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Personal finance, Finance | Now we spend a little over a thousand lark more a month – this is where most of the money goes

Personal finance, Finance | Now we spend a little over a thousand lark more a month – this is where most of the money goes
Personal finance, Finance | Now we spend a little over a thousand lark more a month – this is where most of the money goes

It is costs for food and drink, other groceries and car maintenance that have increased the most in the last six months. At the same time, the price of childcare has fallen.

– For an example family with two adults and two children, where one of the children goes to kindergarten, this adjustment means an increase in monthly costs of over NOK 1,100, says researcher and project manager Marthe Hårvik Austgulen at the Institute for Consumer Research SIFO.

Sifo’s reference budget and associated calculator have been updated with new figures from August 2022. It is the first time since the 1990s that new prices have been brought in twice a year.

The reference budget shows what it costs to live at an acceptable consumption level for households of different sizes and with different age and gender composition. Expenses for housing and electricity are excluded.

The figures are normally updated once a year – in February. But as we have experienced significantly higher price growth in 2022 than in previous years, the reference budget has now been updated. It is based on the consumer price index, but updated prices have also been collected for certain consumption areas.

The reference budget has been updated annually since 1987. It is used by the public sector, banks and private individuals. Among other things, it is used to determine child support and as a basis for granting loans. Many also use it as a starting point for setting up their own budget.

(© NTB)

The article is in Norwegian

Norway

Tags: Personal finance Finance spend thousand lark month money

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