Tips for Reducing Family Expenses Provided by Russians
Managing Family Finances in Russia
A recent survey reveals that nearly half of Russian families make shared decisions about purchases, with a quarter dividing spending responsibilities. Surprisingly, more than half of these households reported that money doesn't lead to arguments. Disagreements mainly stem from unwarranted expenses (30%), impulsive purchases (10%), and excessive subscriptions (8%).
Experts emphasize that food is the primary expense category for Russian families, accounting for 66% of their budget. Almost half of those surveyed have acknowledged significant expenditure on casual purchases, while 27% allocate a substantial portion of their budget on entertainment and online shopping.
To save money, Russians employ various strategies such as putting away a portion of their salary in savings accounts (32%), utilizing bank loyalty programs and cashback offers (16%), dividing their budget by categories (12%), or monitoring expenses with cash (10%).
Rostislav Yanukhin, head of the department of transactional retail business and senior vice president of VTB, commented, "The family budget is no longer just about numbers on a page or in an app; it offers an opportunity for creativity. Our survey demonstrates that Russian families no longer argue over money, but rather work collaboratively to discover creative ways to save, incorporating life hacks, selecting clever cashback categories, and comparing various offers before making a purchase."
The Russian government is set to introduce a family savings tool by July 15, 2025. The Cabinet and the Central Bank must also determine the parameters for its use and provide tax deductions for yearly investments of up to 1 million rubles in these funds. This proposal, inspired by Vladimir Putin during the "Russia Calling!" forum in December 2024, has been under discussion within the Ministry of Finance since the end of October of the same year.
When considering the broader context, Russian families appear to be diligently managing their finances, focusing on strategic planning and creative problem-solving to save money. The Russian government's support and policies, such as social benefits and economic stability, play a crucial role in enabling families to effectively budget and plan for essential expenses, like their children's education.
Russian families are demonstrating simplicity and creativity in managing their finances, with shared decision-making, strategic budgeting categories, and effective money-saving hacks like utilizing bank loyalty programs. The Russian government's introduction of a family savings tool and other policies, such as social benefits and economic stability, further encourage and enable families to practice personal finance management wisely, even focusing on future expenses like their children's education.
