Advice for a secure working life

What happens to your finances if you become incapacitated for work? Falling ill and losing your ability to work can happen to anyone, and there may be a lot of new information to take in.

You may be entitled to disability benefit as a result of becoming incapacitated for work. This is compensation you receive from Nav (the Norwegian Labour and Welfare Administration) for lost income. You do not need to be 100% incapacitated for work to receive disability benefit. Disability benefit is paid to individuals between 18 and 67 years of age with a minimum of 50% reduced working capacity.

If you have disability insurance privately or through your employer, you may have entitlements in the event of illness or an insurance event. You may also have entitlements if you have critical illness cover and are diagnosed with one of the serious illnesses covered by the policy.

The tax return is an overview of your finances. This includes all your income, deductions, assets and debt. You can use the tax return to check how much you pay in tax, and calculate whether you are paying too much or too little. You do this by checking that all the information in the tax return is correct.

The Norwegian Tax Administration does not always know everything about you, and it is therefore wise to review the tax return carefully. Have you deducted all your tax deductions? Is the correct salary listed? Have you ensured that all debt is registered, and the amount of this?

Take control of your finances and ensure that you get the correct figures in your tax return

Imagine if you suddenly had to manage on a lower income. Losing your job or being temporarily laid off leads to many changes in everyday life – not least when it comes to finances.

Becoming unemployed or temporarily laid off can unfortunately happen at any time and to anyone. This is not an easy situation, and if you are not prepared it can come as a shock.

There are different rules and requirements that apply to temporary lay-offs, including if you are made redundant. Familiarise yourself thoroughly with your situation, what applies to you and what financial measures you can take.

The first thing you should do is get an overview of your own spending and adjust it to the new situation. You can easily check what you spend money on in the mobile and online bank. Go through how much you spend on groceries, restaurants, travel and other things, before you decide what you need to cut back on.

If you contact your adviser at the bank, it will be possible to come up with good solutions, such as Refinancing or a period with Interest-only period(s) on loans.

Perhaps you have studied before and wish to do so again, to explore a new career path. Or perhaps you are studying or need to study for the first time. There is much to consider as a student, including preparations for working life.

It is not always easy to have a job when you are a student, and finances can feel tight. If you cannot find a part-time job, an internship can be a good opportunity to gain work experience. It is therefore wise to familiarise yourself with the options available to you and make sound financial decisions as a student.

Choosing between working life or student life is not always easy. If you are young, education is often a natural direction to take. But you should think carefully. What do you want to achieve with your studies? Which education will give you the skills you need to get the job you want? Many degree programmes are often broad, and you may not have time to go into depth in the subject. Will you gain enough knowledge to get the job you want? Depending on the profession and industry, it can sometimes be worthwhile to go straight into work and gain experience. In other professions, there will be greater requirements for knowledge from studies.

You may be an adult and have been in working life for several years already. You are well accustomed to a fixed income, but the work tasks are no longer exciting and you may want to try something new? Then it can be daunting to start studying. Here too, it is important to think about why you are studying and what you want to achieve. Many institutions have made arrangements so that more people can study alongside work, so perhaps you should consider whether part-time studies are something for you.

There is no definitive answer as to whether you should prioritise working life or studies. The financial situation will be different, and if you are going to study, it may be wise to take some steps. Can you qualify for a grant? Should you save up a buffer? What is the semester fee at the institution where you want to study? Find out how much a student loan can affect you.