The family budget planning protects against financial crises, especially when currency rates are unstable, food prices have increased, and the employer has delayed wages.
The National Bank recommends putting into practice this good habit gradually and painlessly for the family. The first results will be seen within six months: you will learn how to save money and will be able to make serious acquisitions without getting into debt. With each step, your attitude towards money will change. Save 10 percent of your income. "You can make savings with any income level. When you start saving, you can plan large acquisitions without debts and loans. If your salary is planned to the last penny, set aside from unplanned income: cash gifts for a birthday or bonuses. Set aside 10 percent before you go to the store or pay for utilities," experts recommend.
Get rid of loans
One of the rules to start saving money is to get rid of credit cards and try not to borrow. "Count only on the money that has already been earned. Spending money from a credit card is pleasant and easy. But do not forget that you need to return it. First, pay off loans with the highest interest rate, they are the most expensive. Loans can help you achieve the goal but you can always save up for your plans and not overpay the bank for a loan," the National Bank stated. Provide a “safety cushion”. It is believed that the money set apart should allow you to live for three-four months in case of loss of income, for example, if you have been fired from your job or you have had to quit due to illness. This safety cushion will help you make the next payment on the loan in case of force majeure. Plan your purchases, small and large ones, to save a family budget. For example, you can agree with family members that within six months you are putting off money for vacation or plan to buy a car and move to the goal together. Save money in the currency you plan to spend. To purchase a TV or car you will need tenge, but for European trips you will need euro.
Keep record of all expenses
It is important that the whole family collect receipts from supermarkets and consider all minor expenses. “You will not start saving until you know exactly how much and what you spend on. Write everything down: you lent 200 tenge to a colleague, bought a chocolate bar, gave money for coffee in the office,” the National Bank believes. Experts advise the use of programs and mobile applications to manage the family budget; they will always help to monitor their fund expenditures.
Another way to add funds is to earn on savings from the bank deposits. "The money kept in the dresser depreciates due to inflation. The money on bank deposits will increase your capital, and the state guarantees its safety," noted the financial regulator. Learn all the means of your income increase: some banks give cash back when paying with a card or add a reward on your account balance. All your savings should work for you.
"Future planning is an investment in yourself and your family, insurance in case of unforeseen situations. Insure your life if you are the only source of income in the family. Open an educational deposit with a premium from the state. Think about retirement: if you want to travel in a mature age, take care of voluntary pension contributions now, while you are young and full of energy", the National Bank recommends.
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