Financial experts emphasize the importance of maintaining proper control of finances throughout the year and not only when moments such as the typical “January slope” are experienced, but proper financial management must be scheduled from the beginning of the year and project it until the end of it, this with the aim of ensuring that the money that is counted is enough to cover the needs and obligations that are had.
Priscilla Solano, personal finance expert at Mucap, explains that the solution lies in maintaining stability in finances, so that expenses, entertainment and goals balance each other. For this, the specialist provides four key tips to keep finances healthy this 2022:
1. Analyze the financial situation. The personal and family financial situation must be known. From this, develop a monthly budget in which all income and expenses can be contemplated in a certain period of time. This budget must be carried out carefully and calmly so that all items can be considered without neglecting or minimizing any, remembering that no matter how small the expense (ant expense), it affects the family budget.
2. Eliminate or reduce superfluous expenses. There are expenses that are unnecessary and that can affect personal and family finances, therefore, it is advisable to reduce or, as far as possible, eliminate those expenses that can cover a portion of the money and that can be invested in the cancellation for other payments or for savings. One recommendation is to classify expenses by category as fixed, necessary, sporadic or unnecessary.
3. Manage debts and obligations within the possibilities. At the time of acquiring a debt or obligation, the payment capacity must be assessed in advance; the debts must not exceed 50% of the income. It is important to evaluate not only the current and future economic situation, but also the different options offered by the financial sector when financing is required. A debt can unbalance your finances and compromise your personal and family finances if you do not have the necessary financial resources to deal with it. Therefore, it is essential to analyze the budget to determine the amount of the fee that would be able to pay month by month.
4. Acquire the habit of saving to cover future contingencies and to achieve goals. Creating the discipline to save is one of the best options to maintain healthy finances, as it avoids indebtedness and allows you to have extra money in case of an unforeseen event, cover some short or medium-term expense such as the payment of the stamp, the purchase of school supplies, among others, or meet those other objectives.
To achieve these objectives, Mucap offers a broad portfolio of savings and investment products that allow you to keep your finances healthy, all with excellent returns and the guarantee of the State, such as: Demand Savings Accounts, which allow you to earn interest on the savings and, at the same time, having immediate availability of the funds, these products are ideal to use in the event of an unforeseen event or emergency, since the money will be available in the account at the time it is required.
The Metahorro programmed savings plan is an excellent financial instrument to save in the short or medium term, since it allows you to save a specific amount of money, month by month, for a term from 6 months to 3 years. This product is ideal for saving for the stamp, for the purchase of school supplies, vacations or another objective, knowing that at the end of the savings term you will receive the money plus the interest generated over time. Now, if you think about saving in the medium or long term, investment products are an excellent option that generate high returns on money and that at the end of the term, if desired, can be reinvested to generate higher returns.