» Financial Literacy |: Raffi Ohanessian

Financial Literacy |: Raffi Ohanessian

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FINANCIAL SYSTEM:

Before moving to financial services, let's first talk about the financial system of the Republic of Armenia.

The private sector includes all types of financial institutions that provide us with many financial services: banks, credit organizations, insurance companies, etc.

The public sector lists all the structures that have a regulatory or oversight role. They can be both government agencies and government-created structures that seek to address specific financial issues.

The international sector includes all international organizations that cooperate with the private and public sectors.

BUDGET MANAGEMENT

Balance of income and expenses

As we know, the main sources of income are salary, money transfers, pensions, and so on. Costs are generally divided into two groups: fixed (home, transportation, food) and variable costs (clothing, leisure, health, etc.).

In order to manage the budget efficiently, it is necessary to spend on revenue, based on personal needs.

I would like to share with you some unwritten laws that will help you manage your budget more effectively.

Separate your family and business budgets
Record your income and expenses daily
Compare the planned and actual budget figures at the end of the month
Take care of the need first, then the desire
Save coupons for your payments
Save regularly to be ready for risks