Saving together: IDBank and Idram

Since the advent of money in human society, the question of "how to save" has emerged. Through various initiatives, IDBank actively promotes the development of a savings culture among its customers.

One of these initiatives is the “Deposit Campaign,” launched on October 31. Within this campaign, customers who open a dram deposit at IDBank branches or through the Idram&IDBank app by December 31 can receive an annual interest rate of up to 10.1%. To qualify, simply select the “Without the right to replenish” deposit type with the appropriate period. Full campaign terms are available here.

Additionally, by opening a term deposit of 400,000 AMD or more through the Idram&IDBank app or at branches by December 31, you have the chance to win one of five iPhone 16 Pro phones. Details are available here.

In this article, we’ll share a few simple yet effective steps to help you save, beyond just making deposits.

1. Set savings goals

It’s much easier to save when you have a clear goal in mind. Whether it's for a new smartphone, a dream vacation, a favorite perfume, or even an apartment, having a specific purpose helps keep you motivated and focused on your savings plan.

Goals can be short-term (from a few months to 2 years) or long-term (4 years or more). Start by writing down your wishes, organizing them into these categories. Then, estimate how much money you’ll need to achieve each goal and determine how long it will take you to save the necessary amount.

2. Record your expenses

We often hear the advice to "write down your monthly expenses," but we know that this can be challenging to implement. As a first step, focus on recording your fixed monthly expenses, such as bills, childcare, school fees, fuel fees, and estimated costs for meals. This practice will help you develop the habit of tracking your finances. Instead of logging your daily expenses manually, you can use the Idram&IDBank app to view your spending at the end of each day and analyze any unnecessary expenses.

3. Open a saving account

Opening a savings account is just the first step; you also need to deposit money into it. So, what are the benefits of a savings account? For instance, by keeping your funds in a savings account at IDBank, you can earn additional annual income while maintaining the flexibility to increase or decrease your balance at any time. Additionally, if you make monthly QR payments of AMD 50,000 or more using any bank payment card, account, or Rocket Line 0%, you’ll enjoy an interest rate of 5% per annum for that month on your savings account.

4. Open a deposit

If your goals are long-term and you’re certain you won’t need the saved money for several years, opening a deposit account can be a great option. Deposits typically offer a higher annual interest rate than savings accounts. For instance, IDBank provides three types of deposits: with the right to replenish, without the right to replenish and demand deposit. Each option allows you to choose the best fit for your financial goals.

5. The 50/30/20 rule

This widely recognized principle is a useful guideline for managing your finances. It means you need to split your after-tax income into three categories of spending: 50% goes to needs, 30% goes to wants, and 20% goes to savings. While this framework is flexible and can be adjusted based on your individual income and expenses—allowing you to increase the portion for needs, savings, or desires—it's crucial to consistently set aside a portion of your monthly income into a savings account or deposit. This practice helps ensure you are building a financial safety net for the future.

And finally ...

We all enjoy shopping online, subscribing to various platforms, watching movies, listening to music, and drink take-away coffee. While we're not suggesting you give up these small pleasures entirely, it's important to keep your priorities in mind. Consider what matters most to you: do you want to finally take that long-dreamed-of trip, or would you rather continue making unnecessary purchases and dining out frequently? Balancing your desires with your goals can help you achieve the experiences that truly enrich your life.

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