The Cost of Living in Finland: How Much Do You Need?

When considering moving to Finland, one of the key questions that often arises is: how much do you need to live in Finland? The answer can vary widely depending on one's definition of a good life - is it spiritual, material, or intelligent? Interestingly, two of these can be achieved with very little, while the third often requires a bit more material wealth.

Basic Necessities

Prior to tackling daily expenses, let's first break down the cost of basic necessities, including food and utilities.

Basic necessities: One person can live on approximately 900 euros per month on basic necessities, excluding rent. For a family of two: The cost rises to 2500 euros per month including rent. This figure can vary based on the city, with renting a one-room apartment in the capital of Finland costing from €750 per month. Utilities: Monthly bills typically amount to around 250 euros, covering essentials like water and internet.

Survival Budget

If you're aiming for a minimal budget to barely survive, you can manage on as little as 5000 euros per year. This would only be possible with very inexpensive accommodation and the thriftiest grocery choices. Furthermore, you could live even cheaper by camping in the wilderness free of charge, which would greatly reduce your cost of living. However, this approach might not be suitable for everyone.

Comfortable Living

For a more comfortable but still modest lifestyle, a starting point of 10,000 euros per year might be appropriate. In smaller towns, this budget allows for a little more in terms of amenities, like the internet or having a basic laptop for work. Retirees or the unemployed in Finland can live on approximately this amount, though it’s far from luxurious.

Financial Considerations

Assuming you're considering moving to Finland for longer-term residency, there are additional financial considerations to keep in mind:

Net Worth: If your net worth is less than USD 10 million, you should halt thoughts of immigration. This reflects the relative cost and lifestyle in Finland. Financial Sustainability: If you can afford to live for two years with approximately USD 70,000 (rent, basic necessities, maybe some training costs), you can start a new life in Finland. However, Finnish citizens do not want to support incomers who have not paid any taxes in Finland before. Self-Sufficiency: If your savings are about to run out, be prepared to return to your home country. Independence and financial planning are crucial for long-term success.

My Calculations and Price Range

Based on my calculations and observations in cities ranging from Helsinki to Vaasa, here are some details on different aspects of the cost of living in Finland:

Housing: Housing can range from 400 to 700 euros for a one-bedroom or two-bedroom apartment, with a three-bedroom apartment starting at around 425 euros near Tampere. Utilities: Water costs around 20 euros per person, and in Tampere, internet is often included in the house system, so costs are zero. Car parking, however, is expensive, with about 80 euros per month in the capital area. Electricity: Electricity costs vary based on consumption, and in one of my apartments, it was around 120 euros over several months, mainly due to transport costs, with an additional 60-70 euros for transportation. In Helsinki, public transport can be cost-effective, especially with the "time" system. Electronics: Electronics are straightforward, with used laptops available for around 300-500 euros over several years. Clothing and maintenance for a bike might add up to around 600 euros annually, excluding investments like a personal computer or bike. Food: Monthly food expenses can be as low as 30-40 euros.

These details offer a comprehensive look at the cost of living in several areas of Finland, providing valuable insights for anyone considering a move to this beautiful country.

Conclusion

The cost of living in Finland can vary significantly depending on your lifestyle and priorities. While the basics can be relatively inexpensive, living a comfortable yet modest life requires a budget of around 10,000 euros per year. Whether you're considering immigration or just planning your move, understanding these costs is crucial for financial planning and satisfaction in your new home.