Punta Cana; Saving is considered reserving part of current income to ensure the future, an exercise that is not easy for the brain. Some experts advise good planning, getting good advice, and being aware that income and expenses vary at different stages of life. Becoming aware of the importance of savings is essential to maintaining good financial health.
There are various types of savings, as well as various financial instruments designed to encourage the savings that are intended to increase. One of these is private savings, according to BBVA. This type of savings is carried out by private organizations that do not belong to the State. This group includes families, non-profit institutions, and companies. The savings of a private company are equivalent to its profit minus the part it distributes among its owners or shareholders in the form of dividends or profit participation.
There is also public savings, led by the State, which receives income through taxes and other activities while spending on social investment, infrastructure (roads, bridges, schools, hospitals, for example), education, or justice, among other games. If a State manages to save, it means that its income is greater than its expenses and it presents a fiscal surplus. The opposite case supposes a fiscal deficit.
As for tactics for good savings, experts recommend dividing monthly income. Half, that is, 50%, must be used to cover basic needs. 20% will be used for savings, and the remaining 30% for planned expenses or whims. Other tactics include recording expenses, including savings in each month’s budget, finding ways to cut back on spending, and setting savings goals.
According to data from the Superintendency of Banks (SB), 53.4% of public deposits correspond to individuals, while 46.6% are from companies. The report “Savings Trends in the Dominican Republic: Perspectives from the deposits of the financial system 2022”, published this year, highlights that households are the main depositors, with 52.4% of the total deposits.
In September 2023, the Dominican financial system recorded RD$2.5 billion in savings. Of this sum, RD$2.4 billion belong to active accounts, while RD$72,470 million are affected by guarantees, according to the SB. In addition, RD$27,161 million are linked to seized funds, and RD$8,740 million correspond to deceased clients. On the other hand, inactive accounts of three to 10 years totaling RD$7,096 million and abandoned accounts amounting to RD$350 million were identified.