Build a budget
The first step to saving is to set up a budget and stick to it, taking into account all income and expenses, no matter the size, to spot purchases that can be temporarily reduced or eliminated as prices drop again.
For example, prepare food at home instead of going to inns or restaurants.
Although it is true that increasing the reference rate helps to contain inflation, in a second phase “access to credit becomes more expensive, and that also weakens consumption in terms of medium and long-term investments because it becomes more expensive” , explained Fabián Ghirardelly, General Director of the Worldpanel division of Kantar México.
Another recommendation has to do with reducing purchases or buy generic brands or purchases in bulk “to maintain the volume, but investing less money,” he recommended.
smart consumption
Adrián de la Garza, chief economist and director of economic studies at Citibanamex, and Cristina Morales, director of investments and analysis at Valmex, agreed that this is a good time to avoid or reduce as much as possible the so-called ant spending, as well as make precision shots on the products that are purchased, giving priority to what is really needed “because the pressures are strong and will continue”.
Another option is to pay the loans you have contracted, preferably those at a variable rate, since they imply a higher financial cost of the debt, then pay off those that charge the highest interest.
How to protect money?
Once there is savings, instruments can be found to invest it and earn interest.
“Having a higher rate, some short-term government investments, such as Cetes, provide more attractive returns; they are yields that protect us against this inflation”, said Cristina Morales.
It is also advisable to put the money in instruments whose yield is higher than inflation in order to have a real positive balance, that is, once the inflation index is subtracted from the profits.