Five inflation-busting money hacks to help you keep costs in Norway down
The latest inflation figures show that consumer prices in Norway have been rising at the fastest rate since the 1980s. Here are some tips and tricks to help keep costs down.
On Thursday, the national data agency Statistics Norway released the latest inflation figures for Norway.
The numbers made for quite grim reading. Since September last year and this year, prices in Norway are up 7.5 percent, the highest rise in inflation since the 1980s.
Statistics Norway used the Consumer Price Index (CPI) to measure inflation. The CPI measures the overall change in consumer prices and the cost of goods and services over time.
Food and non-alcoholic beverages, energy costs and fuel were the most significant contributors to the high inflation figures.
Given the rising inflation, we’ve put together a few tips to help you cut costs and save some cash.
Consider switching up supermarkets and joining a loyalty programme
While shopping around from time to time can help you take advantage of the best offers, sticking with one supermarket and its corresponding loyalty scheme may help you save more in the long run.
Rema, Kiwi and Coop Extra are typically the cheapest supermarket chains for consumers. In September, the newspaper VG crunched the numbers and revealed that Rema was the cheapest overall.
Kiwi was around 2.6 percent more expensive than Rema, but for our money, it has the better loyalty programme. Both these chains were approximately 20 percent cheaper than the most expensive competition.
READ MORE: Norway’s cheapest supermarket?
You can check when energy prices will be high or low
Energy firms in Norway have noticed that customers have begun to change their consumption habits to try and make the most of price fluctuations.
As most people in Norway are signed up to spot price deals, meaning they pay current market prices, you should be able to take advantage of fluctuating prices too.
To make the most of this trick, you’ll need to use more energy-intensive appliances such as ovens, dishwashers, and underfloor heating when the prices are at their lowest.
Essentially, prices are typically highest when demand on the power network is highest. These times are typically the evening when people arrive home from work, make dinner and use more devices. The morning, when households get ready for work and school, is also a time when prices are high. Using energy outside of these times can help you save money.
The apps for Tibber, Fjordkraft, Wattn and Elvia can all help you monitor price fluctuations.
Make the most of apps
Maximising money-saving apps may be able to save you a decent wedge of cash if done correctly.
Money-saving apps in Norway range from supermarket loyalty schemes which give you cashback, an aggregator which gathers all the latest supermarket offers for you to take advantage of, and a food waste app which lets you buy food that shops and restaurants are planning on throwing out for a discounted price.
Look into changing your energy agreement, mobile plan and car insurance policy
Thanks to comparison sites, you can always shop around to see if a better offer is available on the market than you are currently paying.
Even if you can’t be bothered with the hassle of changing all your agreements, approaching your current provider with a more competitive price may encourage them to offer you better terms than you are currently on.
For energy prices, you should use stompris.no. If you want to switch out your mobile plan, you should check out the comparison site Fornye. And finally, for car insurance, you can try Tjenestetorget and Forsikringer.no, two of the most popular sites for comparing quotes in Norway.
Consider switching to alternative heating methods
Another way to lower energy costs in Norway involves switching to cheaper heating.
For example, making more use of a fireplace when energy prices are high will be able to save you some serious dough, according to the experts.
A heat pump could also be considered. However, this is more of a long-term investment, and you would be unlikely to see an instant return.