By Adolfo Ruiz Guzmán, Public Affairs Grupo Financiero B×+
At the end of the first quarter I wrote about the importance of making the first balance of the year to see how we were doing in our finances; now at the beginning of the last quarter of the year, it is worth making another stop to prepare for a successful end of the year.
Although it has not been an easy year, with rising inflation, which seems to give no respite and whose result is price escalation; lately it is more common to hear about the expensiveness of the products, especially the purchase of the supermarket. As a result, Banxico has tried to counteract it by raising rates, however, this leads to increased rates on consumer financial products, particularly credit cards.
Just mentioning those two factors should lead us to be more cautious with our spending. It might sound pessimistic or catastrophic, it is not the idea of these lines, but it is important to reflect on how we are financially and have the purpose of healing our finances, and if they are healthy, take advantage of the situation to consider savings and investment spaces.
Therefore, I share these simple tips to achieve it.
1. Review the budget
If you were not disciplined and the budget was forgotten, I can assure you that today you are in difficulty. I know how annoying it is when someone tells you, “I told you so,” but be warned: there is no healthy finances without a budget.
Otherwise, if you kept order, today you will realize the positive result and you will have a level of savings, or at least you will not have out of control debts, and even investments. Now comes the interesting part, in these times of uncertainty it is advisable to turn to see short-term investment instruments and mainly in debt, which will allow you to adequately overcome these episodes of volatility.
2. Cheer up! You can improve your situation
If you are in difficulties, do not despair, much less lose your calm, when we are under a high level of stress, we make bad decisions and more when it comes to the money. Here we can be victims of unregulated entities with high interest rates, practically unpayable. So be careful!
In the best of cases, discipline and perseverance pay off, today you can have some slack and peace of mind, but most importantly, you are on the way to financial freedom, keep it up!
3. Use your credit card responsibly
I already pointed it out at the beginning, apparently, rates may continue to rise. Thus, it is very important to use credit cards with great responsibilityconsider if you can make purchases with them, preferably do it in full or for months without interest and you should reflect it immediately in the budget.
If you have a large debt on your cards, it is time to hide them, look for options in the market in which you can consolidate the debt to lower interest; and while you don’t lower the balances, don’t use them. Don’t make the mistake of cutting it down and using it again because you’ll never get out of trouble.
4. Take advantage of extra streams of resources
Department stores remind us that the holidays are near. That is why I want to insist from now on properly planning how to use that extra income such as Christmas bonus, savings fund, bonds, among others.
If you have debts, prioritize your payment, forget about gifts, trips, expenses in general. If you want to close the year well, reduce your debts! That is the key. But if you have respected your budget, consider the fruit of your labor, look for options for your purchases to be able to compare and choose the best offers.
Build the end of the year from today. You still have time to get out safely, and if you were constant, now is harvest time and you can see the fruit of a whole year of perseverance and dedication.
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