The key facts

  • With an income of 100,000 rubles and a 10% annual return, setting aside 10,000 a month, a million will accumulate in about six years; with 20,000 — in three years and four months
  • To save a million in a year, you need to set aside 77,000–83,000 a month, which is realistic with an income of 150,000 rubles or more
  • For horizons of up to a year or two, the economist advises fixed-rate deposits, savings accounts, and money market funds

The savings timeline depends on the monthly amount

Doctor of Economic Sciences and head of the Economics Department at RTU MIREA Irina Shatskaya told Gazeta.Ruthat the speed of accumulating a million rubles directly depends on the size of regular contributions. With a salary of 100,000 rubles and a 10% annual return, setting aside 10,000 a month, a million will accumulate in about six years, while with contributions of 20,000 — in about three years and four months. Life.ru cited the same estimates referring to the economist's conversation with Gazeta.Ru.

A million in a year — only with a high income

According to Shatskaya, the goal of 'a million in a year' is unattainable without additional income or a very high salary: with an income of 150,000 rubles a month, one can set aside about 77,000–83,000 monthly to get the required amount in a year, taking into account deposit interest. With more modest incomes, she noted, one would either have to find a side job or extend the planning horizon. The economist emphasized that a psychologically comfortable savings rate that can be maintained for years is better than strict austerity, which will lead to a breakdown in a couple of months.

Which instruments suit a short horizon

For savings over a horizon of up to a year or two, the specialist recommends conservative options: bank deposits with a fixed rate, savings accounts, and money market funds tied to the key rate and allowing withdrawals without losing income. Deposits offer predictable returns and are insured by the state, while a savings account keeps money accessible at any moment. Shatskaya reminded readers about the deposit insurance limit per bank: large sums should be spread across several credit institutions. The main rule is consistency: an automatic transfer to a separate account right after payday removes the need to rely on willpower every month.

Context: the risks of early deposit closure

The article comes against the backdrop of recent publications about savings: earlier, Life.ru examined why one should not close a deposit early for the sake of a higher rate— losing already accrued interest can wipe out the benefit of a new offer, so before opening a deposit it is worth checking the validity period of the elevated rate, the possibility of topping it up, and how the income is calculated.