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https://www.svd.se/a/P4MAG5/artiondets-fattigaste-manad-ar-over
"The poorest month of the decade" is over
Liuting Xu, 34 years old.
"The poorest month of the decade" is over and the salary account is replenished. Time to put on the spender's pants? Well, better to build up the buffer, thinks private economist Stefan Westerberg - and the people of Stockholm
"The poorest month of the decade" is over
Cold, snow, rain, debris - and an empty wallet. January has been a tough month.
The period after Christmas and New Year is often called the poorest time of the year - the ox weeks - and this year it has been worse than usual. According to several experts, January 2024 has in fact been the poorest month of the decade.
Stefan Westerberg, private economist at Länsförsäkringar, believes that is a fair description.
- We can see in surveys that you have consistently taken away your savings budget and with Christmas in mind and the expenses that come with it, you have taken more of your savings capital, he says.
Mortgage interest rates are felt
The reason why it has been more pressured than in previous years is that things have been stacked on top of each other: cost increases that have been going on for a long time, higher mortgage interest rates and reduced savings capital among households.
- The salary that comes now is in demand and much needed for many. It's a great relief, then of course it varies, says Stefan Westerberg.
The latter can be seen in Hötorgshallen in central Stockholm. The capital's residents come here to eat a bite of lunch or to buy home cuts, fish, cheese or charcuterie, among other things.
Peter, 52, is going to buy a kebab - but the fact is that he hasn't thought about the fact that it's payday.
Peter, 62 years old. Photo: Josefine Stenersen
- The only thing that has affected me is the mortgage interest on the mortgage. It is clear that I notice that the food has become more expensive, but I cannot say that I have been affected or suffered by it. I have my salary, he says.
Even Liuting Xu, 34, has received less in his wallet as a result of higher interest rates. And January has been extra tough as a result of a trip over Christmas.
- It is not so easy to buy things as we want, she says.
Even though the January salary has trickled into the account, she will not treat herself to anything extra. Actually, she and her boyfriend would have to buy new furniture for the kitchen and some electronics, but that will have to wait.
- I will save a little because I don't know what the mortgage interest rates will look like this year. Maybe we have to pay more of the salary to the bank. So I think we will do the same as last year, save and not make any big investments, she says.
Matthias, 47 years old. Photo: Josefine Stenersen
Mattias, 47, also feels that a lot of money was spent in December, which required more financial thoughtfulness in the following weeks.
- Maybe it's a little less fun in January than in other months, he says.
If he will treat himself to something for the first salary of the year?
- No, I think I need to build more savings, and enjoy a little more this summer.
The expert: Build up a buffer
Private economist Stefan Westerberg thinks it makes sense to invest in building up your buffer. He highlights, among other things, that many people get a few extra hundreds of dollars in their wallets from the turn of the year due to the enhanced employment tax deduction.
It is money you can try to put aside, according to Stefan Westerberg.
- It is something that has been learned from this crisis, that the economy is changeable and goes in cycles. Therefore, it is good to take account of the fact that the economy goes up and down, so that your personal finances do not do so but that it is stable in the long term.
For those with smaller margins, he suggests, for example, stopping buying new things for a few months and preparing lunch boxes to reduce expenses.
- If you don't have margins and big bills, costs or debts you have to pay, then it's better to stick to the necessary expenses, says Stefan Westerberg.
