What to do with the money you save
Saving is a great first step. But money sitting in a current account isn’t working for you. Here are the four steps that make the biggest difference, in the right order.
Build an emergency fund first
Before you invest anything, make sure you have 1 to 3 months’ salary in an easily accessible savings account. It protects you from unexpected costs like car repairs, dentist bills and redundancy without needing expensive loans.
ICA Banken, Avanza and Nordnet offer savings accounts with no lock-in where your buffer earns a bit more than a regular current account.
Open an ISK account
ISK is the most tax-efficient place for most small savers in Sweden. You pay no tax on gains, just a low flat tax on the account’s value each year (around 1% in 2024).
Avanza and Nordnet have no fees on ISK accounts. Start with a broad global fund like AMF Aktiefond Global or Swedbank Robur Access Global.
Set up automatic monthly saving
The easiest way to save is to make it automatic. Set up a direct debit from your current account to your ISK the same day your salary arrives. Save before you spend.
Start with SEK 500/month if you’re unsure. It’s better to start small and keep it up than to aim too high and give up.
Review fixed costs once a year
Insurance, mobile plans, streaming and electricity contracts are costs most people never renegotiate. One review per year can easily save SEK 2 000 to 4 000 without changing any habits.
Compricer.se compares insurance. Elpriskollen.se compares electricity contracts. Pricerunner and Prisjakt for electronics.
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