Sometimes when it comes to saving and having healthy financial habits, people may believe that it is a difficult task, because money is not enough to cover all daily needs.
This year the amount of the minimum wage was $1,160,000 pesos, with a transportation aid of $140,606 pesos, as agreed at the labor agreement table, in which the workers’ union and the national government participated.
This figure is sometimes not enough to cover all the expenses of the month; however, there are some significant savings tricks you can put into practice to achieve your goals.
It all depends on the short, medium and long-term goals that you want to set to fulfill your purposes. According to experts, the key to having good finances lies in creating healthy savings habits that are consistent with each need.
(Of interest: Minimum wage 2023: labor productivity data revealed).
It is known that saving money is of great importance because it can be of great help in the future. Also, have an emergency fund for any situation that is very functional.
According to Javier Andrés Cardenas, manager of the Finance Group firm: «The generation of savings is not typical of people with higher incomes, it is enough to change habits at all levels based on saving and compensated results will be obtained.»
How to save with a minimum wage?
Having a good savings discipline does not imply whether the person earns more or less, it depends on the commitment and focus that each one has. There are cases in which, with an organized plan, each expense can be distributed accordingly, it only implies certain financial management habits and a series of specific recommendations.
With regard to this, the savings earned from the little is possible, the Rankia site prepared a list of how to save with a reduced budget. Below are the main recommendations they make.
(We recommend: How much is a working day worth with the 16% increase in the minimum wage for 2023).
– Budget and expense control: To have sustainable savings, you must keep a record of both your income and your expenses on a regular basis. By having a history of purchases with date and value, you will be able to identify the consumption trends you have regarding certain products.
“By taking into account consumer trends, you will be able to take effective actions when buying something. In the same way, it is recommended to make an expense budget, which will have to be controlled permanently ”, according to the aforementioned site.
(Also: Minimum wage 2023: how much will I be compensated if I earn more?).
– Decreased consumption of public services: It is known that one of the biggest monthly responsibilities is public services, you need to be aware that excess electricity, gas or water can increase your expenses. The good thing is that you can regulate consumption and save some money. For example, reduce bath time, you can save a lot of water and the bill will be cheaper.
Food preparation at home: Eating out can be more expensive, it is preferable to prepare your meals to take lunch to work. Also, according to said portal, when heating in the microwave in these spaces, the electricity savings will be paid by the company and will not be reflected in your electricity bill.
Do not withdraw, handle the card: Companies usually pay the salary in your account, after withdrawing money a number of times, banks charge you an additional charge for card management that can affect your finances. If possible, pay directly with the debit card.
Recycling is an option: one way to earn some extra money is by recycling cardboard boxes, newspapers, bottles and plastics. Then you can have an additional income that will help your monthly savings.
For example, Bogotá has one of the highest recycling rates in Latin America at 8.7 percent, above cities like Mexico City with 5 percent and Sao Paulo with 2 percent, according to data provided by the Superintendency of Residential Public Services.
How much to save?
It depends on the goals you have, but there is a savings system that establishes that you must leave 60 percent of your salary for basic needs such as rent, food, and public services.
20 percent should be for wishes like clothing, accessories, or entertainment, and the other 20 percent should be left for savings plans and emergency funds.
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CAMILA SANCHEZ FAJARDO
DIGITAL SCOPE WRITING