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How to get started with saving

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Start a savings scheme today

Did you know that you do not need saved funds to start saving in mutual funds? You only need NOK 100 to get started!

With a savings scheme in an account or mutual fund, even small amounts can become substantial over time. If you save regularly when you receive money in your account, the savings take care of themselves. How about a regular transfer on payday?

Savings scheme in an account

With saving in an account you get a good interest rate on the entire balance. When you open the account you can set up a savings scheme which you can change at any time. You can set up a savings scheme in the account that best suits you.

Savings scheme in a mutual fund

The best way to save in a mutual fund is to make monthly purchases. In most mutual funds the minimum amount for a savings scheme is NOK 100. With a savings scheme you don’t need to think about timing in the market. Monthly purchases help reduce risk in your savings. You buy when the price is high and when it’s low, so overall you get a good average price.

Historical returns are no guarantee of future returns. Future returns will depend, among other things, on market developments, the skill of the Portfolio Manager, the mutual fund’s risk, and the management costs. Returns may be negative as a result of mark-to-market losses.

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1. What do you dream of?

An important success factor that will determine whether you can succeed in saving is knowing what you want to save for. Setting specific goals increases the likelihood that you will reach your savings goals. Not only is a savings goal motivating to work towards – it will also tell you how you should save. Dreaming about your first home, a new car or a trip – or do you want to save for your children or your own pension? It’s a good idea to find a realistic savings goal before you get started with your savings.

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2. Find the savings scheme that is right for you

When getting started with your savings, it is what you are saving for and how long it will be before you will use the money that determines how you should save.

3. Do you want to save for a short-term goal?

Do you want to save for a holiday you’re dreaming of – or perhaps a new bathroom? Money you’re going to use in the short term or within a few years should be easily accessible in a savings account.

Picture of someone sitting on the floor with the Spare app on their mobile

4. Set up a savings goal in the Spare app

Downloading the Spare app may be the saving with the lowest threshold of all. Here you can create a savings target for your account with a couple of clicks. This makes it easier to keep track. Enter how much and how long you want to save for, and you’ll see how much you need to save each month to reach your savings goal. You can set up the amount as a fixed deduction for the savings account on the payday, or you can use one of the simple methods below. You can also do this in your online bank.

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5. Try out some super easy savings methods

Maybe you would like try things out before you decide which savings method works best for you? You can try these low-threshold methods in the savings app Spare or your online bank: With “Micro savings”, also called Morsom sparing (fun saving schemes), you can save a small amount every time you use your card, or every time you pay a bill. If you select “impulse savings”, you give something you usually waste money on a miss, and instead transfer the money to a savings account exactly when it suits you.

Growing plants

6. Do you want to save for a long-term goal?

If you are saving for a long-term goal, like a pension, holiday cabin or for your children’s future, you probably have a savings timeframe of more than six years. For long-term savings goals, it can be a good idea to save in a mutual fund – and for many of them you only need NOK 100 to get started.

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7. Do you want to save for a home?

If you want to save for a home and you are under 34 years of age, you can put your savings into a BSU home savings scheme. If you save the maximum amount of NOK 27 500 per year, you get 5500 in tax deductions. From 2021, the tax deductions only apply if you don’t already own a home. If you save the maximum amount in a normal BSU home savings scheme, you can save more in Boligspar Ekstra with the same good interest rates. If you are a parent and want to save for your children’s first home, it’s a good idea to start saving in Boligspar Ekstra – and you can start doing this as soon as the child is born.

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