Building a Savings Account in Georgia (2014)

| Living in Georgia | 0 seen

n September 2014, I started a journey to build a savings account in the fast-developing economy of Georgia.

With a strong command of the Georgian economy, I saw the potential to grow my income from my online sources and put it to work for me in the form of savings.

My Income Sources At the time, I was earning my income solely through the internet. My primary sources of income were Google AdSense and affiliate marketing, with the latter accounting for about 90-95% of my total income.

Starting My Savings Account The first step in my journey was to open a bank account in Georgia. The second step was to open a savings account with that same bank. With both of these requirements fulfilled, I deposited my first amount of money into the savings account on September 29th, 2014. The starting deposit was 300 GEL, which equates to approximately $170 or 131 EUR.

Tracking My Savings Progress To keep track of my progress, I created a table to follow my savings. The table includes information such as the deposit amount in GEL, the annual and monthly interest rates, and the actual interest rate. Additionally, the table includes the exchange rates for both USD and EUR on the deposit date.

My Savings Goals My short-term goal for the next six months was to save 300 GEL ($170) per month. Beyond that, I wasn't sure what my plans would be. However, I was open to re-investing my saved money into higher risk opportunities if the opportunity presented itself.

Concluding Remarks This article serves as my first savings report, and I plan to add a follow-up post after each subsequent deposit. By sharing my journey of building a savings account in Georgia, I hope to inspire others to take control of their finances and reach their own savings goals.