Fjárhúsið
How does money work?
Learn about money, step by step
Kibba: Nice to see you in Fjárhúsið! Everyone starts as a lamb. Choose the level that suits you and take the test; with every test you pass, you grow.
- Here we explain ideas, we don't give advice. This is not financial advice.
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Recommended for ages 8–16. Read the cards, play “Save up for the bike” and take the test whenever you like.
Test: Lamb
Ten questions about the level's topics. Eight right answers is enough, and you can try as many times as you like.
Saving up for something
Kibba: Saving means keeping money now so you can buy something bigger later. It helps to know what the thing costs and how much you put aside each week. But watch out: money in a piggy bank buys a little less every year when prices go up.
🤔 Guess: a bike costs 30,000 kr. and you put 2,000 kr. aside each week. How many weeks does it take to save up for it?
15 weeks, because 30,000 divided by 2,000 is 15. If the bike gets more expensive in the meantime, it takes a little longer. (Made-up example.)
Next: Prices go up
Prices go up
Kibba: Most things cost a little more this year than last year. This is called inflation. It means the same money buys a little less than before. Statistics Iceland (Hagstofa Íslands) measures this every month.
🤔 Guess: if all prices go up by 6% in one year, what does a 1,000 kr. thing cost after that year?
About 1,060 kr. Six percent means 6 krónur out of every 100, so 60 kr. is added to 1,000 kr.
Next: Banks and interest
Banks and interest
Kibba: A bank keeps your money in a safe place. In a savings account, the bank pays you interest for keeping it, so the amount slowly grows. The Central Bank sets the policy rate, which affects all other interest rates.
🤔 Guess: you have 10,000 kr. in an account with 5% interest a year. How much do you have after one year?
10,500 kr. Five percent of 10,000 kr. is 500 kr. (Made-up example.)
Next: Life in Iceland
More cards on the way
- What is money? Coming soon.
- Needs and wants Coming soon.
- Buying things in games Coming soon.
- Scams online Coming soon.
- Debit cards, credit cards and your phone Coming soon.
Recommended for ages 16–28. Pay, loans and your first steps on your own. The cards are still being made, but the test is ready.
Test: Kibba
Ten questions about the level's topics. Eight right answers is enough, and you can try as many times as you like.
More cards on the way
- The payslip: income tax, personal tax credit and pension fund Coming soon.
- Extra pension savings Coming soon.
- Making a budget Coming soon.
- Renting or buying Coming soon.
- Index-linked or non-indexed loans Coming soon.
- Expensive loans: overdrafts, payday loans and “buy now, pay later” Coming soon.
- Real interest rates Coming soon.
- Compound interest and the first investment Coming soon.
- Crypto and risk Coming soon.
Recommended for ages 28+. Pensions, property and family money. The cards are still being made, but the test is ready.
Test: Leader sheep
Ten questions about the level's topics. Eight right answers is enough, and you can try as many times as you like.
More cards on the way
- Loan repayments and refinancing Coming soon.
- Pensions and retirement Coming soon.
- Spreading risk and currency risk Coming soon.
- Inflation and property Coming soon.
- Family money Coming soon.
- The economy and you Coming soon.
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