From March 21 to 26, the World Savings Weekwhich aims to raise awareness about the importance of personal finances to make appropriate financial decisions, said the ABC of Banco de Credito del Peru (BCP).
This is because only one in four Peruvians saves, according to a recent study by the Association of Banks of Peru (Asbanc).
Therefore, the ABC of BCP shared six tips to become a good saver.
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- Set a plan: The first step to start saving is to ask ourselves why. Keeping in mind what you are aiming for will give us the motivation to save money for that purpose. Studies, vacations, a car or a home. Define your objective and, based on it, set concrete, progressive and achievable goals.
- Create a budget: identify your monthly income and expenses in the most detailed way possible. This will allow you to know what you are spending your money on and, if necessary, make adjustments.
- Set the savings amount: Once you have prepared your budget, define the amount that you will be able to save month by month to reach the stated objective. The ideal is to separate between 5% and 10% of your income for your savings, but remember that everything depends on your possibilities and your plan.
- Open a savings account: Having an exclusive savings account will allow you to be clear about the amount that is available for expenses, you will avoid confusion and even the temptation to use it. Remember that many financial institutions give you the opportunity to schedule monthly transfers.
- Avoid unnecessary purchases: Before making a purchase ask yourself the following question: do I really need it or is it just an impulse? Advertising and promotions can encourage us to make purchases that we do not need. Avoid falling into them and stick to your budget to achieve your savings goal.
- Take advantage of technology and monitor your finances: keeping an eye on your daily expenses will allow you to know for sure how much and what you are spending so that, if necessary, you can make some changes. Today there are many free applications that encourage you to save.
The BCP also pointed out that you should save for your emergency fund. “That money will serve as a lifeline for you in an eventuality,” he said.
