«We rushed to exchange dollars, what else could we do». Belarusians told how and in what they are currently saving
The «Salidarnasts» publication asked Belarusians in Belarus how they are currently keeping their savings, what they spend on, and for what purposes they save, if they manage to do so at all. The names of all interlocutors have been changed.
Illustrative photo. Photo: «Nasha Niva»
Over the past year, according to the National Bank of Belarus, compatriots significantly more actively surrendered currency than purchased it — the difference amounted to more than $1.5 billion. This is strange, considering rising salaries — it would seem that people should save more than spend what they have accumulated. Or perhaps not, given the problems with dollar exchange (and Belarusians are again complaining about difficulties on social media) and the rampant fluctuations in exchange rates?
«Many current expenses»
«Saving money now is very difficult,» admits Yulia, a resident of a district center. «Just the other day, our washing machine «broke down»; the repair was pre-estimated at 400 rubles — we simply don't have that much free money. So we decided to take it on installment for four years; now we pay 40 rubles a month, which is an affordable amount. Next in line is the oven; it's also clearly on its last legs.
And besides, there are many current expenses that almost all of our salary goes towards, down to the last kopeck. I understand that a stash, some kind of safety cushion, is needed. But last year we put almost all of it into apartment renovations, and a new one hasn't formed yet.
If we get extra work and free money, we save it in Russian rubles, because we plan a trip to relatives in the Russian Federation for a vacation in the summer. Otherwise, we would save whatever we could in dollars — we never really got used to euros, and saving in Belarusian rubles is a bad idea; inflation will «eat» them up faster than you can save for anything.
I know that many acquaintances do the same: they try to take out loans or installments in rubles, and keep their stash in any currency, checking it less often. For example, a neighbor sold his car for dollars, but took out a ruble loan for a new Geely, thinking it was much more profitable.»
«I'm afraid of falling victim»
Pensioner Dominika Alekseevna from a small town in the Minsk region says that she hasn't kept anything «under the pillow» for a long time, although she used to have such a habit:
«To be honest, I'm very afraid of falling victim to some scammers. Although I consider myself a reasonable and quite progressive person, why tempt fate.
When you read the news, how our people give huge sums, tens of thousands of rubles and dollars, to unknown individuals — and children fall for it, and elderly people, and perfectly young ones — then you think, no, no, in these times it's better not to have anything at home. A maximum of 50 rubles in your wallet, the rest on the card.
That's how it is for me. I don't keep large sums of money at home, and all my acquaintances know that. If we need to chip in for something — for example, in our creative association at the TCSSP, one of the participants has a jubilee soon — then I'll withdraw it from my card.
My good friend, on the contrary, withdraws almost her entire pension and divides it into three piles: utility payments, food and medicine, and «other expenses». She says that this way she can clearly see how much goes where, and what remains goes into a separate envelope at the end of the month, for savings. But this system didn't catch on for me.
In general, my acquaintances, as I've asked around, still prefer to keep money in — a ruble irrevocable deposit. It would be possible to use a foreign currency deposit too, but the interest rates and conditions there are completely different.
Save? For what? The «burial money» has long been set aside, kept by my daughter's family. For some current expenses — for example, I bought a new carpet, changed old frames on the loggia — I take an installment plan and pay quietly from my card. Unless it was for my younger son's wedding gift, which I saved for in dollars. Otherwise, I don't need anything grand to save for, and with modest requests, there's enough for everything.»
«I don't save — I only spend»
«I haven't been saving at all for the past few years, only spending,» sighs Hanna from Minsk. «I think I only managed to save when I was on maternity leave. Then I put the entire large state payment, as I remember now, into a «4 Seasons» deposit, and from $1000 I received $23 every month. But that was all more than ten years ago; there are no such conditions now.
During my maternity leave, I didn't spend anything at all in the first year: my partner paid for utilities and current expenses, and friends gave me incredible amounts of clothes and strollers. I breastfed my son, and I myself was on a diet, literally buckwheat and birch juice, which my parents provided.
And then it started: by the time I came out of maternity leave, I was a single mother, the house was on me, the child was on me. Within a couple of years, we spent all that saved money. Then I managed to earn, and by 2020, I had even formed a small safety cushion. And then everything fell apart again.
I was fired «for politics,» plus I had to pay a huge fine — appeals only postponed it. Another part of the money went to a lawyer. Since then, all my workplaces have been very temporary; it's not about stability and saving something, but about surviving today-tomorrow and barely making ends meet.
Suddenly my dad passed away — and a giant hole formed in my safety cushion (funeral assistance is a pittance compared to all expenses). Then I had to pay a lot of money to re-roof my parents' house; my mother wouldn't have managed it alone.
Last year I realized: if I don't allow myself at least a small break, I'll just collapse like a driven horse. My son and I went to Georgia, met with friends whom I couldn't see any other way. That's it, my stash ran out, and I still need to repay debts to people who helped me.
If a miracle suddenly happens with a permanent job and a good salary, and I manage to save something — I'll keep it, like a grandma, in a stocking for a rainy day; I won't take it to the bank. Because, as experience has shown, a lot might be needed, and urgently.»
«Sometimes, you have to dip into the piggy bank»
Valentin, a resident of one of Minsk's satellite towns, says his approach is very simple: for current expenses, his family spends Belarusian rubles, and for strategic ones, he saves dollars.
«Though there are unexpected expenses for which we have to dip into the piggy bank,» he adds. «Last autumn, my wife had an injury, and she urgently needed dental work — with implants and crowns, it amounted to almost 4 thousand rubles. We rushed to exchange dollars, what else could we do? Now we're treating our cat; in total, we'll probably pay more than for a human. But he's been with us for 15 years, he's a family member, and skimping on the health of loved ones is the last thing to do.
And also, after last year's banking system failure, when many people had money debited from their cards and it took several days to return (my wife and I also «got hit» then and were very nervous), we made a rule: there should always be enough cash at home for at least two weeks of living expenses. Who knows what else might happen, and there's little trust in banks now.»
«We don't risk bank transfers»
Ihar and Iryna's family told «Salidarnasts» that they prefer not to keep large sums in a bank account. The couple only has one small deposit in Belarusian rubles, and their salaries and income from their sole proprietorship are mostly withdrawn and converted into euros and dollars.
«We keep it in several banks, not just one bank,» Iryna jokes. «Though we leave some in Belarusian rubles, for example, for current expenses and tax payments.»
However, Belarusians haven't accumulated countless riches this way. Currently, their main goal is to educate their children (who chose to study at a college and university in Europe), so the parents regularly transfer money for tuition, housing rentals, etc., either personally to the students or through trusted people. The children, in turn, try to reduce this burden and work part-time when possible.
«We don't risk bank transfers; why attract unnecessary attention from «controlling authorities» here and risk a stuck transfer or non-working cards there?» says Iryna.
«In the future, we need to start saving for visas and trips to visit our children in the EU. But we are in a queue at the German embassy; it's a very slow process, we'll be lucky if there's a result in a year,» adds Ihar. «Therefore, personally, we are saving for vacations to visa-free destinations; given our workload, it's not a luxury but necessary breaks from work.
We try to fly via Moscow with low-cost carriers, because «Belavia» is already very expensive. Without children, as a couple and with minimal luggage, we manage to save significantly. We start with an amount of approximately €1000 per person — but if that used to be enough, say, for a full two weeks of vacation, now it's only for 9-10 days.
Thank God, refrigerators and washing machines — no, that's not our concern. We bought good appliances and furniture in due time, so we don't have to worry about home repairs and updates now.»
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