Recommendations on how to manage money wisely were given on the air of the TV channel “First Informational” by the First Deputy Chairman of the Board of the National Bank, Alexander Yegorov. This is reported by sb.by.

First step: on the day you receive income, immediately set aside a certain portion, 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 funds into two baskets. Keep the operational reserve in a demand deposit for quick access, and direct the main amount to a non‑withdrawable 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 — harnessing 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, said the First Deputy Chairman of the Board of the National Bank. Fourth: use digital tools. Today more than 65 percent of all new bank deposit contracts 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.