Advice on how to manage money wisely was given on the air of the TV channel “First Informational” by the First Deputy Chairman of the Board of the National Bank, Alexander Yegorov, reports BELTA.

The first step is to set aside a certain portion of income on the day it is received, rather than waiting until the end of the month hoping to save the remainder. You should allocate your budget only from what remains after saving.

“Second. Build a financial reserve using a ladder system. Divide your funds into two baskets. Keep the operational reserve in a demand deposit for quick access, and direct the main amount to a time deposit in Belarusian rubles for a term of 13 months or even more than three years. This way you lock in the rate and exempt the income from tax,” said Alexander Yegorov.

Third — harness the power of compound interest. “Choose an offer with monthly capitalization, when earned interest is added to the principal and income is accrued on the increased base,” noted the First Deputy Chairman of the Board of the National Bank.

“Fourth. Use digital tools. Today, more than 65% of all new bank deposit agreements are opened online, without a physical visit to a branch. This is an excellent indicator of the debureaucratization of our banking sector and the digitalization of society. A couple of clicks in the mobile app — and your money starts working,” said Alexander Yegorov.

The fifth step is observing digital hygiene: when opening accounts online, it is important to remember basic security. Neither bank employees nor law enforcement officers ever call in messengers