Saving Hacks

04.07.22

6 мин

If you live live paycheck to paycheck and you are sure that you have nothing to save, make sure to read this article. You will see that you have some money to save. You just need to make the first step and learn how to arrange your personal budget.

There are some simple rules:

Regularly (preferably everyday) write down all your income and spending.
Highlight the main spending categories. For example, food, transport, utilities, animals and healthcare.
Analyze your expenses: What categories account for the major part of your budget, what purchases could you forego, can you identify so called redundant spending.
Plan your spending in advance.

Try to save up to 10% from every paycheck. You can try with smaller amount. The most important here is to create a habit of putting some money aside. Enable Auto Saving service that will automatically transfer money to a deposit/account from your card. You can always set the amount and the frequency.

If you use SberBank card, you will be able to use budgeting services, such as expenses analysis, spending reports and Automatic Saving feature available in SberBank Online app.

These services are displayed on the main page of the app, on the right side of the Wallet tab.

With Finances Analysis you can:

Display your expenses broken down by various categories of purchases
Calculate the total incoming funds
Analyze spending by months

Monthly Budget tool will help you to:

Set a limit for every purchase category
Categorize your money in different envelopes
Set a goal and save money to achieve it

Total Funds tab displays:

How much money you have in the bank
How much money do you have on your card
How much money have you saved or invested

Deposits and Accounts

When you know how to plan your budget, you can start thinking about saving money.

Two main ways to accumulate savings are deposits and savings accounts.

Deposits are easy tools to save and earn. By opening a bank deposit you can be sure that you won't loose your money. The interest can offset the inflation. However, you can't use these money before the term ends because they will be used by the bank during this period, hence the interest you receive. Usually, if you withdraw the funds before the term ends, you lose the interest.
Savings account is a bank account that allows to freely use your funds, put more or withdraw money at any time and at the same time earn interest on your minimum balance. There is no term and the bank can change the rate at any time.

Watch the video about the savings account

All you need to know about deposits

Deposit term is an important parameter.

Types of deposits: term and demand.

Term deposits have a set period. Usually the term lasts from 1 month to 3 years. These deposits usually yield higher interest rates compared to demand deposits. There is no fixed term for demand deposits. Interest for demand deposit is usually much lower than that for term deposit.

Deposit interest is what banks pay to their customers for using their money.

The frequency of interest payments depends on the type of deposit or account. You can easily check the interest accrual in your profile in Sberbank Online app or website. The bank can accrue interest every month, every quarter (once every three months) or once in the end of the deposit term. Interest accrual process is defined when you open a deposit.

If the bank accrues interest every month or quarter, you can withdraw the accrued interest and use this money. You can also leave it in your deposit to increase its amount.

There are recurring and non-recurring deposits. You can add money to recurring deposits before the end of the deposit term. That will increased the amount for which the bank will pay you interest. In case of non-recurring deposit, it will be impossible to add money to your deposit while the interest will be accrued to the amount that you put when you opened the deposit.

Some deposits allow for partial withdrawal while others don't. Partial withdrawal means that you can withdraw some amount from your account without loosing the interest. Usually, you can withdraw up to the threshold of the minimal balance that should be on your account until the end of the term. Usually, such deposits have lower interest rate.

Deposits vary by currency, term, replenishing and withdrawal options. To sеlеct the deposit that is right for you, set a clear goal. Decide what would you like to do with the money on your account. Usually, the more transactions are available, the lower the yield.

Important:

The bank must give you back the amount on your deposit even if you decide to withdraw it before the end of the term.

Should you decide to withdraw your money from the term deposit earlier than the end of the term, the bank in most cases will pay you the interest similar to that of the demand deposit and recalculate the accrued/paid out interest.

If you can put aside your money for some time, opt for a term deposit to earn more.

How to open a deposit or a savings account?

You can open a deposit or a savings account in SberBank Online, either in the app or in web version, or visit a branch.

If you open a deposit in SberBank Online usually you will get a better interest rate. You can open a deposit or account in just three minutes: Just transfer money from your card or another account. It's safe and you won't have to go to a bank branch with cash.

SberBank Online app, or its web version, can show you all the information about your deposit or account: from details to withdrawal and accruals history. It offers all available transactions:

Add money to your deposit or account
View contract terms and conditions
Order certificates and statements
Close deposit or account
Make other transactions

Start saving now

Are my savings protected?

Deposits and accounts are protected by the state.

If the license is revoked from the bank, the state will give you back your deposit and accrued interest in the amount of RUB 1.4 mn.

If you had multiple accounts in the bank with revoked license, the amount of refund will not exceed RUB 1.4 mn. If you have money in different banks, you will get a refund of up to RUB 1.4 mn for every bank that got its license revoked.