Tips for yielding money in times of inflation

Tips for yielding money in times of inflation

According to figures from the National Administrative Department of Statistics (DANE), annual inflation for May amounted to 9.07%and although the data lost ground, it continues to affect the pockets of Colombians.

(Inflation moderated in May: annual change was 9.07%).

“In Colombia we are becoming poorer not only because of domestic inflation, but also because our currency is losing value worldwide, so those who consume imported products will not be able to buy them, especially because of the price of the dollar,” said Alba Zulay Cárdenas, director of the specialization and master’s degree in Finance from the Business School of the Technological University of Bolívar (UTB).

For this reason, below we tell you Four tips for yielding money in times of inflationbased on the traditional budget of a Colombian household, which revolves around covering the basic needs of food, housing, education and health.

(Cartagena is now the most expensive city in Colombia).

1. In food: replace the consumption of some products.

This advice consists of substituting the consumption of some products of the family basket for others with more stable prices that provide similar nutrients, that is, replacing red meat with fish, chicken and grains; wheat flour for corn flour and fruits such as grapes or kiwi for seasonal ones such as mango.

2.- In housing: Evaluate the possibility of changing the place of residence.

Families should consider moving to try to cut down on fixed expenses, even if it means living in a smaller place or in a less expensive neighborhood. In addition, the expenses of public services such as water and energy would be controlled.

In addition, people who are paying a mortgage loan can resort to restructuring the credit and request an extension of the term to pay the debt, which will reduce the amount of the monthly payment.

3.-In education: make financial agreements with higher education institutions and private schools.

Universities and colleges have increased the prices of the semesters and monthly payments, for this reason it is recommended to make financial agreements to be able to find forms of payment within the established times and thus avoid falling behind in these payments, which would increase the figure. of fixed expenses.

On the other hand, if people have debts, as a result of investing in education, they can make a portfolio purchase. Fortunately, banks offer loan restructurings at very good rates that are below 10%.

4.- In health: ensure that the employer is paying social security.

Employees must verify that their employers are paying social security, since the family group that appears as a beneficiary also depends on said contribution.

Finally, Cárdenas mentions some actions that should not be carried out in times of inflation: “finance the family basket and transportation expenses. If a person finances the market for six months and after fifteen days finances it again, it will create a snowball effect and they will not be able to pay the credit card by exhausting its limit, because it is projected that interest rates will continue to increase”, said.

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