Hello one and all.
I'm a UK citizen currently living in Finland and this is the first time I've ever lived alone, so everything is a bit of a learning process for me. I was wondering what the general tax levels are like in Finland and what the maximum realistic rent I can afford is for someone living in the Otaniemi area. I can't drive, so I will be reliant on public transport/walking/cycling. My income should be about 30k a year before tax. Is something that is 900 euros with all bills included reasonable or way out of my budget?
In regards to other expenses, I am quite an introverted individual and as such I don't really go out or eat out often. I use my family's Netflix account and watch primarily YouTube and run in my free time. So the cost of my hobbies are quite low, or essentially zero.
Thanks for reading, I appreciate the advice.
Budget for rent
Re: Budget for rent
The tax calculator is here https://www.vero.fi/en/individuals/tax- ... alculator/ 30k a year should be 12.5%
On top of that you need to subtract pension which is around 8.4%. So you get like 30k * (1 - 12.5% - 8.4%) / 12 = around 2k per month.
Rent is the single biggest expense. Unless you want to live with others you have to expect something like 700-800 euro at least, because small apartments are much more expensive per sqm. I used oikotie.fi for rental. Water is nearly free and electricity less than 50 because heating is free too.
I spent less than 300 on grocery not including wine - but if you buy microwave food or salad everyday the cost would increase a lot. When the damn virus is ended you could try some new, costly hobbies. Also saving for long vacations.
On top of that you need to subtract pension which is around 8.4%. So you get like 30k * (1 - 12.5% - 8.4%) / 12 = around 2k per month.
Rent is the single biggest expense. Unless you want to live with others you have to expect something like 700-800 euro at least, because small apartments are much more expensive per sqm. I used oikotie.fi for rental. Water is nearly free and electricity less than 50 because heating is free too.
I spent less than 300 on grocery not including wine - but if you buy microwave food or salad everyday the cost would increase a lot. When the damn virus is ended you could try some new, costly hobbies. Also saving for long vacations.
Re: Budget for rent
Also, since you mention Otaniemi, if you are a student then make sure that you look at student housing.
Otherwise, when I moved here in 2018 I was making somewhat more than you said, at €3500/mo before tax, leaving about €2500 after all withholdings. Of this I was spending around €1400, including a €700 rent that had all utilities included, and making positive effort to save money. Costs will have gone up slightly since then. So €900 is probably manageable for you, but on the expensive side. If you could find something a bit cheaper then you might well end up with significantly (> 50%) more money to save/spend on other things. This will be easier if you look outside of just the Otaniemi area; between the metro and the 550 bus, getting into Otaniemi is not very difficult, so you wouldn't lose too much.
The previous poster calculated your after-tax income, but you should also check whether it includes a holiday bonus, as if your income is specified annually then you may need to divide by 12.5 or 13 to calculate your monthly income.
Otherwise, when I moved here in 2018 I was making somewhat more than you said, at €3500/mo before tax, leaving about €2500 after all withholdings. Of this I was spending around €1400, including a €700 rent that had all utilities included, and making positive effort to save money. Costs will have gone up slightly since then. So €900 is probably manageable for you, but on the expensive side. If you could find something a bit cheaper then you might well end up with significantly (> 50%) more money to save/spend on other things. This will be easier if you look outside of just the Otaniemi area; between the metro and the 550 bus, getting into Otaniemi is not very difficult, so you wouldn't lose too much.
The previous poster calculated your after-tax income, but you should also check whether it includes a holiday bonus, as if your income is specified annually then you may need to divide by 12.5 or 13 to calculate your monthly income.
Re: Budget for rent
If you look for student housing or flat share, you will get something very decent between e500-600pm. In addition to Otaniemi, check Leppavaara which is a short distance for walking or cycling. But Otaniemi is a very nice area!!!!
Bills are not much, usually heating is included, water can be min e20 per person in a month. Electricity, minimum e20-30, and compulsory home insurance ? perhaps e10-20 per person. So between e50-100 per month.
Bills are not much, usually heating is included, water can be min e20 per person in a month. Electricity, minimum e20-30, and compulsory home insurance ? perhaps e10-20 per person. So between e50-100 per month.