How far does your money stretch?

Work out your budget and think about your spending and ways to sort out your finances if you run out of money. Our handy banking apps help you track your finances and make payments.

10-minute budget

10-minute budget

You can do a simple calculation of your budget in your head or with your phone, for example. Save it in a place where you can easily find it later. 

Just follow the steps below:

  1. Think about how much money you have coming in each month. Add up your salary and all other income. If you are drawing down a student loan, divide the loan amount you have drawn down by the number of months you will be studying and add this amount to your monthly income.
  2. Estimate how much money you spend on your essential outgoings each month, such as home, rent, phone, internet, transport, insurance and other fixed expenses.
  3. Deduct your expenses from your income. The amount left over should cover food and all other purchases during the month. That’s your spending money.

    If your expenses exceed your income, you must rethink your spending. If you can’t cut back on anything, think about whether you could find other sources of income.
  4. Try to take control of your spending and plan larger purchases in advance. 

When you know exactly how much spending money you have for each month, you don’t have to worry about making ends meet. If you end up spending a little more than planned during a night out with your friends, you can tighten the purse strings some other day. 

If you want to use a tool to plan your budget, we recommend the Guarantee Foundation’s Penno app, for instanceOpens new window.

How to navigate money pits
Daily banking made easy
What to do when you run out of money?

Are you the master of your finances?

As we want you to have sufficient financial skills for managing your own finances, we will publish together with Olli Kärkkäinen, Private Economist, a crash course in financial skills on YouTube.

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Glossaries of loan and savings terms

Listed in our glossaries are the definitions of some basic terms that will help you understand the most common loan and investment alternatives. Our glossaries will also give you more insight into various terms related to interest rates and loan repayment as well as savings. 

Glossary of loan terms   

Glossary of savings terms

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