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How to Protect Your Savings from Inflation

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Probably everyone has at least once heard the phrase: “keep a money-box” and it seems surprising that everyone has his/her own money-box. Someone keeps savings in currency or gold, buys shares, the other – saves from his salary in domestic hryvnias and hides them in a special box. But today with the development of digital space, all these methods seem to be outdated, but they are still alive. Below we will consider how to save from inflation and consider the most frequent mistakes of Ukrainians.

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It should be noted that despite the disastrous global economic situation caused by coronavirus infection, the inflation rate in Ukraine reached the 5% mark in 2020. Thus, we can observe a positive trend in the reduction of inflation and maintenance of the value of the Ukrainian hryvnia.

How do you protect your savings?

One of the most common types of financial protection is a deposit in a bank. According to the National Bank, the average rate in 2021 – eight percent, it allows Ukrainians to keep their investments “afloat”. It is important to consider the fact that the bank must have an agreement with the Deposit Guarantee Fund – this will allow to return the money in case of bankruptcy.

It is also recommended to keep funds in currencies, but choose the currency that is less exposed to inflationary fluctuations. The US dollar and the euro are such currencies at the moment.

Investments are one of the most popular types of deposits under capitalism. By purchasing assets (gold, shares, cryptocurrency) a person makes a profitable deal, but there are a number of risks, as conditions in the Ukrainian environment are underdeveloped, which does not give citizens confidence in investments.

WestStein Prepaid Card – What are the benefits?

A free online account and a virtual card make it easy to do your banking from the comfort of your own home. Ordering a prepaid Mastercard is recommended for those who decide to keep their finances in foreign currency. The personal account is available only to the user – this allows you not to keep cash and minimizes the risk of unexpected loss (loss of wallet, theft).

It is possible to apply for a virtual card thanks to our service in a couple of clicks. It is enough to contact a competent manager or to log in online using the link on our website. Cooperation with WestStein is an investment in comfort and security of financial transactions.

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