Family and children

Are you planning a family or do you already have children? This page contains useful money saving tips for families.

Start saving for your children now

bildeIf you start saving early your child will get a sound financial start to their adult life.

Did you know that if you save the child benefit you receieve from the government over a period of 18 years, your child’s account balance will be NOK 270 000, based on the current interest rate, the day they come of age? This will give your child a sound start when buying a first home, or make it possible to be a fulltime student.

Find out how best to save

Insurance

Insurance becomes even more important when you have children. Adults should insure each other so that the family home can be kept if one of the parents should die or suffer a drop in income due to illness. We also recommend that you take out child insurance.

Price list insurance
More about our insurances

image

Cost of having a baby

Everything you need before the birth
E.g. crib, linen, pram, car seat, bottles, clothes etc.
NOK 19 680

First 12 months
Clothes, toys, leisure activities, food etc.
NOK 23 880
NOK 1 990 per month

Eight steps to healthier family finances

What benefits are you entitled to during parental leave in Norway?

Your parental benefit payments depend on your pensionable income over the last 3 years, and:

  • The Norwegian government pays parental benefits equivalent to 100 percent of your income for 47 weeks, or 80 percent for 57 weeks
  • Parental benefit payments are capped at approximately NOK 493 000, or 6G (G is the national insurance basic amount)
  • Pensionable income required for at least six out of the last ten months Some employers will cover more than what the Norwegian government covers

Examples: 

Based on 47 weeks parental leave and NOK 360 000 salary, the gross amount paid is
NOK 30 638 per month 

Based on 47 weeks parental leave and NOK 500 000 in salary, the gross amount paid is
NOK 42 553 per month

Useful tips:
Calculate the benefits you will receive – the site is in Norwegian (nav.no)
More about parental benefits (nav.no in English)

Establish an emergency buffer

An emergency buffer is your safety net. This will reduce your need for expensive consumer loans or credit card loans if your washing machine breaks down or your car needs repairing. A buffer should ideally be the equivalent to 2-3 months’ salary. Remember that even small amounts, for example NOK 500 per month, will grow to substantial amounts over time.

Take control over your finances – join Norway’s leading bank

Not married? Sign a cohabitation agreement and draw up mutual wills

If you are expecting a child and are unmarried, you should draw up a cohabitation agreement and mutual wills. A cohabitation agreement states who owns what, how expenses are divided, and how finances are to be settled, should you go your separate ways. Should one of you pass away, a mutual will secures the rights of the surviving parent.

Download cohabitation agreement (PDF in Norwegian)

Download mutual will (PDF in Norwegian)

Do you have the right mortgage interest rate?

Make sure you are getting the best possible interest rate on your mortgage. Contact your bank on a regular basis to make sure you have the best offer.

Get rid of expensive consumer loans

The most cost-effective solution is to transfer all your loans to one loan. Contact us to see if this is an option for you.

Buy second-hand

There is no lack of choice when it comes to baby equipment, and many want the best for their baby. Keep in mind that buying everything new is very expensive. Some things it is possible to buy second hand: Pram, crib, car seat (less than five years old), outdoor clothing, baby carrier, and changing table.

Be sensible when buying retail

Baby equipment prices may vary a great deal. Do you really need the latest baby fashion or the most expensive pram?

Consider how you want to spend the child benefit

If you are able to save your child benefit allowance from the government, your children will have a good basis when they want to get an education or set up home for themselves

Read more about child benefit (nav.no in English)