Take these tips into account to better manage your money in this new year. Remember that crises are opportunities to change financial habits and grow.
Don’t spend more than you earn.
Make a budget to be clear about your income and expenses and “do not stretch your feet beyond the sheet.” Lean on this tool .
Keep a record of expenses.
Write down for at least a month, all the expenses you make each day in cash, with cards, transfers, etc. to the penny. This way you will know exactly where your money is going.
Save.
Save the same amount of money every month as soon as you receive your income. Saving is not what is left over but what is saved before spending. This fund will help you face emergencies.
Use your card wisely.
Pay the entire statement each month to avoid interest on minimum payments. Differ payments according to the duration of what you buy; food is not deferred because it is consumed immediately. Before using it, calculate if you will be able to pay. Pay on time to avoid late fees.
Avoid impulse purchases.
Analyze before buying if it is something necessary for your survival or simply a treat that can wait.
Take out insurance.
Review the possibility of insuring your life, your health and your assets to protect you and yours. Remember that it is better to have insurance and not use it, than to need and not have it.
Control your debts.
Make a list of your debts and plan the payment according to your current circumstances. Talk to your creditors to find relief options. Decide if you will start with the smallest, the one with the least time, the highest interest, etc.
Generate additional income.
Offer products or services taking advantage of your knowledge or skills. Teach classes, do crafts, prepare food, etc.
