Unfortunately, the economic crisis has become a usual reality. In the times of economic instability one of the most discussed issues is how to save your money. Based on crises in economics, which are mostly played by the similar scenario, experts of Ukraine's stock market can help you prepare for a crisis properly, can give you useful advices about how to save your savings when economic drops.
We offer you some tips from financial analysts about how to survive the crisis with minimal losses and problems.
Key advice of experts - "Do not put all eggs in one basket". Save your savings in different banks, this will help you to avoid considerable losses during the crisis. Even if one bank goes bankrupt, others will still survive. Do not place over UAH 150 thousand on one deposit (or equivalent), as by the law, Deposit guarantee fund limits initial payment. If your main goal is to save money rather than earning them, it is better to place them in a bank safe deposit box.
Most experts suggest a further fall of the euro. That's why the dollar is better for short-term savings. As it is almost impossible to predict currency movements for longer periods, for long-term savings it is recommended to allocate funds: to save them in approximately equal proportions in dollars, euros and hryvnias. Thus, by currency movement on money market you will not lose the whole amount of your savings, but may even multiply them.
In the times of economic instability good options for investment are material assets such as precious metals and real estate. According to specialists gold can rise in value, moreover bank bankruptcy can not influence it.
In the times of today‘s instability it's risky to take loans in financial institutions, especially without minimal savings and your guarantee in stable income. According to the financial experts to take a loan is reasonable if you want to buy assets, that can be profitable.
UARP special correspondent