Money doesn’t grow on trees

Does money grow on trees? How can you get money if there is something you want?

Accessibility icon Money doesn’t grow on trees

No, money doesn’t grow
on trees

Does anyone really think it does? Why do we hear this phrase so much, and what does it mean?

It would be amazing if we could get lots of money without doing anything, like picking money from trees!

For most of us, it doesn’t happen that way. We have to work and save our own money to buy the things we want.

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Saving

Do you get money as a gift for special occasions? Do you work after school or in the summer? Or do you get some money for helping at home?

Saving some of your money is a good idea. You can put your money in a special savings account to make it grow faster.

It’s good to start saving early, even if it’s just a little bit. What do you think is a good thing to save money for?

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Making your own money

It’s not always easy for young people to find a job, but maybe you could ask people you know if they need help with small jobs, or look for a part-time job that will pay you.

If you work for a company, they will give you a payslip. This shows how much money you have earned and how much tax has been taken out. You have to pay taxes if you make more than the tax-exempt amount.

You won’t get paid during holidays, but you can get holiday pay. This is 10.2 percent of the money you earned the year before.

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Paying taxes

Tax exemption card

If you earn less than 70,000 Norwegian kroner (NOK) a year, you can get a tax exemption card. This card tells your boss not to take taxes from your pay (as long as you don’t make more than the set amount). If you receive holiday pay from the previous year, it should be included in the 70,000 kroner.

The 70,000 NOK limit was set for the year 2023. But remember that the government changes the limit every year.

Tax deduction card

If you make more than 70,000 NOK, you need a tax deduction card. It tells your boss how much money to take out of your pay for taxes before giving it to you. How much you expect to earn in a year decides how much taxes you should pay.

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Read more about young people, work and tax here

Means of payment

Means of payment is what you use to pay for things you buy. In Norway, people use money to pay for things. Money can be cash, which means paper or coins, or it can be electronic money, like when you pay with a card or online.

Cash or card?

Cash used to be the most common form of payment. Many people in Norway use bank cards to pay for things instead of cash. You can use a bank card to pay in a store or online. 

Vipps is an example of an app that you can use to pay for things electronically.

There are two types of cards: credit cards and debit cards.

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Credit Cards

A credit card is a payment card that lets you buy things even if you don’t have enough money. You can borrow money up to a certain limit and then pay it back later. 

You will get a bill every month telling you how much you owe and the smallest amount you need to pay. You don’t have to pay all the money at once.

Using a credit card can be good sometimes, especially if there is a good deal you want to take advantage of. But if you don’t pay all the money you owe right away, you will have to pay more because you will have to pay interest and other fees. This is why it’s usually better to avoid using a credit card if you can.

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Debit cards

A debit card is a card that takes money from your bank account right away. It’s a regular bank card. When you use the debit card, you need to have enough money in your account to pay for what you’re buying.

Sometimes you need to pay a small fee to take out money with a debit card, and in some cases, you might also need to pay a fee to buy things.

Using a debit card means you won’t spend more money than you have. That makes it easier to keep track of your money.

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Take charge of your own wallet!

It’s important to know that money doesn’t come easily and you need to work hard to earn it.

It may seem boring, but working for your money and saving up for what you want can make you feel happy and confident. Learning to take responsibility for your money is a big part of growing up.

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Sources:

  • Meinich, Per: penger i Store norske leksikon på snl.no.
    Hentet 18. november 2021 fra https://snl.no/penger
  • Torvund, Olav; Anderssen, Harald Benestad: betalingsmiddel i Store norske leksikon på snl.no.
    Hentet 18. november 2021 fra https://snl.no/betalingsmiddel

 

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