According to the 2nd edition of the Investor Mood Index published by tyba, BCP investment app, 73% of Peruvians believe that their income will not decrease in the next 12 months. Therefore, it is advisable to know how to manage personal finances to achieve financial goals in 2023.
“Although the culture of investing or saving is not such a common feature in most families, it is important to learn how to manage your income and expenses, as well as knowing how to promote savings with investment and do it efficiently”indicated Valdemaro Mendoza, CEO of tyba.
In that sense, tyba share five recommendations so that you can meet your financial goals in 2023 and cope with the various circumstances that could arise during the year.
- Identify financial goals and set a budget: The first step is to identify and prioritize the most important financial goals, which deserve proper planning. Do not forget that the goals must meet these requirements: be measurable, have a deadline and a consequence of well-being for those who set it. Remember to make a list of fixed and variable income and expenses, taking into account your monthly income, and distribute your budget according to the goal you want to achieve.
- Classify each goal for the short, medium and long term: Having goals with different terms (3 months, 6 months, 1 year, 20 years), allows you to generate order in the investment and reinforces the motivation to meet the most ambitious goals. Going on achieving small goals makes the path to larger projects more fluid, exciting and stimulating.
- Stay committed to the goal: Like a marathon, you can only reach the finish line with perseverance and discipline. Although various adversities may arise along the way, the final goal should not be lost sight of. It is important to involve the couple, friends or family so that they help (even with motivation) to fulfill the financial purposes and the actions that must be carried out.
- Spend less and save more: The “ant expenses”, the accumulation of debts and the lack of a monthly budget cause financial goals to be hindered throughout the year. Therefore, you should not spend more than you earn and you should save to have liquidity in emergency scenarios. That way your money planned for investment will not be compromised for other things.
- Invest your savings: Having the habit of saving is very good, but it will be much better if you take the money saved to another level: invest. This practice will allow your savings to work “on their own”. When you invest, what you do is protect your savings from inflation and your consumption impulses. Thus, over time, it gives your capital the opportunity to grow through returns.
