Before the holidays begin, review your installments. The best gift for your family is a calmer summer budget

Feriepenger can provide the long-awaited financial relief. It's that time of year when there's finally a "surplus" in your account. The problem is, it's very easy to spend it all in just a few days. Some goes to attractions for the kids, some for travel by ferry or plane, some to cover winter arrears, some to pay off the credit card, and finally, we buy "just one more little thing."

And suddenly, by mid-July, the situation looks exactly the same as it did in March: the salary comes in, installments are deducted one after another, the card stays in the wallet, and you’re counting down the days to the next payday again.

That's why the end of May is the perfect time for a financial review. Not to deny yourself ice cream with your kids or a dream trip, but to know exactly where your money goes each month.

If you have a family, children, or regularly help loved ones in Poland, your budget has a lot of moving parts. Life as an immigrant often means income in Norway but expenses in two countries. Add to that the cost of maintaining a car, Norwegian rent (or mortgage), shopping, and activities for the kids.

In such a situation, it's not enough to ask yourself: “Can I make ends meet this month?” A better question is: “Are my finances well organized for the coming months?”

The credit market in Norway is demanding. After the May decision by Norges Bank, the main interest rate is 4.25%, and inflation stubbornly remains above the central bank's target. According to Statistics Norway (SSB), mortgage rates still hover around 5%, and most mortgages in the land of the fjords have variable interest rates.

What does this mean for an average Polish family in Norway? That you shouldn't assume your installments will “magically” get lighter. You need to keep your budget close and under full control.

Let's be honest – Children's Day is not the time for an economics lesson. Kids want a cool present, to go out for ice cream, and to spend time with smiling parents. And that's completely normal.

However, the best thing a parent can do for their home in the long run is to reduce financial chaos. Because that chaos quickly spills over into everyday life. You can see it in tense conversations, in the stress of opening the mailbox, in putting off bills "until next week," in logging into the bank several times a day, and in decisions like: “Okay, we'll pay by card and figure it out later.”

The first step to a calmer home isn't always a bigger paycheck. Most often, it's getting organized with what you already have.

1. How much do you really pay in installments each month? Don't just look at the main loan (e.g., for the car). Add up absolutely everything.
2. Do you have expensive, small debts? Installment purchases for electronics, payday loans, several smaller loans. These can squeeze your household budget much more than one well-structured, larger installment.
3. Do you have credit cards and limits you don't use? This is extremely important in Norway. When banks assess your creditworthiness, they consider the full available limits, not just what you've actually spent. An unused card with a 50,000 NOK limit reduces your creditworthiness by 50,000 NOK!

Is it worth checking consolidation? Combining all your small debts into one cheaper loan doesn't always pay off. But until you check, you won't know exactly how much you could save each month.

The free GjeldsMonitor app wasn't created to scare you about debt. It was created to give you a full, clear picture. When you log in, you'll see in black and white: what you have, how much you pay, what affects your creditworthiness, and what’s worth organizing.

This is especially important if you haven't checked your Norwegian registers in a while. Financial situations like to change quietly. One card issued at a gas station, one new installment, one decision to “deal with it later.” After a year, this can turn into a situation that no one controls anymore.

Remember: checking your situation doesn't mean you have to take out a new loan! Sometimes the best decision after logging into GjeldsMonitor is to close an unused card. Sometimes it's a sign to consolidate your installments. And sometimes, you'll just smile, seeing that you have everything under control. Knowledge brings peace of mind.