What should Russians do with money now? Three simple tips from a financier

On the last day of winter, the Central Bank raised its key rate to 20%. The regulator explained that this decision will help maintain financial and price stability in the country. At the same time, four days earlier, on the day the special operation in Ukraine began, our compatriots withdrew 111 billion rubles from their accounts in just one day. However, panic is not the best adviser when dealing with money.

Sergey Leonidov, CEO of the financial marketplace, spoke about how to act in this situation and gave our readers some useful advice.

Stay calm despite the information noise

A crisis is not only a time of turbulence, but also a time of opportunity. Top tip: Use a cool head before making financial decisions. Now it’s definitely not worth panicking and running to withdraw cash from ATMs, as many do.

It is worth paying attention to liquidity. It is better to leave some part of the money in the public domain, for example, in ordinary savings accounts. If you don’t have urgent purchases in foreign currency right now, it’s better to postpone the exchange for a quieter time.

It is important to remember that all ruble financial transactions go through the Russian payment system. Their processing center is located in Russia – this also applies to cards of Visa and Mastercard payment systems.

At the moment, the ruble has depreciated. One thing is clear: it is worth forgetting about foreign currency for now.

“There is no point in buying the dollar and the euro for the entire salary: the rate has grown a lot, and what will happen to it next is not yet clear”

If you still decide to buy a currency, it is best to do it through a brokerage account, where the purchase rate is closest to the real one, without any extra charge from banks. In addition, you can buy federal loan bonds on the stock exchange. You can find securities with a yield to maturity above the key rate.

Create an airbag

It is necessary to create a liquidity reserve – “money under the pillow” for the estimated period of turbulence.

Do not forget about the principle of diversification: at the time of the fall of the ruble, classic defensive assets like gold can be excellent tools against inflation. Divide savings: if you can withdraw cash, it is better to withdraw some. As for non-cash funds, it is worth having several cards of different banks. In this case, it is necessary that there are cards from different payment systems.

“Deposits now should be opened with the possibility of replenishment for the minimum amount”

This will allow you to decide whether to keep a deposit or choose an alternative method of saving when the situation becomes clearer.

Pay off financial obligations and start saving

If you have loans or other debts to banks, it’s time to pay them off promptly. The thing is that because of the crisis, the risks of losing sources of income increase. Pay off the most expensive loans first, for example, start with microloans.

Major expenses, including the purchase of equipment, should be postponed for calmer times. One of the main tips is to maintain a personal budget based on the funds that you own.

“If you have expenses for renting or paying for an apartment, you should immediately calculate the budget for 2-3 months in advance and set aside the required amount”