🏦 Money at the start in Finland 2026: bank account, verokortti, insurance and peace of mind

Finland at the start: how much does it cost to "live normally"?

If you want to understand how money works in Finland in 2026 — from bank accounts and verokortti to apartment insurance and a budget "so you don't have to worry until payday" — this article is for you.

Cold air, a quiet tram stop, lights in the windows of neat brick houses... And you, having just moved: a new country, a new system, and the main question in your head: "Will I have enough money, or have I overlooked something?"

Finland is honest: yes, it's not cheap here, but the rules are transparent. On average, in 2025–2026, a student in a large city will spend €700–1,200 per month, and universities warn that it is more comfortable to budget €1,000–1,300+ per month for living in Helsinki, without any frills. For an adult renting accommodation on the open market, the cost can easily rise to €1,500–2,000 or more, especially in the capital region.

In this article, you will learn:

● how to open an account in a Finnish bank and why you need one, even if you already have a Eurocard from another country;

● what a verokortti is, why 60% of your first salary may be withheld without it, and how the Finnish tax card works in real life;

● which types of household insurance are really important, how home insurance works in Finland, and when a landlord will simply refuse to give you the keys without a policy;

● how to put together a realistic budget and not deceive yourself about the cost of living in Finland by looking at your own figures rather than other people's memes.

The goal is to make money a background factor: not a source of daily stress, but a quiet, understandable system that works for you.

Bank account and verokortti: the financial skeleton

Why do you need a Finnish account if you already have a Eurocard?

Technically, many services work with foreign cards. But in real life, it quickly becomes clear that

● your salary is paid into a Finnish account;

● many landlords want a Finnish IBAN;

● identification in online services (taxes, Kela, public services) is often tied to bank codes.

In other words, having your own account is not just "nice to have" but actually the key to a normal life in the system.

To open an account with a major bank, you usually need:

● a passport or other recognised document;

● a Finnish personal identification code (henkilötunnus);

● residence permit (residence permit or EU registration);

● sometimes proof of address and employment (rental agreement, employment contract, letter from a university).

Banks have the right to assess risks and sometimes refuse or request additional documents — it is not always about you, sometimes it is simply a compliance policy. Therefore, a normal strategy is to apply to 1–2 banks at once and not be offended if one says "no".

Once approved, you will receive:

● a current account (usually with a card);

● online banking + codes for e-identification — these are convenient for logging into government services.

Verokortti: so that 60% is not deducted from your first salary

Verokortti is a tax card with your income tax rate. Your employer is obliged to withhold tax according to the verokortti data; if you do not have a card, they will withhold tax at the maximum rate (up to 60% for some types of income).

To get your first card in 2026, you need:

● a Finnish personal ID;

● an estimate of your annual income (salary, scholarships, part-time jobs);

● documents: passport, employment contract/offer, sometimes a certificate from a university.

There are usually two ways to do this:

1. MyTax (OmaVero) — an online tax service where you fill in your details and receive an electronic card.
2. Visit the Vero office in person (or International House Helsinki/local service points) — you bring your documents and often receive your card immediately.
   

It is important to understand how the Finnish tax card works when you start your first part-time job: without it, even a couple of shifts in a café can suddenly be subject to very heavy taxation.

Verokortti, part-time work and multiple sources of income

If you have:

● one job → usually one card with one main percentage is sufficient;

● several part-time jobs, freelance work and, for example, social benefits → you may need separate types of verokortti (for salary, business income, benefits).

The main rule:

It is better to calculate and update your verokortti once than to receive a large tax bill with additional payments at the end of the year.

Do not be afraid to order a new verokortti during the year if your income has changed. This is normal practice, not "too many questions for the tax office".

Home insurance: housing, belongings, liability

Home insurance: insurance for your flat and your belongings

In Finland, home insurance is almost a basic household standard. Rental agreements often state explicitly that keys will not be handed over without it.

The scheme is as follows:

● the building is insured by the owner (housing company);

● you insure your own property and some of the risks (flooding your neighbour's flat, breaking a window, a fire caused by your candle);

● the policy often includes personal liability, which can save you from unpleasant bills if something happens in the flat through your fault.

Therefore, home insurance in Finland is not a formality, but a real working tool.

What a basic tenant's policy usually covers:

● items in the flat (furniture, appliances, clothing, sports equipment);

● damage from fire, water, certain types of theft;

● sometimes — household liability (if you accidentally damage something).

It does not cover (often):

● very expensive "toys" (collections, individual jewellery, etc. — there may be separate conditions for these);

● wear and tear and "broke on its own";

● situations where you have grossly violated the rules (e.g. smoking where it is prohibited).

The cost of home insurance for a small flat is usually around several dozen euros per month — a significant amount, but one flooded parquet floor will easily cover years of premiums.

Other insurance policies worth discussing

The minimum set that makes sense to consider in the first year:

● liability insurance (often included in home insurance, but it is better to check);

● insurance for personal property outside the home (bicycle, laptop in the library, etc., if this is critical for you);

● travel insurance (if you often travel to other countries).

Healthcare is a separate issue: some people are covered by the Kela system and public healthcare, while others have private insurance (especially students from countries outside the EU/EEA). This article focuses on everyday life, but it is also important to keep basic health insurance in mind.

Rent: half the budget (and sometimes more)

In large cities such as Helsinki, the cost per square metre on the free market in 2024–2025 will be around €22/m², and in the subsidised sector around €14.5/m².

What this means in real life:

● a 25–30 m² studio on the free market → €550–750 in less central areas, higher in the centre;

● a one- or two-room flat of 40–50 m² → easily exceeds €900–1,200+ in the capital region;

● student accommodation is a world of its own: €450–800 in Helsinki, cheaper in other cities.

If you are still choosing where to live in Finland at the start, it makes sense to "play" with your budget right away: the same profession and salary in Tampere or Oulu can feel much more comfortable than in Helsinki.

Transport, communications, internet

Transport:

● A travel pass for the ABC zone in the capital region easily costs €70–100+ per month.

● it is slightly cheaper in other cities, but the principle is the same — it is more profitable to pay for regular trips with a travel card.

Communications and internet:

● mobile communications with unlimited internet — €15–30 per month, depending on the operator and tariff;

● Home internet — €20–35 (sometimes included in the rent or housing company fees).

Food and basic expenses

Universities and scholarship programmes are honest about this: in addition to rent, you will need at least €400–500 for food and basic necessities (clothes, household chemicals, and other small items).

If you save a lot, shop at cheap chains and cook at home, you can spend less. But it's better to be conservative and enjoy the savings than the other way around.

Total for a "modest" budget for one person in a large city without any particular extravagances:

● rent: €600–900 (depending on the city and type of accommodation);

● transport: €50–90;

● communications + internet: €30–60;

● food and basic living expenses: €400–600;

● insurance, small expenses, clothing: €100–200.

In total, this easily adds up to €1,200–1,800 per month for an adult in 2026, if we are realistic. For a student in inexpensive accommodation, the lower limit is lower, but the magic €500 "for everything" is almost nowhere to be found.

The cost of living in Finland is perceived differently: some find it high, others compare it to large cities in the EU. The main thing is to look at your own figures, not other people's memes.

Now let's talk about the pitfalls you should avoid.

Result: for the first few shifts or even for several months of work, they may withhold the maximum amount instead of the normal rate. This can be corrected later, but the money is already gone, and at the moment it hurts a lot. It is much calmer to apply for a verokortti before your first day of work or immediately after signing the contract.

Many problems go hand in hand with insurance.

While everything is calm, it seems like an unnecessary €10–30 per month. But one burst pipe, a fire in a neighbouring flat, or flooded laminate flooring can turn the lack of insurance into a bill for thousands of euros and a very difficult conversation with the landlord.

There is also a more "silent" financial mistake — self-deception in planning.

An honestly calculated "road map" of expenses in your city is much more reliable than any "I somehow survived on €400". If your income is tight, it's worth thinking in advance about a side job, roommates or a more affordable city, rather than living on a constant financial adrenaline rush.

Housing is a separate issue.

The Finnish system is relaxed about changing flats and neighbourhoods. It is much wiser to choose a more budget-friendly option at first than to immediately commit to a lease that eats up 70–80% of your income. Only later, when you have a stable income and understand the city, can you look for a long-term lease in Finland on different terms.

And finally, the classic mistake of any move is ignoring the small details.

A paid bank account, forgotten foreign streaming services, "extra" communication tariffs, app subscriptions — all of this can easily add up to €50–100 per month. In the first few months, it makes sense to go through your statements every couple of weeks and remove anything that doesn't bring you joy or benefit.

Finances at the start in Finland are not about magic or "being able to save on everything." It's about a clear foundation: your own account and access to government services, a working verokortti, basic insurance, and an honest budget that shows not only your expenses but also your savings.

Once these foundations are in place, the country no longer seems like a collection of incomprehensible price tags. You start thinking not about "how to make it to the end of the month," but "what do I want to achieve this year — in terms of work, study, language, travel." And money becomes simply a tool that supports this.

If this article has helped you organise your finances, save it, share it with those who are moving in 2026, and write your questions and stories — real-life cases with figures and life hacks are very helpful for those who are just preparing to move.