Although it is often believed that significant amounts of money are necessary to save each month, there are savings products that from $0 allow you to make the first advances to start the construction of a habit that, in the future, will support entrepreneurial goals and personal and family purposes such as, for example, the education of children and the improvement of housing conditions or the productive unit.
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Lina Méndez, Bancamía’s Funding Manager, comments that one of the keys to saving, even with very little money, is to do so constantly and maintaining savings discipline. When this is achieved, it can grow progressively, making small increases in the amounts (daily, weekly or monthly).
“Added to this is having clear savings purposes or objectives, which must be timely and also achievable. With this clear, it is necessary to start with the choice of the type of product to save: it can be a Low Amount Deposit, which can be opened from $0; a Transactional Savings Account, from $20,000; one of Savings with Purpose, to form discipline with a commitment to monthly savings; Or at Bancamía we also have a product to encourage savings in children (Great Dreamers). In addition, there are the CDTs, which can be opened from $50,000, and the high-profit ‘Rentaplus’ account (with good rates depending on the balance),” explains Méndez.
Bancamía.
Courtesy
On World Savings Day (commemorated every October 31), Bancamía, an entity of the BBVA Microfinance Foundation, shares some recommendations so that microentrepreneurs and also all family members, including children, advance in building savings. proper management of your finances:
1. Savings as a habit, not as a sacrifice: this habit should start at home by saving part of the income periodically and should not become a sacrifice, since saving should be seen as a positive habit that must be constantly nurtured to improve the financial health of families and businesses.
2. Save with clear purposes: One of the keys to consolidating lasting savings habits is to make a list of purposes (such as education, expansion of a business, home improvement, vacations, unforeseen events, among others) in order to know how many resources are necessary for each of them. them and also, how long it will take to have all the money.
3. Savings can earn income: High-yield savings products have become a practical option that generates value and allows people to invest a part of their monthly income. There are also CDTs that offer positive and safe returns for maintaining an amount of money saved for a period of time established with the financial institution.
4. You have to know your expenses well: Developing a budget and keeping detailed control of expenses will allow you to establish priorities, make some cuts and also avoid unnecessary and impulsive purchases. This practice is key so that people can build their financial independence and develop responsible control of resources.
There are savings products on the market that can be opened, managed and made profitable in a simple, fast way and with good returns, without needing to have large amounts of money: the most important thing is to start building the habit. In entities such as Bancamía, which has a diverse offering of savings and CDT products, microentrepreneurs and communities can access free financial education to advance in building their financial health.
See also: Through Empropaz, Bancamía and USAID have supported 600 businesses in Urabá
