The end of year partys They are the ones that demand more expenses due to the Peruvian tradition (gifts, family meals, sharing with friends, social commitments, clothing, New Year’s Eve party, etc.), there is some pressure to comply.
Unlike other years, 2022 is very different because our currency (Sun) has lost value and therefore more units of soles are required to buy the same things as last year, we see an example in the cost of panettone, a kilo of turkey, etc; and most likely our revenues will remain the same in nominal terms but in real terms are lower due to inflation.
Given this scenario, it is probable that families not only spend more than last year, but also seek to defer the payment or finance it, because the style of consumption takes time to change and inflation at current rates has not been there for many years.
Given this situation, it is convenient to think carefully about the next month, it is important to socialize the new reality with the family and decide on what and how much will be spent, otherwise January and February will be months with many obligations that they are going to put pressure on the tranquility of the family in an environment where the health, economic and political crisis has not yet given up.
Alfredo Marín, Assistant Manager of Retail Liabilities at BanBif suggests four ideas to take care of our financial health this year-end holidays:
- List year-end expenses
Gifts, food, drinks, beauty salon, New Year’s party cost, transportation, etc.
It has to be written down and added to the usual monthly expenses.
Having visibility into the expenses that will be made will help to prioritize.
The end of the year parties bring a variety of items and offers that can lead people to make impulse expenses. The best prevention is to have a list of what is necessary and buy what is necessary in advance.
- Evaluate the total cost of the expenses to be made
Analyze and determine how much can and is reasonable to spend, and if it has been decided to finance a part of the expense, take that cost to the budget for January and following months, we must consider that school fees and school expenses begin to be paid from February .
- Change the habit of spending for saving
Making decisions is always difficult but avoid many problems tomorrow.
If we want to be successful with money and we live on a uniform or variable monthly income, it is important to replace the habit of spending with the habit of saving, starting with a small amount and increasing it month by month, and/or using some financial tool that “saves money”. for us”, one in which we click only once and for the following months that tool will save for us.
For example, a “programmed savings” that debits from your holding account and transfers the amount to another account of yours, this tool fulfills the first big step, save before you start spending because it is difficult to save what you have left after spending .
- Transfer your income to a specific savings account
When you receive your salary, the first thing you should do is transfer an amount as savings, to a bank account other than the one where you receive your assets, then continue with your purchases, the idea is actually powerful, you should spend what is left later to save, because if you seek to save what you have left after spending, it is very likely that you will never save.
