Personal finances are often a big headache, since expenses come and go day by day and we cannot make ends meet with what we receive from our work. In order for you to properly manage your resources, you should consider the following: Is what you currently perceive for your work enough?
In this sense, it is important to keep in mind that most people, whatever their occupation, have the feeling that their income is not enough to cover their main needs.
In this way, the need arises for each person to learn how to correctly manage their income, for this, it is important that you learn to prepare a monthly budget so that you do not have unpleasant surprises culminating the month without money with which to operate, for this, below We indicate some points that you must take into account so that your budget is sufficient for you at this time.
1. Make a budget: It is important that you have defined what are the urgent expenses that you have to do each month. For example, of your monthly income:
- 50% Family and personal expenses30% Payments of debts and commitments15% Savings5% Fun
As you decrease your debts, you can increase your family expenses, savings and fun, but first you must have a good financial balance.
2. Write down all your expenses: Learn to manage a small agenda where you write down your expenses, there you will realize how your money is going. Sometimes a simple ice cream or mid-morning snack may seem insignificant daily, but monthly they are significant, if it comes down to it, buying a daily sweet that costs you $ 3 in a 30-day month is $ 90 you spend and in a year 1095 $ that you could have in your savings account.
We do not mean here that you deprive yourself of the finer things in life, but that every time you go to open your wallet, analyze whether the expense you are going to make is really worth it.
3. Avoid credit cards: As far as possible, you should keep them far away from you, having plastic money hurts you enormously when you don't know how to manage it.
Try to pay all your consumption at the end of the month and avoid the minimum payment because this will make it impossible for you to finish the debts soon, due to the interest that you will finally have to pay. Credit cards give you a feeling of false security, so it is preferable to use debit cards because you will have real control of your expenses.
Remember, money that you lend yourself, is money that you will repay with interest, remember that banks have a business through this system, they do not give you a line of credit because you are a good person but because they make profits through you.
4. Save: Learn to save between 10% and 20% of your monthly income, so that you can generate a small fund for yourself and your family. It is preferable that you deposit your savings in fixed-term accounts, which will give you interest progressively. You also have the option of placing part of your savings in investment funds, but first find out well so that you do not have unpleasant surprises, it is preferable to use only a percentage of your savings for this type of action.
5. Have health insurance: It is preferable to pay good insurance that covers any eventuality to end up getting into debt, buy a good family plan and use the services are dental services, eye doctor, general check-ups, etc.
6. Make some extra money: When you lack the money, try to make some additional income that can be useful to you. Perhaps you have a certain skill that can generate income, such as teaching courses, selling crafts, selling items to your friends, etc.
7. Avoid superficial expenses: Learn to differentiate what is truly important to you. Many people go into debt for unnecessary expenses such as jewelry, travel, pleasures, expensive clothes, etc. without having the purchasing power to do so. As your finances improve, you can gradually indulge yourself, but in the meantime, don't do it, spend depending on your budget.
8. If you are going to ask for a credit, it is for something profitable: Credits can help you project yourself and improve yourself, for example, a credit to study a course that gives you greater job opportunities, for a business, to acquire a house and stop renting, among others, are well-founded expenses that will allow you to improve your quality of life, therefore, do not discard them, but learn to be respectful of your commitments.
9. Evaluate your purchases: When you go to buy take advantage of the shopping center offers, invest in things that can last a long time, for example, if you are going to buy clothes, invest in some good quality garment that will really last you, not necessarily It must be an expensive product, there are very good products but not from well-known brands, which can serve you a lot and above all, will last you.
