10 easy tips for your finances

Roots in the private economy pave the way for an economically viable life, and the consequences can be fatal. Read our 10 easy tips and get a healthy economy.

Info on easy advice for your finances


You’ve probably heard it before, and now you come to it again: Healthy personal finances are important. The consequences of not keeping track of income and expenses can give you a life where it is always a struggle to figure out how to pay the next bill. Ultimately, financial mess will send you into GFI, limiting your credit options.

We’ve put together 10 easy tips to help keep track of your personal finances. Thus you achieve a life where you can sleep safely at night without having to worry about whether your creditors are outside your door the next day.

Tip # 1 – Set a budget


This is and will usually be number one. A budget gives you the complete overview of your expenses and income and shows you exactly how much money you have for each thing in your life. By setting a budget, you avoid forgetting important spending items.

A budget is typically set once a year and includes all expenses and revenue for the 12 months of the year. This way, you ensure that the bills that are not payable each month are included in your budget.

An example of expenses that do not have to be paid each month can be a license that has to be paid twice a year. Instead of having to pay extra bills for those months, budget planning means putting aside the same amount each month. That way, you know exactly what your availability amount is, every 12 months of the year.

A budget is a good alternative if you want to avoid taking a quick loan or a loan without interest.

Tip # 2 – Put your bills in a folder

It may sound like child learning, but there are many who can’t figure out how to put their spending into system. It’s all about getting an overview, and so you don’t know that there are piles of bills and floats in different places in the home.

It may be a good idea to divide the folder into categories so that you know which bills will fit which expenses.

By putting your bills in a folder, you always know where your bills are and it gives you peace of mind to have an overview. The problem with not being able to find its bills is that you are going to pay financially for it in the form of reminder fees.

Tip # 3 – Pay the bills on time

Again, the council seems like child learning. The fact is, however, that almost everyone has neglected to pay a bill on time. And it costs in the form of reminder fees.

An easy way to keep track of payment deadlines is to paste the bills onto a calendar. If you have electronic bills, you should print them out so you have them in physical form. You can also set one weekly day when all your bills are paid.

Often, you can sign up your bills for payment service, and this is of course the easiest way to avoid forgetting to pay the bills.

Tip # 4 – Drop the payment cards


It may sound old-fashioned, but you can keep your spending down by using cash instead of cards when paying. It’s all about making your money tangible.

You probably know it from a fun city trip: It feels like you have endless money in your account, and it’s so easy to just put the card in and type in the four digits.

Raise money once a week and claim that the cash raised must reach all seven days of the week. By having the money in front of you physically, you think more about what they are used for.

Tip # 5 – Save up

This advice is very much related to budget planning. You should allocate money in your budget for savings. This money can go for two purposes:

  1. A definite object or activity that you would like to save for, but which you cannot afford at any given time
  2. Contingencies. You have probably experienced, for example, that the vacuum cleaner has been switched off or the computer burned down. By being able to take money from a savings, you do not need to take out a loan to buy a new vacuum cleaner or computer.

In other words, savings give you a peace of mind because your finances do not fall on chance.

Tip # 6 – Think about your consumption

It’s not about not buying clothes, gifts, electronics or other goods. The important thing is to be able to cut away all the unnecessary purchases.

For example, if you walk through the city streets and you see a thing you think you should own, it is a good idea to go home and think through the purchase. When you’ve thought it through, the next day you can go into the store and buy the item with good conscience. Because with one day’s reflection you avoid the impulse purchases.

When shopping, it’s also important that you make a shopping list – and that you stick to it. Calculate from home what the purchases cost, and only bring cash for exactly the purchases you have planned. This means that you do not suddenly come home and spend more than DKK 300 than you expected.

Tip # 7 – Buy only once a week

It is a good idea to buy only once a week, as it ensures that you do not make too many impulse purchases. The fewer times you are in the Net, the fewer opportunities you have to spend too much money on careless things. Therefore, make a whole week’s meal plan and buy it all at once.

Another option is that you get your purchases delivered. There are several options available on the internet where you can order your food and then they will be delivered to your door. It also saves you time too.

Also, as far as possible, buy items on offer.

Tip # 8 – Check your loans and insurances through

Tip # 8 - Check your loans and insurances through

Here there may really be money to save, but this is something that most Danes neglect. The advice is that you get new offers on your insurance and loans at least every two years.

There may not be anything to save, but it does not cost anything to try. There have been many examples of people who have had their mortgages changed, thus saving 20,000-50,000 kroner a year. Less, of course, can do that too.

With our loan calculator you can find out if you can sit cheaper in relation to your loans. Once you have found a specific loan offer and entered it into the loan calculator, you will automatically be calculated the APR, credit costs, total repayment and your monthly payment. You also get the full loan overview with a full repayment plan.

Tip # 9 – Check your heating and electricity costs

If you have a house there can be a lot of money to save on the heat and electricity by investing in green energy. For example, if you have oil boilers today and therefore spend a lot of money on oil each year, it might be a good idea to switch to a pellet boiler or heat pump to save money.

When investing in green energy, of course, this is a large one-off payment, but over time it is economically advantageous.

Tip 10 – Nutrition by Nutrition

The familiar saying still works in this millennium. The saying goes that if you can’t afford to buy what you want, then don’t. Either you have the money or you have not.

Of course, there are things here in life where it is necessary, and perfectly okay, to borrow money. But people who end up in GFI and financial mess have often had to forget about this saying.