Frequently asked questions

In the first month, ideally yes: it is the small things that most often come as a surprise when you add up the totals. Later you can switch to broader categories once the picture is clear.

Whatever you find easy to use regularly. A notebook, a spreadsheet and the envelope method all work equally well if you record things on time and review the totals once a month.

People usually talk about a reserve covering several months of fixed expenses. There is no single right amount: the less stable your income and the more dependants you have, the larger the reserve it makes sense to keep.

Start with a very small amount set aside right after you are paid, and at the same time find one variable expense you can reduce. Regularity matters more than the size of the contribution.

In Russia, the full cost of a consumer loan is shown in a square box in the top right corner of the first page of the agreement, as required by Article 6 of Russian Federal Law No. 353-FZ. Rules differ in other countries.

That depends on the terms of your agreement and on whether the family has a reserve. See how the agreement describes early repayment, and do not put your last spare money into it, leaving yourself without an emergency fund.

In Russia, individuals' deposits in banks that are members of the deposit insurance system are insured; under Law No. 177-FZ the general limit is 1.4 million roubles per bank. Products that are not deposits may not be covered by this insurance.

Because of inflation: if prices rise faster than interest is earned, the same amount buys less over time. In Russia, the Bank of Russia aims to keep inflation at about 4% a year.

There is no single rule: some couples pool everything, others split only shared expenses. What matters is that the arrangement is clear to both of you and can be discussed without resentment.

Choose a calm moment, rely on your tracking results rather than impressions, and talk about goals rather than each other's mistakes. It helps to write down what you agree.

When the child begins to understand that things cost money and that the amount is limited. Start with small regular sums and talk about what they can be spent on.

The Bank of Russia runs a financial literacy resource, “Finansovaya kultura” (fincult.info), with explanations for different ages and life situations. In other countries, look for your own country's official resources.