Financial instruments, planning and safety: what is important to know during a crisis?

Vladimir Chernikov,

the General Director of the company «Ingosstrakh-zhizn»

Economic uncertainty, coupled with the forced isolation forced many of us to think about the organization of their own finances. In a crisis it is important not only to the competent budget planning, but also to protect savings from fraud, and the use of effective financial instruments.

According to recent studies, the majority of Russians met “viral” crisis with no savings. For example, a survey of the Bank “Opening”, held from 26 February to 3 March showed that 63.6% of Russians do not have any savings. In turn, the NAFI reported that from 42% of Russians with the loss of a job will be able to pay your existing expenses just for a month. On average, savings should be sufficient for 63 days. Given the protracted regime of self-isolation, the number of unemployed Russians may increase, particularly among employees of small and medium-sized businesses. Only in March-April, according to the labor Ministry, were unemployed was 735 thousand people in Russia in such a status is more than 1.2 million people.

At the same time those who consider the planning of revenues and expenditures of the family routine, have financial “pillow” sufficient for a normal life within 3-6 months. Job loss or temporary reduction of income – the same case when it can and should be used.

to Return its

In these circumstances, it's time to use additional tools of savings, which you have not thought before. Fortunately many of them now have free time to explore the offers of various financial institutions. As the most simple solution is to think about how to apply for a Bank card with cashback and interest on the balance if you have not already done so. To temporarily free funds, and even the usual spending helped generate additional cash flow. Yes, a strong increase in the family budget amount of cashback or interest on savings accounts is unlikely, however, this mechanism will quickly form a habit of financial discipline, because think even small amounts of savings – it means to take the first step in this direction.

Is useful to explore the possibilities for tax deductions, which is provided by the state, because it is “live” money that you can return to your budget. A large number of deductions relies parents of minor children. Now is the time to deal with filling in and submitting tax return to obtain a deduction if the hands have the necessary documents and a digital signature. The Declaration for the previous year can be submitted throughout the year to 31 December, its not hard to fill out independently by downloading the program on the website of FTS. And the money can come to your account after 3-4 months of the filing of the Declaration, which will be a welcome boost in the current difficult situation.

Save and protect

In addition, the crisis is becoming increasingly important ways of saving available funds, which have insurance. For example, a policy of life insurance – CNM – combines insurance product and tool savings. The policy allows not only to make savings – a safety cushion, but also provides multiple insurance coverage that will allow you to save money in case of occurrence of adverse events related to life and health. The agreement guarantees insurance indemnity in case the insured event (depending on conditions, it can be: accident, disability, critical illness, death, etc.). Safely if the insured survives until the end of the term of the contract, it typically receives the sum of all their contributions plus any investment income on the investment performance of the insurer.

The funds to the insurer under the agreement NUJ, is not disposed of in the event of divorce, as de jure, is a liability of the insurance company to the beneficiary and not the estate of the insured. In addition, some coverage on the product the CNM provides for the protection of your financial goals from possible force majeure. For example, in the event of disability the insurer may exempt from the payment of installments, which is important in an unfavorable epidemiological situation when the probability of a serious illness, unfortunately, only increases.

It is important to note that insurance companies responded quickly to the current situation in the market today, you can find specialized insurance products that allows to purchase an insurance policy, where you can receive payments for temporary disability or hospitalization that occurred due to diseases of the respiratory system, caused by a new coronavirus, as well as financial support for relatives in case of death.

Be careful!

We will separately dwell on the fact that the crisis in the economy – is not a reason to stop with personal financial discipline. Don't need too literally the assertion that citizens and businesses will be given vacation credit. Let me remind you that, as of April 3, according to the law, recipients of vacation credit will grant an extension on loan payments for six months if their income in the last month fell by more than 30% in comparison with the average monthly income for 2019. But this does not mean that you can now stop paying on the loans. To start is to make sure that your Bank will allow in varying degrees, to change the terms of service. Debt restructuring need to individually agree on, otherwise you'll ruin your credit history will grow with penalties and interest, which can be very unpleasant.

The worsening economic situation contributes to the emergence of new firms that promise to everyone getting rid of credit obligations. For advice these companies take money up front and, of course, does not give any guarantees. Other “entrepreneurs” offers to buy for the restructuring of the loan false certificates 2-pit and sick leave stating the diagnosis “the early stages”. Their goal is not only money, but also personal data of Bank customers.

All those whose mode of self-isolation has formed a lot of free time, get “tempting” offers remote earnings. These are not new methods of fraud as the proposal for a fee to take an online survey (people giving their personal data, then he steals the money from the card). Also it is suggested to follow the various links on the Internet where you are requested to keep these documents and Bank cards to get “compensation from the state”. On the background of recent developments such proposals seem quite plausible. The result is the same as in the previous example. We must remember an important rule – always check in the address bar, not to fall into phishing website of a state institution, Bank, insurance or other financial organization.

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