One of the most common mistakes Russians make when trying to save money is keeping cash at home. Georgiy Ostapkovich, who directs the Market Research Center at the Institute of Statistical Research and Information Economics of the National Research University Higher School of Economics, highlighted this issue on Moscow 24. He explained that simply stashing coins and bills yields no growth, and that inflation erodes value over time. He also cautioned that attempting to grow money in the stock market without proper training and experience is risky for most savers.
According to him, the simplest and most reliable way to save is through bank deposits. Banks currently offer competitive deposit rates, with annual yields reaching around 15 percent and a potential for further increases. He advised that individuals without specialized knowledge should focus on deposits rather than jumping into stock trading or purchasing collectibles like antiques, where risk and illiquidity can be significant.
Beyond formal accounts, experts have suggested various creative approaches to motivate saving. One popular method is to start a savings challenge that commits a small amount each day. This builds a habit, strengthens financial discipline, and creates a visible sense of progress over weeks and months. Consistency matters more than the exact method chosen, and small daily contributions can accumulate into a meaningful fund over time.
There have been discussions about how long savings last when funds are directed toward large purchases, such as vehicles. The lesson remains clear: prudent planning, diversification, and an understanding of risk are essential when shaping a personal savings strategy. For many households, a balanced approach—combining a secure base of savings with careful, informed investments—offers the best chance to protect purchasing power while pursuing modest growth.
In an environment where prices can rise and interest rates fluctuate, building an emergency fund is often recommended as a first step. A reserve that covers several months of essential expenses provides a buffer against unexpected costs and income interruptions. After establishing a cushion, savers can consider other options to grow wealth, such as diversified deposits, bonds, or low-cost index funds, depending on individual risk tolerance and time horizon. The key is to stay informed, avoid impulsive bets, and review the plan regularly to adapt to changing financial conditions.