Money, budgeting and bills

You can avoid quite a few problems by keeping an eye on your money. Until you turn 18, your parents, guardian ad litem or guardian are responsible for your finances. It's common for children or young people to receive a weekly or monthly allowance. As you become older, you are often allowed to manage your child allowance or student grant yourself.

Weekly and monthly allowance

The size of the weekly or monthly allowance varies a great deal between families. Children under 11 usually receive a weekly allowance, while older children usually receive a monthly one. This depends partly on what you agree that the allowance should cover. For instance, you'll have a smaller monthly allowance if you're not going to pay for your clothes yourself. If you've turned 16 and are working on weekends and holidays, you're entitled to decide what to do with the money you earn.

Study grants from CSN

In upper secondary school your are entitled to a study grant from CSN. The study grant is currently SEK 1,050 per month and is paid over ten months, from September to June. The longest you can receive a study grant for is until the spring term of the year you turn 20. If you play truant (don't go to class) you will lose your right to a study grant, and you may also have to pay back money you have received. Otherwise the study grant is not money you have to pay back.

If your family's income is low you may also be entitled to an additional grant (extra tillägg).

Until you turn 18 years of age, the money will be paid to your guardian. Once you turn 18 the grant will be paid to you.

You have to fulfil certain conditions in order to be eligible for a study grant. Read more about these on CSN's website.

Student aid from CSN

If you continue to study after the spring term in the year you turn 20, you may apply for student aid from CSN. If you are studying at a higher education institution, you may apply even if you are younger.

Student aid is made up of a grant and a loan. The grant is given to you, but you must repay the loan, with interest. This applies even if you move away from Sweden. When you apply, you choose whether or not you want to borrow money. At the earliest, you will have to begin repaying the loan six months after you stop receiving student aid.

You must meet certain conditions to be entitled to student aid. You can read more about student aid on CSN's website.

Housing allowance

If you are younger than 29, you are entitled to apply for housing allowance. You must live and be registered in the population register in Sweden to get a housing allowance. Whether you can get housing benefit and, if so, how much, depends on the amount of your rent, the size of your home and your earned income. It is Försäkringskassan (the Swedish Social Insurance Agency) that decides whether you get housing allowance.

Budgeting

If you make a budget for yourself you'll have better control of what your money has to cover. Perhaps you want to have enough for a bus card or a gym card, topping up your mobile phone, having a coffee with friends, and still save a little. If you know how much money you can afford to spend on different things, and how much you have left, you don't risk getting into debt by mistake.

Debts

If you get into debt it may be difficult for your to pay it back since you haven't got much money to begin with. But an unpaid debt can mean that you won't be allowed to rent a flat when it's time to leave home.

For many young people, being sentenced to pay damages is the first step towards getting caught in a debt trap. The most common debts for both girls and boys relate to crime. Other common types of debt include telephony, e-commerce, student loans and taxes.

 

Your finances

You can read more about your finances on Young facts. It includes information on bank cards, monthly allowances, budgeting and much more.

Young finances

Learn more about personal finance on Ung privatekonomi's website.

Personal finance for young people

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