Remember, investments involve risk.
The sun shines into the kitchen on Kungsholmen in Stockholm where Elin sits with a coffee, looking out over Riddarfjärden. For the past six months, she has been working as a Marketing Project Manager at a large consulting firm and is currently enjoying her life.
“I actually think it feels nice! The feeling is that I’ve wanted to get here for a long time, here where I am now. It’s a luxury to just be able to think about myself. And I’m actually doing quite okay financially,” she says, adding that she’s lucky to be able to rent a place from a friend:
“My long-term goal is to afford my own apartment, but right now I have a good setup. It would have been impossible for me to live in the city center otherwise.”
In addition to saving for the down payment on a condominium, Elin dreams of one day being able to start her own business and, of course, afford some of that dreamy interior design she’s been eyeing. She also saves for the more uncertain future.
“I know that my expenses will increase, and even though I haven’t thought much about the more distant future, like retirement, I also have savings that I know I won’t touch for many, many years,” she says:
“It’s also a security. You never know what might happen."
Elin’s tip: Make sure to also treat yourself
“Saving should never be a pain. For me, it’s important to also indulge and enjoy. There’s a big difference between being a saver and being stingy with yourself.”
From Candy Hoarder to Future Dreamer
Elin grew up in Hälsingland with her parents and sister. Looking back, she realizes she has always been somewhat of a saver, but it was five years ago that she decided to start saving money more regularly.
“If we go way back, I’ve probably always had a saving streak. But it was a few years ago that I decided it was time to do something about it. Or rather, to take advantage of it,” she explains, adding that she opened a mutual fund account at her online bank and started reading up on different saving options.
Today, she saves quite a lot, nearly 30 percent of her salary:
“I know it might not be very common. My friends think it’s funny – I am probably as much of an over-the-top saver as you can get,” she laughs and continues:
“My parents have always been careful to talk about why saving is important – and I am grateful for that. At the same time, my sister and I are very different. When we got candy, I saved mine while she ate hers right away. But I’ve really received a lot of information and knowledge from home, which I understand not everyone has.”
A Hack to Make It Easy
Among her friends, Elin is known as someone who often brings up the topic of saving. She laughs and notes that she is usually very quick to encourage her friends to get started.
“It’s actually something of a passionate topic for me: getting my friends to start. My impression is that many think it’s more complicated than it is, for example, to start saving in mutual funds. But it’s literally often just a click away,” she says and continues:
“A hack for me has really been to make it as easy as possible. To make sure the money is deducted right after payday – so I don’t count on it. And to save monthly. The beauty of that is that you have the opportunity to smooth out market fluctuations over time by saving regardless of how it moves – and when it goes down, you buy cheaply.”
Start with More Than You Think
Elin says she has gradually increased her savings over time:
“But I’ve noticed that you can surprise yourself by managing on less than you think. I actually discovered that I could save a bit even when I was studying. Even though I didn’t earn much then, my expenses were low. It’s probably a lot about priorities and adapting,” she says, and continues with a laugh:
“It’s actually a really good tip: to start with more than you think. I know it might sound strange, but I sometimes say that to my friends. There’s nothing that says you, just because you’re 30, need to have a lot of money in your wallet. Just put it in!”
“Half the charm of saving smartly is also seeing the money grow. It’s really the best feeling: seeing it go up.”
