In order to continue facing the effects of the forecasts of a slowdown in the Colombian economy and the rise in prices of various goods and services, households in the country and individuals must implement financial habits that favor them and allow them to prepare for eventual risks or situations.
According to the personal finance experts of Resolve your Debt, it is advisable, first, have an updated budget to monitor the behavior of expenses month by month.
Second, an effective savings method should be carried out that allows people to create a fund to pay their obligations and have the capacity to act in emergencies.
In third place, the implication that money loses its purchasing power, so it is advisable to make efforts to invest it in products that, at least and for the most conservative risk profiles, give a return similar to the inflation percentages.
know where the money is
That is why it is important to create a fixed budget where you have contemplated the first expenses (food, housing, education, transportation, health) and second needs (tastes, clothing, leisure, ant expenses), in this way you can allocate the appropriate amount of money to each one.
In addition to having a budget it is valuable to follow up to identify if the calculated values are being met or there is some item that is falling short.
Know how much and for what
Food, for example, has been one of the items that has seen the most price.
In these cases it is necessary to analyze what is being bought, where, at what priceWhere could you get it cheaper?
It could even be verified if it is possible to obtain significant savings by buying wholesale among several families.
Choose your savings products
If you are looking to save, you should choose to find savings or investment products that generate higher returns than a normal account. In this way it counteractsat least a little, the loss of the purchasing power of money.
Be careful with the rates
Although the usury rate has been decreasing, it is still necessary to be very cautious with the use of credit cards and loans in general.
If you ultimately have to make use of these, make sure you can pay first And, with this in mind, shop around and find the option that offers you the lowest rates.
If you have questions or comments or want us to write a topic for you, send an email, very specific and without attachments, to laules@eltiempo.com.
