Personal Finance Tips for Expats in Sweden

Most expats when they move to Sweden, then it’s always one person getting a new job in Sweden and the spouse and family follows them to Sweden.

First year when you move to Sweden, there are so many things to do like finding an apartment to Rent (Toughest thing in initial years), getting used to new job, finding school for kids etc., in this busy life we don’t get time to focus on personal financial planning.

Let’s be honest! Running a family with kids on single person income in Sweden is tough.

This point is never discussed openly, here I am trying to share my view on how we as a family have spent our initial years in Sweden with single income and still managed a fairly comfortable life with savings and travelling.

Luckily my initial years in Sweden in 2017 were spent in Karlstad, where finding an apartment for rent was easy, and the cost of living was cheaper.

How to Reduce Your Expense in Sweden with Family as a Single Income Earner?

1. Each supermarket has different offers on food. Search the internet and plan your shopping or get Reklam (advertisements in your post box with all offers) and evaluate.
2. If you go late at night around 8 PM, most of the bread/milk with end dates comes on offer/half price.
3. Buy second-hand dresses or games for kids from Facebook Market or second-hand shops in Sweden known as Loppis.
4. Banks are in the business of providing loans. Don’t take a loan in your first year to buy an apartment. Take time to understand Swedish apartment rules, BRF finances, and apartment maintenance.
5. Non-working spouses should maintain a combined expense report (Sweden & your home country) in an Excel file to evaluate and identify areas to reduce expenses.
6. Non-working spouses should register with Arbetsförmedlingen upon arrival in Sweden. After 14 months of unemployment, Arbetsförmedlingen provides around 4000 SEK/month for 13-14 months under the Job och Utveckling Guarantee program (subject to rules and conditions; refer to the official website).
7. Open an online account with Avanza or Nordnet and start an ISK account. Both platforms offer brokerage-free investments for first-time investors.
8. Develop a passion for finance within the household. Read articles, watch videos, and gain knowledge to make informed financial decisions in the long term.
9. In the initial years in Sweden, we didn’t buy a car, as it’s a significant expense. A car is not a luxury in Sweden, but for families with small kids, it can become essential. Evaluate carefully before buying a car, as monthly expenses can range from 3000-5000 SEK (including EMI, insurance, petrol, and maintenance).
10. Tired of job hunting? Start a blog based on your hobbies. If done with a passion for two years consistently, it can succeed, enabling you to start your own company in Sweden!