In a period of economic instability, you need to think about how to secure your savings and avoid financial problems.
In what currency to take out a loan?
Recently, some banks refused to give loans in foreign currency - only in rubles. And it is right. Thus, they protect clients from the growth of the rate, and themselves - from defaults. However, there are still banks that still offer loans in foreign currency and often at significantly lower rates than loans in rubles. Don't buy this bait. It is best to borrow money from banks in the currency in which you receive a permanent income. For most Russians, these are rubles. In general, during periods of economic instability, you need to be especially careful about whether you will be able to repay loans.
In what currency to accumulate and store?
There are several factors to consider.
- If you are saving money for a tourist trip, overseas shopping or study abroad, then it is more correct to keep the money in the currency in which you will spend it. So you will protect your savings from a possible depreciation of the ruble.
- Many, having savings in rubles, are in a hurry to buy foreign currency with them in the hope of making money on the difference in rates. This is a big mistake. Do not convert rubles into foreign currency and vice versa when it has already grown significantly against the ruble. Now the fluctuations in rates are quite noticeable, and on the payment of commissions for conversion, you can lose more than you earn from changing the difference in rates.
- If you have a significant amount of savings (more than 300 thousand rubles), postponed for a long period (three or more years), then it is better to keep it in several currencies. For example, half in rubles, dollars and euros. So the devaluation of the ruble will not hit your savings. At the same time, it is worth changing one currency to another no more than once every two years.
- In a period of financial instability, it is recommended to keep savings in the bank in different currencies. This will partially offset inflation. Choose a large bank that has been in business for over 10 years. Give preference to long-term deposits without the right of partial withdrawal. For such, the percentage is higher.
