The start of a new year is the perfect time to rethink our financial goals and establish habits that boost our prosperity. However, the so-called ‘ant expenses‘can put our long-term finances at risk. To help Peruvians manage their money more efficiently, Alfredo Shiroma, Head of Passive Products at Alfin Banco, shares five practical tips to minimize these expenses and prioritize economic well-being:
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1. Record your small daily expenses. The first step to avoid ant expenses is to be aware of them. Keep track of small daily expenses, such as coffee or snack purchases. Although they may seem harmless, they add up quickly. Once you identify them, you can make decisions about how to reduce them.
2. Set spending limits for non-essentials. Define a monthly budget for non-essential expenses. This will help you avoid impulsive purchases and focus your money on more important goals.
3. Prioritize your financial goals. Take advantage of this beginning of the year to define your financial goals, such as saving for emergencies, investing, or paying debts. Keep these goals a priority over small cravings or unnecessary purchases.
4. Replace wasteful spending with more productive habits. Exchange small momentary pleasures for alternatives that contribute to your long-term well-being. For example, allocate your money to activities or tools that generate value, such as a personal development course or products that improve your productivity.
5. Avoid impulsive purchases with a prior list. Before making any purchase, make a list of what you really need and stick to it. This habit will help you maintain control of your finances and avoid unnecessary expenses.
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