Professor of the Financial University under the Government of the Russian Federation Alexander Safonov shared his recommendations regarding financial savings in the family. In his opinion, it is important to have a financial cushion sufficient to provide for the family for at least six months. This reserve can be invaluable in the event of dire circumstances, such as serious illness or job loss.
However, it is worth noting that the professor calls for attention to the fact that only savings should be included in the calculation of savings, and not credit cards. He prefers to view credit cards not as an additional source of financial security, but as a debt that will have to be repaid in the future with interest, reports aif.ru.
When calculating the amount of savings, you should take into account not only everyday expenses, but also other financial obligations, such as loan payments, rent and other expenses associated with providing for the family.
Methods for storing financial savings can be different. For small amounts, it may be most convenient to store money “under your pillow,” while for large amounts it is preferable to use virtual piggy banks and deposits available in online banking services. This allows you to partially protect your savings from inflation by receiving interest.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
