Although it sounds repetitive, learning to manage household income it will be essential to have a healthy economy. If you don’t know how to get started, here are some tips:
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1. Use the 50/30/20 rule
50% of your income is used to cover all fixed payments (rent, basic services, food, among others), 30% for other types of expenses (ant, professional training, leisure, travel) and 20% whatever for savings.
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2. Act with purpose
“Setting clear financial goals will make you respect your monthly budget and avoid the temptation to buy something unnecessary just on impulse or because it is advertised on television, radio, newspapers or some digital medium”, points out Edgar Sulem, manager of Payment Methods & Digital Payments at BanBif.
3. Make a shopping list
This will allow you to buy the necessary amount of groceries and compare prices to choose the most comfortable. Get used to doing it at the end of the month or every two weeks.
4. Promote financial education
Every month have a family meeting and explain about the importance of respecting the budget and saving money. This point will be key to managing money at home.
5. Open a savings account
Ideally, you should have one with no maintenance cost, ask for information in the different financial entities and choose the one that suits you best.
Did you know…
The whole family must be involved in the home economy to achieve organization, harmony and balance.
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Personal Finance: What do you need to finance a car?
Sometimes a delay or non-payment can work against you at the time of being evaluated. It is better to know how they see us in the financial system. Find out about vehicle loans.
The current context in which we live it has prompted many families to purchase a car. For this reason, the different financial entities offer vehicle loans with competitive interest rates. However, before buying a car, Diego Aldon, Deputy Sales Manager at Mitsui Automotive, tells you what you need to finance it and not seriously affect your economy:
1. Get the down payment
This should be adjusted to 10%, 15% or 20% of the value of the car you aspire to buy. In this way, the credit you request will be less and you will be able to pay it in less time.
2. Check your monthly budget
It will help you know how much extra money you have each month because, remember, you should not affect your payment flow.
3. Check what debts you have
Sometimes a delay or non-payment can work against you at the time of being evaluated. It is better to know how they see us in the financial system.
4. If you have a used car, use it as your down payment
For this action, the best alternative is to sell it through an entity that offers you a total guarantee and security.
5. Analyze the financial institution
Find out about the vehicle loans offered by banks or savings banks and choose the one that best suits your needs. Take into account the interest rate, the payment time and the credibility of the entity.
DID YOU KNOW…
Acquire a car that is consistent with your economy, do not get carried away by the make or model. The idea is that it meets your transportation need, not that it causes you a headache.
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