An expert gave advice on developing sound financial habits

Financial literacy is not just the ability to count money, but a skill that allows you to manage your finances efficiently and stress-free. Such habits shape the standard of living, the ability to achieve goals and protect oneself in crisis situations. Sergey Mikheev, SRO of UTEX investment platform Sergey Mikheev told Izvestia on February 9 about what principles create a strong financial foundation.

"The first step to financial stability is understanding where money goes. Without keeping records of expenses, it is difficult to notice budget leaks. If you keep records, you will see the big picture, discover unnecessary spending and reallocate funds. The process allows you to build better money management, focusing not only on current needs, but also on long-term goals. One important aspect is to analyze consumption habits. People often don't notice how much they spend on small but regular purchases, such as takeaway coffee or subscriptions to services they don't use," Mikheev said.

By reviewing such spending items, funds can be cut and reallocated to more meaningful goals: education, investments or building a financial safety cushion.

"One of the key financial skills is to save first and spend later. This helps to discipline yourself in financial management and avoid situations where money "dissolves" in everyday expenses and savings are not enough. The optimal option is to transfer 10-20% to savings after receiving a salary or other income. The mechanism of the principle is based on psychology: if money is not put aside at once, it is spent on trifles that do not bring long-term benefits. With the 'pay yourself first' system, the process becomes automatic and does not depend on emotions and mood," the expert added.

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Emergencies happen to everyone: job loss, unexpected medical expenses, urgent repairs or other unforeseen circumstances. At such times, it is important not to rely on loans or credits, which will only aggravate the situation.

"A financial safety cushion is an amount equal to 3-6 months of expenses that should be set aside in advance. This is the optimal range, but for some people, especially those who work in a casual job or have an unstable income, it is wise to set aside a larger amount. These funds should not be used for everyday needs or planned purchases," Mikheev explained.

An important habit is to set financial goals. They, according to the expert, can be both short-term - saving for a vacation or buying a new device, and long-term - creating capital for early retirement, paying for children's education or buying real estate. Planning helps allocate money consciously and avoid unnecessary spending.

"Financial habits are formed gradually, but the earlier you start, the more confident you can feel in the future. The main thing is systematicity and discipline, which over time turn financial literacy into a natural part of life. It helps you avoid impulsive purchases and unnecessary expenses. For example, you will reduce spending on restaurants or entertainment to allocate more funds for investments or savings," - summarized the specialist.

Earlier, January 10, it was reported that about 43% of respondents believe that financial goals should be discussed regularly or at least once every few months. This was stated in a study by VTB Bank. More than half of Russians (51%) set a goal to create a safety cushion for their family. About a third of respondents (34%) plan to save for the purchase of housing, and the main financial goal for 28% of respondents - to ensure a decent old age. In addition, a quarter of Russians (25%) seek to save for their children's education, and 8% want to buy housing for them.