By Adolfo Ruiz Guzmán, Public Affairs Grupo Financiero B×+
Someone will tell me: “We just went on vacation and you already want to think about the next school year”, and the answer is yes. It is worth considering before going on a trip some points that are necessary to consider so that the return to school does not catch us – as we say colloquially – with our fingers in the door.
This year has had ups and downs in economic issues that have affected our finances and it is worth anticipating to enjoy the holidays, but also so that the start of classes is not uphill.
1. Our friend the budget
By now, I hope we no longer see budgeting as something distant or annoying, but rather as a friend who has helped us plan our finances and get the most out of managing our money.
Yes that’s how it is, then you will understand how essential it is to establish the budget for the return to school where I have to write down absolutely everything that is required to do it.
2. Recycle and take advantage
To the extent possible, recycle materials from previous courses, many schools have the good practice of making chains of books, this allows considerable savings and avoids buying and buying copies every cycle. In addition to lessening the impact on pockets, It is an excellent way to teach little ones to take care of their things for its proper use.
This applies to the tools that may have a longer life, let’s think about lab coats, drawing material, instruments, calculators and the same uniforms; the latter are more difficult due to the daily grind and because the children are growing up.
3. Use credit and promotions to your advantage
It’s a bit tricky, as long as interest rates don’t start to go down, be careful with consumer loans that generally have a variable rate associated with themFor example, credit cards.
If you decide to finance yourself to buy the entire list, consider options, if you can take advantage of the promotions in your favor, keep a timely record of what you spend. In case of taking a promotion for months without interest, do not do it for more than six months. On the other hand, contact your financial institution to see if it is possible to obtain a personal or payroll loan, which generally offer lower rates and there are no penalties for early payment.
4. Defer expenses
This is a great exercise because you must analyze what is important to acquire at the beginning, that is, prioritize the expenses that you must make and you can still postpone certain concepts that you can carry out later. It is not always achieved, but if you do this practice you will find expenses that can be delayed.
With these four simple tips, I hope that this return to school does not represent a great burden that you continue dragging in December, but that you can, with proper planning, get ahead without representing a hard blow to the family economy. Remember the key to the budget and you will share with me how it went.
Editor’s Note: This text belongs to our Opinion section and reflects only the author’s vision, not necessarily the High Level point of view.
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