How to order my expenses? How to organize my personal finances? With commitment, discipline and perseverance. In this guide we share practical information to put you in order and arrive with more money at the end of the month.
How to increase my savings? 7 ways to fill your piggy bank.
There are many ways to improve your personal ability to save. Some are quick and easy to implement, such as turning off the water while you brush your teeth or turning off the lights that you are not occupying.
Others require a little more time, as is the case of allocating a monthly amount of income for investments.
1. Follow the 30 day rule
It is the easiest practice to implement, but at the same time the most difficult to follow. Simply wait 30 days before purchasing items that are not basic necessities and resist the urge to buy. After a month, you will have forgotten about the item or your urge will have subsided.
2. Save the change
Today we handle little change, thanks to the facilities of plastic money.
If you use cash for small purchases, put the leftovers in a piggy bank or something that will keep you from taking that money out until the container is full; allocate that money to get out of trouble or for small purchases of the house.
3. Limited budget
Basically, it is operating with a spending cap. In the case of debts, banks normally recommend that the person not go into debt for more than a range of 60% -70% of their total income. The same rule applies to your expenses.
4. Eyes on the target
Never enter a store or supermarket without clarity of what you need to buy. Have your list handy, on your cell phone or on paper. However, it should be noted that making a list is not enough; Follow these tips the next time you’re in front of the gondola or the showcase.
- Check the expiration date. For everyday grocery products, the expiration dates may be closer to the day you bought them. But if you want to freeze or store in the pantry, better buy freshly labeled products
- Take advantage of the day’s discounts. It is always good to check the catalog or the discount magazine of the moment because it includes many basic consumer products. Look at the price per unit that always appears in the fine print
- Use the nearest supermarket. Organize your trips to the supermarket in such a way that you can walk; You will force yourself to buy what is just and necessary so as not to go with a lot of load. This will do your pocket and your back good
- Use an eco-friendly bag. Many supermarkets offer sturdy, supportive bags for carrying purchases. They are easy to use and compact to carry in your backpack or purse. Do not buy beyond what the bag can support.
5. Apply automatic control
Get organized by paying home or personal expenses in cash and automate large amounts in the case of basic services. Use petty cash in an amount that suits you.
Leave the credit or debit card for larger purchases or fixed expenses, or organize payments using the Automatic Payment with Checking Account (PAC) or Automatic Payment with Credit Card (PAT) services.
6. Save gradually
Set yourself a low saving limit that suits you at the beginning; that does not exceed $ 10 thousand in the beginning.
Every one or two months, reevaluate if you can increase that amount a little more, by an amount that continues to accommodate you, say between $ 1,000 and $ 5,000. Set yourself a one-year horizon and forget about that money.
Keep it away, either in a closed piggy bank (the only option to open it is by breaking it), or through some short or medium-term financial product and quick rescue.
7. Divide and conquer
Separate the amounts that you allocate for expenses from those that you plan to save. Avoid hosting them in the same account or checking account.
Transfer a fixed amount every week to a savings account, a debit account or to a financial product, such as a mutual fund, an APV or Account 2, depending on the investment term you have to use that money.
