Discover effective and easy ways to make your money come true
The personal economy is something that should be taken care of and for many reasons: prevent unexpected expenses, investment, savings, fulfill personal objectives and goals.
Sound sensible, right? However, putting it into practice is hard work because nobody taught you how to do it and you are not used to it.
It’s not your fault, sadly they do not give you lessons on this subject when you go to school.
Do not worry, it’s never too late to start.
This is the right time to learn: by carrying out these easy tips to manage your personal finances, you will make your money go smoothly.
1. List what goes in and what goes out
Trust that you will have clear in your memory everything you earn and what you spend is a trap that you have to leave now and the way to do it is very simple: it carries a list of income and expenses.
Either in a notebook, in your diary, a notebook or a blackboard everything that goes into your pocket (salary, other income ) and what comes out of it (payment of debts, purchases).
It points out the expenditures that are fixed, such as the payment of services, credit card, pantry, payment of credits and loans.
You should also keep written your daily purchases: this way you will learn to identify where there may be money leaks.
2. Consider saving as if it were an expense
A good method to save is to take into account your income and write the amount you are going to save in your book of fixed expenses.
Why point it? Very simple: you will give priority to the act of saving and you will no longer fall into the cliché that you should save only the money you have left over.
Better take it as a fixed monthly amount and you will increase your savings considerably. That money can be used for emergencies or for something useful.
3. Identify the priorities
Living comfortably is important, but this does not mean that you have to buy just to have a good time.
If you buy on impulse or the pleasure of doing so, in the end, the stress of accumulated debts can affect your health.
In your list of income and expenses, identify what are the priorities and what things are of what you can and should do without.
4. Always compare prices
Either because you eat your time or because you had not noticed, you can save money by comparing prices before buying.
Do not let go with the first impression and when you buy something, make sure the price is reasonable and goes hand in hand with its quality.
Find out if the same item can be purchased elsewhere for a cheaper price; Frequently you end up paying for the fame of the brand when a less known is equal or better than the one you are acquiring.
5. Leave the pretexts
You can not have a good start if you do not leave pretexts: if you think that pointing your expenses is impossible or useless, analyzing what to buy or not to buy gives you laziness, you are putting obstacles in the way.
Start with a good attitude so that you do not abandon the process, be disciplined and constant: when you least expect it, the previous tasks will be natural.
Because if you do not discipline yourself and take this with a good attitude, then you will never achieve results.
6. Give up bad habits
You have to stop those bad financial habits that prevent you from having a healthy pocket and a very clear example are the ant expenses.
Those little expenses that little by little your money is being consumed and by the time you realize you have nothing left.
What if the chewing gum, the loose cigar, the tamale of the corner, the boleada every week, the tip for the come-comes, each and every one are doing a hole to your finances.
Another bad habit is to eat daily on the street: yes, it is easier to go to the hot food to cook at home every night to take lunch.
But calculating how much you spend on eating out a week, then a month and finally a year: surely the amount will surprise you.
7. Do not put all the eggs in one basket
If you plan to invest your savings in putting up a business, do not use everything you have to that project.
The best strategy is just to invest a part of your money.
This is because you must be prepared for any emergency that occurs: either an unexpected health event or a payment that you can not postpone.
8. Stop paying what you do not take
Get rid of all those services that you hired on impulse and that you keep paying, even if you do not use them.
Let’s say you have cable, internet, and telephone: you never watch TV and you talk all the time through your cell phone, therefore, there are two things here that you can do without.
Repeat this exercise with everything you have contracted for what you see and decide the movements you have to do to save.
9. If you travel, buy in advance
Buying travel packages in advance can get you much cheaper than buying just a few days or weeks before your trip.
This greatly influences the price you will find, since the closer the trip date approaches, the more expensive everything is related (tickets and accommodation).
Another option is to travel in low season, this way the trip besides being cheaper, you will have the possibility of enjoying the tourist destination without the sea of people who are in high seasons.
10. Save also for retirement
It is important that you also consider saving for retirement.
A recommendation made by institutions such as the Ministry of Finance and Public Credit is to make voluntary contributions to your Afore.
With that, you will increase the capital that you will have for your retirement stage and you will not be limited only to what was automatically retained for your retirement fund.
If you have no idea what your afore is, consult this site and get down to work so that you can begin to have control over your retirement.
Also, consider contracting insurance for major medical expenses so that you are protected against any accident or illness.
11. Stay informed
It’s about constantly educating yourself about personal finances and financial products like cards, insurance, and credits.
Advise yourself either through articles or with experts so that you learn to have a better control of your finances and take it to practice.
Institutions like the Condusef have very useful information and you can learn in a fun and very simple way about finances.
Investigate and stay informed so that you have better guidance when choosing a financial service or to avoid becoming a victim of fraud.
12. Do not apply for the card and be a total zero
Among the advice that institutions like the Condusef insist constantly is that if you have a credit card try not to give the card and that you are total zero with the payments.
Being a total zero is that you pay the totality of your debt so as not to generate interest since these will accumulate in the long run and make the biggest debt.
Remember that the credit card is a great tool to support you with expenses and get you out of a hurry: it is not an extension of your salary.
13. Know your capacity for debts
Part of taking stock of your finances has to do with knowing your capacity to acquire debts; In other words, how much of the budget that you have registered can be used to pay the debts.
This way you will know how much debt when you have to do it.
To know your ability to pay, go to your list of income and expenses: divide these into fixed and variable income / fixed expenses.
Ideally, your fixed expenses are less than your income, because that provides you with the ability to pay. If this is not the case, you should start cutting.
14. Take charge of debts
Again let’s talk about the fixed expenses. Credit cards are an example of this, there are those who spend it paying the minimum fees.
Sometimes they have already settled the cost of the item they bought, but they still pay interest.
Also, you must be responsible for the use of the credits and settle as soon as possible to maintain a good credit history.
Also, check your information in the credit bureau so you know how you are evaluated and if there are any irregularities such as credits that you did not request.
All people have the right to check their records once every 12 months at no cost.
15. Use the credits for specific objectives
If you plan to apply for an online loan, use our webpage.
Whatever type of credit you acquire, take care of it so that you have a good track record and financial institutions can continue to trust you.
Nobody will manage your finances better than you will, everyone has different life plans and needs.
When you learn to manage your financial situation, you are less likely to have economic difficulties: think you are sowing to harvest in the future.