As the days of this new year pass, it is necessary to establish financial goals To achieve the objectives. María José Artacho, country manager of Global66 Peru, recommends some financial purposes to consider in 2023.
Savings in hard currencies: More and more currencies lose purchasing value, so having your savings in several currencies can provide you with greater support in the short and medium term. For this, establish a savings goal, divide the total amount into achievable monthly goals and allocate a percentage to the receipt in another currency. This practice of safeguarding in another currency makes it possible to preserve stable an asset that usually maintains its value in global markets, considering that close to 80% of international trade is established in dollars.
Pay debts: If you have debt, make a plan to pay it off. You can start with the debts with the highest interest rates and work your way up to the debts with the lowest interest rates. When your personal finances are under control, it’s a good idea to use only a portion of your income to pay off debt. The recommendation is never to borrow more than 35% or 40% of monthly income.
Eliminate unnecessary expenses: Usually people spend “small” sums of money on unnecessary purchases that at the end of the month end up assuming a significant amount of the budget. A very simple way to face this challenge of limiting ant expenses is to analyze which of these expenses can be dispensed with by looking for cheaper or free alternatives.
Buy responsibly: Create a budget for your money and try to stick to it. A budget will help you see where you are spending your money and make adjustments if necessary. You do not have to give up any whim, but it is advised that you evaluate your possibilities beforehand. The 48-hour rule is useful: take two days to think about whether you need it, or not, if the time is right, etc.
Generate extra income from home: Globalization and modern technology have provided a wide portfolio of alternative jobs to earn extra money from home. These new alternatives to earn dollars vary depending on the activity, but they are within reach of those people who want to make their free time productive. Some examples are: answering surveys, creating content, translation and proofreading of documents, among others.
Likewise, it points out that we must know our income exactly and design a short- and medium-term spending plan, always remembering the importance of constant monitoring and review of the progress and changes necessary to remain focused on the established goals.
