More

    In Costa Rica: Is it Preferable to Save in Dollars or Colones?

    The best currency to start saving will depend on the projects or needs that you have

    Must Read

    TCRN STAFFhttps://www.TheCostaRicaNews.com
    Creating a Conscious alternative news network that we feel the world needs. Pura Vida!

    In the economic situation in Costa Rica, establishing a personal or family savings plan is of the utmost importance. Financial experts assure that in times of uncertainty, saving becomes a necessary issue, because one must be financially prepared to face any eventuality, in addition to paying for needs and responsibilities.

    “There is no bad time to save, it is always a good time to do it. Saving is synonymous with good financial health, so it is recommended to set aside an amount of income and allocate it to this concept, visualizing having investment plans, facing future financial needs or developing personal or family projects”, explained Adriana Benavides Villegas, Director of Business Centers of Mucap.

    TIP: Get our latest content by joining our newsletter. Don't miss out on news that matter in Costa Rica. Click here.

    On the other hand, the expert indicated that it is vitally important to provide financial education to children in families to instill savings, the proper use of money and teach them to create budgets to meet their needs or future projects.

    Is it better to save in dollars or colones?

    To answer this question, it is essential to define the projects or needs for which these savings will be used. In addition, the period and the currency in which you want to make a certain payment.

    “It is advisable to keep a savings in both currencies, since one is for projects or short-term needs and that, in advance, we know that its payment is in colones; saving in dollars allows us to maintain the value of money over time, so, with savings in this currency, we can take on projects in the medium or long term, for example the purchase of a vehicle or the payment of a housing premium”, added the Director of Business Centers of Mucap.

    Maintaining the value of money

    To exemplify this, the expert points out that, if you want to open a savings plan to travel abroad, it is advisable to do so in dollars, since this will allow you to maintain the value of money, regardless of the economic factors that may arise in the future such as the high exchange rate, devaluation of the colon, among others.

    On the other hand, if you want to allocate the savings to pay expenses with peace of mind at the end of the year, you must analyze that it is a payment that will be made in a closer term and in colones, therefore, the recommendation is to make this saving in the national currency.

    Resonance Costa Rica
    Shifting Reality
    For those who have experienced shifts in consciousness and know that more peace, joy, and love awaits in a better living environment. A bold shared vision. A living community and hub for innovation. A sustainable ecosystem for living and working. A model for the new future.

    LIKE THIS ARTICLE? Sign up to our newsletter and we will send you updates of our latest content as soon as they are available. Click here.

    - Advertisement -
    - Advertisement -

    Latest News

    José Leon Sanchez, Author of “The Island of Lone Men” Dies at Age 90

    A heart attack blinded the life of the writer José León Sánchez this past week, a unique personality in the culture of Costa Rica
    - Advertisement -

    More Articles Like This

    - Advertisement -
    Language »

    Get TCRN In Your Inbox & Never Miss Any News That Matter In Costa Rica!