Maintain and keep in order personal finance It can be quite a challenge for some people, and when you are faced with a difficult economic climate that can be even more difficult to achieve. However, making efficient use of income, even when money is tight, is possible with the right actions. What are these?
Within the framework of the crisis that the country is experiencing, the ABC of the BCP provides seven recommendations so that those who need it can “reorganize their budget” and be able to deal with complicated situations that may affect their pockets.
one. List. Wherever you prefer, but write down, one by one, all the expenses you make throughout the month, from the smallest to the largest. It is important to have clarity to be able to analyze them.
2. Reduce. Identify expenses that are not necessary and find ways to cut, reduce or postpone them. For example, you can leave eating out for another time or reduce your expenses at the movies.
3. Check out: Those expenses that steal your budget, such as those memberships or services that you do not use, but continue to pay. Reduce or cancel them. Also pay attention to the ant expenses, those that seem imperceptible, but that, if we add them up, are a considerable amount, such as the morning coffee, the mid-afternoon dessert or the daily soda. You don’t necessarily have to eliminate them, but you can reduce your consumption frequency.
Four. Update. Build or update your budget taking into account your current income and expenses. Try to balance them by avoiding reaching the limit, since it is essential to leave a percentage in the event of an unforeseen event or emergency.
5. Prioritize. Needs before tastes. You can buy similar products from brands that have a cheaper price or compare the prices of different stores to find the one that best suits you.
6. Plan. When shopping always make a list. This will prevent you from going over budget and opting for things you don’t need. For example, plan the menu for the week and list in detail the ingredients that you will require.
7. Foresaw. If you have an emergency fund saved up and it’s time to use it, go ahead. Its purpose is to cover only the following: unforeseen expenses, such as job loss, decreased income or an accident. Use it, above all, to cover your financial debts and basic needs expenses (food, school or basic services).
