2022 closed with inflation of 7.82%, the highest in more than two decades.
However, Mexicans spend up to half the minimum wage a day on coffee, soft drinks, snacks and food.
This contrasts with the 30% of total income that experts recommend spending on “tastes” for financial health.
By averaging the consumption of Mexicans, as part of the end of 2022 and the beginning of 2023, the Federal Consumer Attorney’s Office (Profeco) realized the need for a financial plan in homes, since Spending on “cravings” reduces its stability -especially with inflation- by exceeding the recommended amount.
According to the latest data from the National Institute of Statistics and Geography (Inegi), the inflation rate with which the year closed was 7.82 percent per year, the highest level seen in 22 years and so far this century; In addition, analysts consider that the biggest problem in Mexico corresponds to the so-called domestic inflation.
For example, before the new increase in the minimum wage, which remained at 207 pesos a day, and setting a unified price for the basic basket of 1,039 pesos, the Mexican Institute for Competitiveness AC (IMCO) indicated that the families that received close to 3,313 pesos per month would see an average increase in the price of their consumption basket of 8.74 percent per year, in any case, for those who had an average income of 54,427 pesos per month. month, the increase in the cost of the consumption basket would be 7.48 percent.
With this economic outlook and unfavorable forecasts for the current year, specialists place special emphasis on the fact that current expenses cannot be greater than fixed income.
In fact, since most of the income is fixed, monthly expenses and credits are established, which can be a point in favor or against for workers, since short-term payments must be considered in the settlement list.
When talking about debts, we always have to think about allocating 30 percent of the income to loans so that they do not generate interest, but always with an intelligent and strategic purpose.
Mexicans spend the equivalent of half a minimum wage a day on “cravings”
According to Profeco data, almost every day Mexicans make unnecessary purchases that impact their pocket almost without realizing it.
The main cause is the impulse to satisfy “cravings” or treat yourself, be it with a coffee, a street food, a soft drink, a snack, a cigarette, chewing gum or the acquisition of small but personal accessories. This is known as “ant spending” and represents an average daily expense of between 70 and 133 pesos, depending on the area and establishment where it is consumed.
This type of disbursement is a strong blow for Mexican households, as it can translate into a monthly expense between 1,414 and 2,670 pesos.
The figure can become alarming if one considers that, as of 2023, the minimum wage is 207.44 pesos per day. This is still low compared to the average used in Latin America, since it is almost half of the nominal income guaranteed by law, for example, in Costa Rica.
This may be one of the answers that at least 3.1 million Mexicans have double employment, according to data from the National Institute of Statistics and Geography (Inegi), which represents 5 percent of the employed population. In addition, more than half of the workers received a minimum wage or less in this second income-generating occupation until 2022.
Thus, with this new context, we can emphasize the need for information and financial health in Mexico, because until the economy fully stabilizes, Mexicans have to assess whether purchases are really necessary. As a linchpin, we can use the 50 percent overhead rule; 2o percent in savings; and 30 percent on “cravings” and fun.
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