The saving It is an essential habit because it allows us to ensure, before a financial emergency, have a fund with solvency and thus have some support to face an unforeseen event. However, among the economic urgencies of day to day, it becomes complex to save.
According to the study “Traffic light of the economic expectations of Limeños towards 2023”, carried out by Experian and Consulting Partners, 1 out of every 2 Limeños has the capacity to save.
Likewise, according to the study presented by Experian, 48% of Lima residents are optimistic about their savings situation for the remainder of 2022 and the first quarter of 2023, that is, they do consider that they will be able to continue saving. For this reason, Sergio Rivera, Commercial Manager of Experian Peru, explains 3 tips to start 2023 in saving mode, establishing objectives that allow us to achieve our goals:
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- Track your daily, weekly and monthly expenses. The first step to start your path to saving is to determine how much you spend. For this, it is important that you keep track, digitally or physically, of all your expenses, from the smallest ones like a cup of coffee, to the most important and recurring ones such as food, housing, transportation, health, among others. To be sure, you can check the information on your account statements or your credit card report. Once you have all your information, divide your expenses by categories that allow you to financially plan the distribution of your income.
- Plan through a budget, including your savings goals. Once we know exactly how much we spend, we can make a budget that compares expenses with income, in order to plan expenses consciously and avoid unnecessary expenses. Then, include the savings in your budget, allocating the amount you will save each month. It is important to set short and long term goals. The idea is that you can gradually reach the amount of savings you need, which should ideally represent 15% or 20% of your income.
- Cut back on non-essential expenses. If when making your budget you realize that your saving capacity is very small or non-existent, it is time to cut “ant” expenses. To do this, separate the categories of expenses that are essential from those that are not and evaluate how you could reduce the expenses corresponding to this second category. For example, within entertainment you could look for recreational activities that are accessible, outdoors, or free. It is important to assess whether it is completely necessary to purchase a non-essential product or service at the moment, and if not, establish a savings plan to purchase it responsibly in a few months.
Remember that we can all begin to develop the habit of saving, even if it is starting with small amounts on a monthly basis. The key is to take care of our financial health and ability to save for a better future.
