In the last year we have witnessed the increase and upward trend in the price of dollar at a regional level, it is so that, at the end of September, the currency was quoted at S/3.97 on average, becoming one of the highest peaks of 2022 in relation to the same month in 2021, when it came to appreciate in more than S/ Four.
According to the financial projections of various entities and experts, these price variations are due to different factors, both external and internal, and that the volatility will continue for a while longer.
For this reason, Experian offers three recommendations to protect our money in this context:
If you earn in soles, acquire debts in soles
The best recommendation for people who earn in soles is to acquire obligations in the same currency, since although many financial entities offer a lower interest rate in dollars, the exchange rate can cause the user to end up paying significantly more than the amount with which he is indebted.
“Acquiring obligations in a currency other than the one in which we generate our income will possibly increase the risk of the person becoming a delinquent debtor, negatively impacting their credit history” Experian experts indicate.
Look: Cyber Wow 2022: The cosmetics industry grows 70% during the campaign
shop consciously
The most important thing when shopping is to detail a budget and a list of food and other products that are needed so as not to overspend and not fall into unnecessary purchases.
Thus, a very valuable piece of advice is to start buying in bulk, if we have the opportunity, or opt for private labels or the cheapest alternative in those products in which we are willing to abandon our preferred brands.
Invest or start saving in dollars
One of the best ways to protect our money is to strategically invest or start saving in a currency that remains strong, such as the dollar, which has been showing an upward trend in recent years.
“Diversifying your economy, saving in a strong currency like the dollar, while saving in local currency, will allow you to keep an asset that usually holds value in all international markets, as well as build an emergency fund”, end.
Experian recommends taking these tips into account to “protect” your income and budget against dollar volatility heading into the holiday season.
