IF YOU HAVE DEBTS:
Focus on removing them:
If you are in debt, your first financial priority should be to take them off. If you can afford to pay cash, it is preferable to get a good discount on interest. If not, make a counterproposal to lenders to get installments that fit your budget. If you are in expensive credit arrangements, such as check and revolving credit card, consider taking a loan with lower interest, such as the one offered by Just. With the money, you take out your debts and start paying less interest.
Concentrate the installments at the beginning of the month:
So, as soon as your salary drops, you already separate the amount needed to pay off the debts before even thinking about spending on something else.
Save what you can:
It is a good idea to save 15% of your income, but if you are in debt you will hardly be able to reserve this amount for savings at this time. The key then is to save what is possible until you can restructure: $ 5 or $ 10, it does not matter. The big balcony here is to create the habit of saving.
IF YOU DO NOT HAVE DEBTS:
Create a monthly savings goal:
Without debt, you should save at least 15% of your income every month. No excuses. If you find it difficult to save, for example, $ 600 per month, divide the goal by the week ($ 150) or by day ($ 20).
Look at the monthly savings as one more of your expenses:
On the day your wages fall, send the savings you have set aside to save. Imagine that your monthly savings is another account that has expiration and cannot fail to be paid.
For every unplanned purchase, send 10% for savings:
A good way to control unplanned spending is to propose to send 10% of the amount you spend for saving. Want to buy a tennis shoe for $ 300? So, you need to have $ 330 in the account: $ 300 for the purchase and $ 30 for the savings. This will make it easier to control yourself.
Did you get any extra money? Keep it!
Credits of the São Paulo tax note, restitution of the Income Tax and up to the 13th salary are resources that we do not count on (or should not count) on a day-to-day basis. So we do not need them to keep us going. As soon as they get into the account, send them straight to your investment so you do not have time to fix up an excuse to spend them.
If you do not have an investment, no problem. We help you! GuiaBolso started a partnership with Orama, an online investment platform, free of charge, that offers excellent investment options. You can register online and have access to good applications such as investment funds and fixed income securities.
Create an emergency stock:
Your first financial goal should be to create an emergency fund to guard against the adversities of life. By following the four tips above, you will be able to put that money together faster than you think and be ready to reach higher financial goals.
Posted on June 11, 2018 at 02:00 PM