possible on your own to get your finances in order.
You apply for debt rescheduling with the Swedish Enforcement Agency, Kronofogden. You can find information on how to apply at their website. Your municipality’s budget and debt advisor can help you write the application.
Read more on the website: www.kronofogden.se