Unlike residents in Estonia and Lithuania, who spend more than 0 to 40 euros on various everyday needs, residents in Latvia usually spend no more than 10 euros on the same expenses. In other cases Latvian residents do not set any borders for spending habits at all, according to results of a survey among Baltic residents by Citadele Bank.
Results indicate that residents in Lithuania generally spend the largest amounts of money on every-day purchases. 14% of residents there have a daily budget of between 30 and 50 euros.
In Estonia this level of daily expenses is true for 13% of residents. In Latvia 8% of residents can afford spending this much money every day.
In Lithuania residents also more often spend between 51 – 100 euros in a single day (this situation is true for 3% of respondents in Lithuania, 2% in Estonia and 2% in Latvia). In both of Latvia’s neighbouring countries there are also groups of residents – 1% in Lithuania and Estonia – that spend between 101 and 200 euros ever day.
In Latvia residents spend smaller amounts of money on everyday expenses.
The daily budget under 10 euros is found for 14% of residents in Latvia, 12% of residents in Lithuania and 10% of residents in Estonia.
Survey results indicate that 20% of residents in Latvia, 19% of residents in Lithuania and 18% of residents in Estonia spend between 11 and 20 euros every day.
In neighbouring countries a tendency is observed when residents spend more money, and single-day expenses go up starting with 21 to 30 euros. This range of expenses is true for 15% of residents in Estonia, 13% of residents in Lithuania and 11% in Latvia.
Despite the growing inflation and increasing cost of living, a relatively large portion of society cannot really pin down their daily budget –
28% of respondents in Latvia, 22% in Lithuania and 17% in Estonia have not specific daily limit on expenses.
This tendency is more often observed for residents who earn up to 1 000 euros a month. Citadele Bank’s Private Banking Directorate’s chief Jānis Mūrnieks explains that while major monthly expense like rent and utilities are usually planned, most still do not record their small every-day expenses.
“However, these expenses can be managed as habits – to see where money is spent on the most and where it is possible to save money. Often, reviewing daily spending for one to three months reveals where more money was spent than planned or the money was spent uselessly. Keeping track of expenses helps organise the budget and understand where it is possible to save money for bigger purchases,” said Mūrnieks.
5% of residents in Latvia and 6% in Estonia and Lithuania say there is no need for them to limit expenses.
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