Up to 5 percent 18 percent expect more expensive heating bills this season. respondents, 5-10 percent. larger ones – 21 percent. respondents more than 10 percent more expensive. – 21 percent of those interviewed. 3 percent expect lower costs, while 22 percent predicts that the accounts will not change.
The forecasts of respondents living in Vilnius also correspond to the national trend. Up to 5 percent more expensive bills and 5-10 percent. 22 percent expect higher expenses. respondents, 10 percent of those surveyed believe that heating will be more expensive by more than 10%, 4% expect lower prices, while 18 percent believes that prices will not change.
Company photo/Romas Čereška
“Heating costs strongly depend on the price of gas and other energy sources on the market, so once the heating season begins, the portion of funds allocated to residents’ housing costs may increase significantly. In order to reduce this effect, it is worth considering the possibility of spreading the expenses throughout the year: to set aside a certain part of the income even in the summer, and then use this fund to pay the heating bills”, says Romas Čereška, head of Citadele bank’s Baltic funds management and trade financing service .
However, compared to other Baltic countries, Lithuanians have the lowest financial burden for housing costs: 17 percent. Lithuanians, 29 percent. Latvians and 30 percent Estonians indicated that 31-50 percent of their income goes to housing. monthly family budget, and more than 50 percent those who pay monthly income for housing costs say 6 percent. Lithuanians, 14 percent. Latvians and 16 percent Estonian
“Most of the housing loans of the residents of the Baltic countries are tied to variable interest rates, and according to Eurostat, the debt of Estonian households reaches 36.8 percent. GDP, while in Lithuania and Latvia – 21.8 and 17.7 percent, respectively. The results of the survey most likely reflect the fact that the increased base interest rates have become a greater financial burden for Estonian residents due to a higher level of indebtedness,” says R. Čereška.
He also adds that population surveys conducted by the European Commission show that the opinion of Lithuanian residents about financial prospects is currently the highest in the Baltic region.
“The purchasing power of Lithuanian consumers is the strongest in the Baltic region. Since heating can be included in the list of the most necessary goods and services, the fact that heating costs pose the lowest financial burden to Lithuanian residents also indicates that their purchasing power quickly recovered after the inflation shock,” Romas Čereška shares his insights.
Less than 20 percent 30 percent of monthly income for housing needs was indicated. Lithuanians and 15 percent each. Latvians and Estonians, and 20-30 percent. – 35 percent Lithuanians and 32 percent each. neighbors. According to the survey, how much harder it is not to exceed the rule of one third for 18-29 year olds. for age group respondents: 31-50 percent. 21 percent indicated that they spend their monthly income on housing costs.
According to Romo Čereska, the golden rule is that housing costs should not exceed more than 30 percent. monthly income. This part includes not only the rent or mortgage payment, but also various taxes. When planning the monthly budget, it should be aimed that the necessary expenses do not reach 50%. income, 30 percent they would be left for unforeseen expenses and leisure time, and 20 percent. would be devoted to savings.
“Following this formula, it will be easier to cover financial obligations in the event of an unexpected illness, job loss or loss of income for other reasons. In order to make the financial burden even lighter in such cases, it is worth considering the possibility of insuring regular accounts. For example, if you lose your job, such insurance would help cover housing costs, even with state support,” says a Citadele bank representative.
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