Children from A to Z
Children from 0 to 1 year
Giving your child a secure financial start in life can be one of the best gifts you can give. By making smart choices early on, you can ensure that your child has the best opportunities for financial peace of mind and growth.
Banking for children 0-1 years
No results for this combination
Home savings for children
BSU home savings scheme for young people Ekstra is well suited as additional savings for your child's home. Unlike BSU home savings scheme for young people, this is savings without tax deductions, but you receive a higher savings interest rate provided the money is used for housing purposes, such as buying a home or topping up the BSU quota when the child needs to save for a home themselves.
Share savings account
With a share savings account for children, you can save in shares and funds in the child's name.
This form of savings is probably best suited when the savings perspective is long-term. If you want the option to withdraw money at any time, a regular savings account is more practical and appropriate, but if the intention is for the money to remain in the account for a long time, there are many advantages to share savings.
Safe upbringing
Insure what you hold most dear and give your child financial peace of mind in the event of illness or accident.
In Norway, we are supported by a well-functioning healthcare system. Child insurance is not about the treatment of illness or accident itself, but about the time afterwards: The insurance makes things financially easier for the child and family should something happen.
The insurance can be combined with disability cover to secure the child's income as an adult and avoid a life on minimum pension with disability benefit. In addition, compensation is provided for selected illnesses and accidental injury that results in the child suffering a permanent insurance event.
Insurance in the event of death
You buy life insurance for yourself, but you do so because you want to take care of your loved ones, such as your child. With life insurance, you provide your loved ones with financial security through a lump-sum payment if you should die. This gives the bereaved the opportunity to maintain the same standard of living as before.
Should you save in the child's name?
When you have a newborn at home, it is important to consider whether the child's savings should be held in the child's name or in the parents' name.
Savings in the parents' name
- The parents can freely access the funds.
- Practical for some, whilst others may find it sensible that the funds are not so easily accessible.
- The money you have saved forms part of your estate in the event of divorce or death.
- When the savings are in the parents' name, it does not affect the eligibility for grants from the Norwegian State Educational Loan Fund.
- You avoid the County Governor supervising the money if the savings amount exceeds 2G.
Savings in the child's name
- The child has their own customer relationship with the bank, and the money belongs to the child.
- Parents can choose to have right of disposition to operate the account.
- The money will be registered in the child's name on the tax return, but the parents are responsible.
- When the child turns 18, they take over control of the money and what it will be used for.
- If the savings in the child's name exceed 2G, the County Governor may take over the administration of the money.
- Income and assets may affect how much of the loan can be converted to a grant when the child pursues higher education. Check more information at The Norwegian State Educational Loan Fund.
What does it cost to have a child?
Just like other living costs, it has also become more expensive to become parents. We pay more for goods and services now than previously. Nevertheless, you can go a long way by being cost-conscious. And not buying absolutely everything you think you need.
There are a number of expenses that come with being new parents, and a lot of new things you feel you must buy. Remember that you can save money by borrowing or buying second-hand items – perhaps you don't need everything you thought you did either?
A good tip is to check out Reference budget From the Norwegian Institute for Consumer Research (SIFO). You can adapt the budget to your life situation, and it includes expenses for food and drink, clothing and footwear, personal care, play and leisure, nursery/after-school care, as well as infant equipment.
How much your child costs you per month (2023)
- 0–5 months: NOK 1,580
- 6–11 months: NOK 2,670
- One year: NOK 5,517 (including nursery)
- Two years: NOK 6,157 (including nursery)
In addition, there are expenses for the infant before it is born. SIFO estimates this to cost approximately NOK 20,000 in total, spread over six months. You can read more about what it costs to have a child here.
Are you considering unpaid leave?
If you are considering unpaid leave, you should be aware of the financial disadvantages it may entail. For example:
- Unpaid leave for more than 14 days may affect your entitlement to, among other things, sick pay and attendance allowance.
- During unpaid leave, you may also lose pension accrual.
Therefore, check whether you remain part of the pension and insurance schemes you have through your employer whilst on unpaid leave.
Do not forget that if you are away from work for an extended period, lost pension accrual can also become a long-term cost. You will never recover the years of lost pension accrual, and in the event of a relationship breakdown, accrued pension is not divided between the parties. To compensate for this, it may be a good idea to set up individual pension savings and write a good cohabitation agreement.
Money goes quickly during parental leave
Many people experience increased spending during parental leave, for example on travel and baby items. How about opening a savings account for your leave?
Tips and advice
Children from one to six years
Many of the tips for banking for children between zero and one year also apply to children up to six years. If you have therefore followed many of the recommendations for which banking services you should have in place for infants, you do not need to make many changes for children up to school age.
Nevertheless, take an extra look at the list below, and also check whether you should save in the child's name or not.
Banking for children one to six years
3 resultis
Secure upbringing
Insure what you hold most dear and give your child financial peace of mind in the event of illness or accident.
In Norway, we are supported by a well-functioning healthcare system. Child insurance is not about the actual treatment of illness or accident, but about the time afterwards: the insurance makes things financially easier for the child and family should something happen.
The insurance can be combined with disability cover to secure the child's income as an adult and avoid a life on minimum pension with disability benefit. In addition, compensation is provided for selected illnesses and for accidental injury that results in the child suffering a permanent insured event.
Insurance in the Event of Death
You buy life insurance for yourself, but you do so because you want to take care of your loved ones, such as your child. With life insurance, you provide your loved ones with financial security through a lump-sum payment if you should die. This gives the bereaved the opportunity to maintain the same standard of living as before.
Home savings for children
BSU home savings scheme for young people Ekstra is well suited as additional savings towards a home for your child. Unlike the BSU home savings scheme for young people, this is savings without tax relief, but you receive a higher savings rate provided the funds are used for housing purposes, such as purchasing a home or topping up the BSU quota when your child needs to save for a home themselves.
Share savings account
With a share savings account for children, you can save in shares and funds in the child's name.
This form of saving is probably best suited when the savings perspective is long-term. If you want the option to withdraw money at any time, a regular savings account is more practical and appropriate, but if the intention is for the money to remain in the account over a long period, there are many advantages to share savings.
Don't Miss Out on These Tax Deductions
If you have children under 12 years old, you can claim tax deductions for childcare, travel and leisure activities. Being careful with your tax return can save you several thousand kroner.
The Parental Deduction
It is important to claim all the deductions you are entitled to. If there is one deduction you as a parent should be aware of, it is the parental deduction. Here you can claim deductions for a range of expenses associated with having young children.
You can claim deductions for expenses related to:
- Nursery
- Childminder
- Childcare, including evening care
- After-school care / sports after-school programmes
- Travel to and from these if it is a detour on the way to work
- Payment for arranging childcare services
- Leisure activities outside after-school care, such as sports and music groups. This must be a full alternative to after-school care at primary school, both in terms of time and regularity
The parental deduction applies per child, and is up to NOK 25,000 for one child, and NOK 15,000 for additional children (in 2024).
Read more at skatteetaten.no
Children from 6 to 12 years old
When your child reaches school age, new expenses arise, such as pocket money – or perhaps an braces?
You should continue to follow the financial advice given earlier in your child's life, for example about saving for children and the insurance you need.
Children also develop a more conscious relationship with money at this age. This opens up the opportunity for the child's first bank card!
Banking for children aged 6–12
5 resultis
Finally old enough for a bank card
Bank cards are the most common payment method in Norway. For children, having their own card is a great introduction to learning about money, finances and that an account can become just as empty as a wallet.
Bank cards for children are safe: they have spending limits adapted to the child's age, cannot be overdrawn, cannot be used for online purchases, and both the child and parents can monitor spending in their own mobile and online banking.
Vipps
Vipps for children under 15 years old is a simplified and safer version of the app, where parents have full oversight. Children cannot create a Vipps account without their parents' help, and the child's account is linked to the parents' account. Parents decide whether the child under 15 years old should have the ability to send money to others, or only receive money. Children can only send money to friends and family if both parents have approved it in advance in their own Vipps app.
Home savings for children
BSU home savings scheme for young people Extra is well suited as additional savings towards a home for your child. Unlike BSU home savings scheme for young people, this is savings without tax relief, but you receive a higher savings rate provided the money is used for housing purposes, such as purchasing a home or topping up the BSU quota when the child needs to save for a home themselves.
What about giving a gift that can grow in value?
Giving fund savings as a gift, for example for a birthday or other occasions, can be a wonderful gift to give and a wonderful gift for the child to receive.
You can give funds as a gift in the form of monthly savings and lump-sum amounts. Funds are a gift that can grow in value and can be withdrawn when desired.
A secure upbringing
Insure what you hold most dear and give your child financial peace of mind in the event of illness or accident.
In Norway, we are supported by a well-functioning healthcare system. Children's insurance is not about the treatment of illness or accident itself, but about the time afterwards: The insurance makes things financially easier for the child and family should something happen.
The insurance can be combined with disability cover to secure the child's income as an adult and avoid a life on the minimum pension with disability benefit. In addition, compensation is provided for selected illnesses and for accidental injury that results in the child suffering a permanent insured event.
Own savings account
The child now has the opportunity to save on their own. Unlike the Children's Savings Account, with their own savings account the child can manage the money themselves. You can order the child's own savings account via the Intro customer programme, which is for children between six and 17 years old.
Finally their own bank card
When children turn six, they can get their own bank card. You might think it's too early, but children today are growing up in an almost cashless society. Having their own card is a good introduction to learning about money, finances, and that an account can become just as empty as a wallet.
If you've started thinking about getting a card for your child, it might be worth visiting Kortlappen.no, to learn a bit about money, cards, codes and card safety.
Pocket money
Give children tasks. And pocket money that they must manage themselves. This way they will learn that money must be earned or saved before it can be spent.
Pocket money
There is no definitive answer when it comes to pocket money. One clear piece of advice is: start giving pocket money when children have their own expenses. Now, one might question whether 'expenses' is the right word to describe what children under 10 spend their money on, but at this age it can mean something as simple as children buying their own Saturday sweets.
It is exciting to buy your own sweets, but it is also quite interesting to find out: Is there a saver in my child now that he or she has earned their own money?
Savings
Many children want money for their birthday – either because they are saving for something special or because they have started to understand that saving is smart. Saving is a good way to talk to children about money, and there is a lot of learning in saving for something specific.
At primary school, there may not be many children who are interested in saving for their own home or studies, but if you have the opportunity to set aside a monthly amount or open a savings account with a long-term goal, there are several alternatives to choose from.
New expenses to consider
Brace yourselves and prepare for adjustment
For many, orthodontic treatment comes as a surprising expense, and a good tip can be: Start saving now. Call the savings account "Braces", and should it turn out that orthodontic treatment is not needed, the surprise will instead be a savings account that can be renamed for something completely different.
If the child needs orthodontic treatment, a certain percentage is covered by the state. How much is covered depends on how extensive the orthodontist assesses the need for treatment to be. It can range from a "clear need" which is covered 40 per cent to a very significant need which is covered in full. Remember, however, that the figures are based on the National Insurance Scheme's rates for the treatment. If the dentist's price is higher than the National Insurance Scheme's rate, you will end up paying something yourself.
Shopping for the start of school
The start of school is one of the year's events that is the same across the entire country.
This logically means that every single August, tens of thousands of parents are stressed about buying school supplies. When you have to rush to buy what is needed, you are not always equally price-conscious.
One thing is certain all year round: The first day of school comes in August. When you know that a day is coming, it can be wise to make purchases well in advance. Keep your eyes and ears open for good offers throughout the year.
Own mobile phone
During primary school, very many children get their first mobile phone, and for the generation growing up now, the mobile phone will be something they have with them everywhere and which is used a lot. Before the children get their own mobile phone, whether they have to help pay the bill or not, it is wise to have a chat about what expenses come with it.
The costs vary of course from child to child, but if you do not talk about the expenses, they have no understanding of the costs either. You plant healthy habits now, and in a few years you will reap the benefits.
Leisure Activities
The term leisure activities really comes into play when children start school.
Leisure activities must be unconditionally positive, but there are still a couple of things related to money and finances that are worth considering.
Remember that some leisure activities are much more expensive than others. Equipment, membership fees and eventually competitions cost a lot of money, and it is wise to have done a bit of research beforehand – is this an activity that matches our finances and everyday life?
There is a lot of good sports equipment available second-hand, and until your child and you have settled on what he or she wants to spend their leisure time doing, second-hand or inherited equipment is perfectly fine.
Membership fees tend to be due at the beginning of the year or once every six months, and if football, handball and ballet all fall due at the same time, it can quickly add up to a lot in one month. Therefore, it can be wise to set aside a little money each month that can be used when the large expenses need to be paid.
Children from 13 to 16 years
When your child becomes a teenager, they gain access to several new opportunities at the bank. You should still maintain oversight and follow many of the recommendations given earlier in your child's life, such as advice on insurance and savings. At the same time, young people gain more independence with both a youth debit card and The option for BankID.
Banking for children aged 13–16
5 resultis
Vipps with full functionality
When young adults turn 15, they can create a full Vipps account using their own BankID. With a full Vipps account, they can split expenses in a group, pay businesses, or pay bills.
Time for your own BSU (Home Savings Scheme for Young People)?
The Home Savings Scheme for Young People, or 'BSU', is the best way for young people to save towards buying a home. With this savings account, you receive a higher savings rate and a tax deduction. Bear in mind that you need sufficient income to actually pay tax in order to take full advantage of the tax deduction.
Home savings for children
BSU Ekstra (Extra Home Savings) is well suited as additional savings towards a home for your child. Unlike the BSU, this is a savings scheme without a tax deduction, but you receive a higher savings rate provided the funds are used for housing purposes, such as buying a home or topping up the BSU allowance when your child starts saving for their own home.
How About Giving a Gift That Can Grow in Value?
Giving fund savings as a gift, for example for a birthday or other occasions, can be a wonderful gift to give and a wonderful gift to receive for a teenager.
You can give funds as a gift in the form of monthly savings and lump-sum amounts. Funds are a gift that can grow in value and can be withdrawn whenever desired.
Own Savings Account
It is wise to have your own savings account. Unlike the Children's Savings Account, with their own savings account the child can manage the money themselves. You can order the child's own savings account via the Intro customer programme, which is for children between six and 17 years old.
Safe Youth Years
Insure what you hold most dear and give young people financial peace of mind in the event of illness or accident.
In Norway, we are supported by a well-functioning healthcare system. Children's insurance is not about the treatment of illness or accident itself, but about the time afterwards: The insurance makes it financially easier for the child and family should something happen.
The insurance can be combined with disability cover to secure the child's income as an adult and avoid a life on minimum pension with disability benefit. In addition, compensation is provided for selected illnesses and accidental injury that results in the child suffering a permanent insurance event.
The teenage years can be expensive
Many people find that having a secondary school child involves more, and for many, unexpected expenses. – Perhaps because the children are starting to grow up and become more "adult", without earning their own money.
It is not uncommon for secondary school pupils to wander off to the shop at lunchtime, rather than eating their usual packed lunch. The clothes they wear are no longer found in the children's department, and many suddenly become much more conscious of what they want, and do not want, to wear. This is an excellent opportunity to have a conversation about sound financial sense.
Good measures include letting young people take on small jobs to contribute to their own finances, or setting up their own budget. Money then quickly becomes a value that is not taken so lightly.
What about confirmation?
Confirmation is an important milestone in the lives of many young people. However, the ceremony often comes with a significant price tag: from clothing and venue hire to food and entertainment, costs can quickly mount up. At the same time, the confirmand often receives substantial monetary gifts that can provide a solid financial start to adult life.
Monetary gifts for the confirmand
For many young people, confirmation is the first encounter with their own money, and sums that are higher than ever before in their lives. There is no doubt that a 15-year-old has many things he or she would like to spend money on.
However, there is also little doubt that in a few years' time, it could be very useful to have savings. Things like a driving licence, moped, car, education and home are on the horizon and waiting.
That's why it can be particularly smart to take a look at the various savings options available for young people in this age group and have the conversation every newly wealthy confirmand should have.
How much does a confirmation cost?
There are naturally significant differences in what families spend money on in connection with a confirmation, but the expenses are often related to venue hire, the confirmand's outfit, food and gifts. It is quite common for confirmation expenses to end up at around NOK 40,000. That's a lot of money, so it can pay to start saving early – for example by setting up a dedicated savings goal in the Savings app.
Tips for an affordable and successful confirmation
Invitations: You can easily make these yourself, for example by printing a photo of the confirmand, writing a message and gluing it onto thick paper or coloured card.
Venue: It can be just as pleasant to hold the party at home in the living room as in a hired venue. If you don't have enough space to accommodate all the guests, you can ask family or friends if you can hold it at their place.
Cold buffet: You can easily prepare the cold buffet yourself without being a master in the kitchen. Good bread, potato salads, cured meats, roast beef and quality smoked salmon don't have to cost much.
Dessert: You can bake the cake yourself or ask family members to each contribute a dessert.
Decorations: Often you have plenty at home: search through drawers, storage rooms and the loft to identify what you already have. Then write a list of what you need. Homemade decorations are just as nice as shop-bought ones, and there's plenty of inspiration available by searching online. You can also decorate with things you find in nature, such as pine cones, twigs and flowers.
Children aged 16 to 18
Now your child is well into their teenage years and almost an adult. This opens up new opportunities at the bank and many new, smart tips worth exploring. Encourage your children to check out Ung (Young Adults) Academy. Here they can learn about everything from the costs of a driving licence to the benefits of saving for their studies.
Even as your child grows older, you should still maintain control over and follow several of the financial tips given earlier in the child's life, such as advice on saving, insurance, cards and BankID.
Banking for children aged 16-18
No results for this combination
Have your own income? Get tax relief with a BSU (home savings scheme for young people)
The home savings scheme for young people, or "BSU home savings scheme for young people", is the best way to save for young people who want to save for a home. With this type of savings account, you receive a higher savings rate and tax relief.
Older children? BSU home savings scheme for young people Extra
Home Savings Extra is home savings without tax relief for those aged 0-34. The account is well suited as additional savings for a home if you have filled up your regular BSU home savings scheme for young people or if you want to save on behalf of your young person.
Give Fund Savings as a Gift
Giving fund savings as a gift, for example for a birthday, confirmation or other occasions, can be a wonderful gift to give and a wonderful gift to receive for a teenager.
You can give funds as a gift in the form of monthly savings and lump sum amounts. Funds are a gift that can grow in value and can be withdrawn when desired.
Secure youth
Insure what you hold most dear and give young people financial peace of mind in the event of illness or accident.
In Norway, we are supported by a well-functioning healthcare system. Child insurance is not about the treatment of illness or accident itself, but about the time afterwards: The insurance makes things financially easier for the child and family should something happen.
The insurance can be combined with disability cover to secure the child's income as an adult and avoid a life on minimum pension with disability benefit. In addition, compensation is provided for selected illnesses and for accidental injury that results in the child suffering a permanent insured event.
Customer programme
With the bank card, the child receives a beneficial customer programme. For those under 18, this customer programme is called Intro. When the child turns 18, a new world of customer benefits opens up, with customer programme Ung (Young Adults). Customer programme Ung (Young Adults) has extra favourable terms, benefits and discounts with well-known partners and much more.
Vipps is handy to have
A lot often happens during the youth years, and most things cost money. Vipps is a super simple payment app that makes it easy to send money to friends, pay in shops and online. With Vipps, you can quickly split the bill at a café, pay for bus tickets, or transfer money to your friends, all with a few taps on your mobile.
Learner driving and soon the licence
When children turn 16, they are also old enough to practise driving. Even with many private driving lessons, it is impossible to avoid some significant expenses on the road to the famous 'licence'. Driving lessons are one thing, but the compulsory courses and examination fees alone represent substantial costs. Remember that it can be wise to save in advance, so that the route to a driving licence does not become financially overwhelming.
Fortunately, you do not need to make any changes to your car insurance to practise driving. This is because the person acting as supervisor is considered the driver of the car. – Did you know that you receive a number of benefits with car insurance from DNB when you practise driving?
Moving out already?
The 18th birthday comes faster than you think, and suddenly the years have flown by in a busy everyday life. When that day arrives, it's time to start thinking about the future – perhaps even moving away from home. Whether young adults are looking for a flat or considering buying a home, it's wise to familiarise themselves with what happens when they turn 18, and what they should consider when facing new challenges. From housing to their first job – encourage young adults to read more about what lies ahead. Read more at Ung (Young Adults) Academy.
If you are in a position to buy a home, your BSU savings may come in useful right away. But the reality is that many young people today receive parental assistance when entering the housing market.
