Many Russians became more frugal after taking out a mortgage loan. This is evidenced by a survey conducted by the BestDoctor company, a copy of which is in the possession of socialbites.ca.
According to one study, 30% of Russians began to approach spending more wisely and plan their family budget more often after taking out a mortgage. Another 30% of borrowers have started earning more – working overtime and taking on additional tasks – to ensure loan payments are made on time.
Therefore, the vast majority of respondents (80%) are not ready to spend more than 20% of the family budget per month on a mortgage. However, 7 percent of the participants are not against paying half of their monthly income to repay the loan.
At the same time, a quarter (25%) of the survey participants stated that after taking out a mortgage loan, they started to spend more time communicating with their loved ones and appreciated the comfort of home. At the same time, 20% of respondents had to give up traveling and started taking holidays closer to home more often to save money. Additionally, 15% of Russians began to notice increased financial anxiety after taking out a mortgage.
“Experts recommend keeping a 6-month reserve for loan payments in order to overcome unforeseen possible situations. “The best option is if the monthly payment does not exceed 25-30% of the family income,” commented Mikhail Belyandinov, co-founder of BestDoctor.
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