The ability to properly manage your personal budget will allow you to live prosperously. However, Russians expect large incomes, spend everything on current needs or bet on a single financial instrument.
The habit of regularly saving money for the future is just emerging in Russia. To start saving, people are waiting for a large additional income – an annual bonus, a gift, an inheritance. Our research showed that 43% of Russians estimate this type of income as one month’s income, and 57% as two or more monthly incomes.
But you can actually start saving with 100 rubles. If you decide to save this amount every day, in a week you will have 700 rubles in your piggy bank, and in a year – 36,500 rubles.
Set yourself a goal: to save at least 10% of your income each month. A separate savings account will help you get started. You can open it in your personal account in the mobile application or on the bank’s website. For example, you can say “My Money” to the account: such a number will prevent you from spontaneously spending.
Well-being does not depend on how much you earn, but on how much you save. At the same time, as our study shows, almost a quarter of Russians (24%) are ready to spend a large amount of additional income in their personal wallets for their current needs. This is a very bad habit. In a healthy budget, income should always exceed expenses. A one-time income cannot significantly change the current needs, which must correspond to the regular income level.
Often, our compatriots try at all costs to close loans.
According to our data, 26% of Russians are ready to spend a large income in their personal budget fully to repay loans. Such a decision can worsen the emotional state, increase spontaneous spending, and reduce the size of the airbag.
What’s the best way to take action? Up to 10% of the budget replenishment can be spent on gifts for yourself and loved ones. Such an investment will reinforce the positive impression of the money received and provide emotional support. After that, at least 30% of the amount should be separated in the airbag. And the remaining money can be used to pay off loans. First of all – the consumer (there are higher rates), then – the mortgage. Credit card expenses should be covered from your current spending budget.
Another mistake is to bet only on currency.
We found that only 28% of Russians include various financial instruments in their portfolio. 31% will choose deposit, savings account or savings life insurance (HOA), 28% – currency, 13% – stocks and bonds for fund placement.
It is important to remember that the risk of losing money is everywhere. It is dangerous to bet on only one financial instrument, because another “black swan” can hit it – this is an event that no one, even experts, expected. To ensure the stability of your financial situation, diversify your portfolio and invest the money in various assets.
Finally, it’s important to be pragmatic, apply your financial strategy consistently, and stay calm. Then you will be able to increase your income, achieve your goals and improve your own finances.
The author expresses his personal opinion, which may not coincide with the editors’ position.
Source: Gazeta
Dolores Johnson is a voice of reason at “Social Bites”. As an opinion writer, she provides her readers with insightful commentary on the most pressing issues of the day. With her well-informed perspectives and clear writing style, Dolores helps readers navigate the complex world of news and politics, providing a balanced and thoughtful view on the most important topics of the moment.