10 tips for saving during a crisis

In my timeLower purchasing power of incomeit becomes more difficult to save Savings habitsHowever, for graduates Lucia Aguilarknown as @lulinvierte and author Book “Don’t Be Afraid of Money” (Planet)even at this time people can be saved.

“I think like everything in life, it takes a certain amount of sacrifice and perseverance, as Warren Buffett said, but applied to your daily life, you need to know that you have to save. Must save”Aguilar told Purfill.

“As we know we must Engage in some type of physical activity The same is true for saving and investing in order to have a healthy life,” he added.

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According to the lawyer, People with credit cards ‘must save’. Being able to manage a line of credit that is higher than your salary, payments, and a lot of financial literacy is a huge responsibility without any type of education.”

The author believes that people who have escaped poverty are likely to be able to save. “I have many followers who are domestic workers and they tell me Thanks to these courses, they can save money and have an emergency fund If he loses his job. ”

“People with less resources are saving more than even people in the middle and upper classes,” he said. “People tell me I can’t save, I can’t make ends meet, and I say That’s ok, but at the same time the restaurant was still full”noticed.

10 essential tips for saving money

Here are some tips included in the book “Not afraid of money”:

• At least save 10% of income. This will generate Order and Custom save.
• For any Purchase more than 5% of incomewait at least 15 days. This is for Assess whether you can actually afford itor see how you would finance it if you needed it. That is, work it into your budget, understand if you really need it, and if so, look for prices that make for a rational purchase, not an impulse buy.
• Avoid using credit cardsbecause that’s how you get into debt that you have to pay back. If you are a Cash flow main statement And you know exactly how much you’ve spent, and you can use it, for example, for accruing miles and other benefits that it has. Now, if at the end of the month you don’t know how much you owe, and you have to spend your entire paycheck there, and then spend all the money on the card again the next month, you’re going to be in a very big problem. Credit cards can be kept for fixed expenses such as services -similar amount every month- For large purchases. Be careful even with interest-free installments as it will also create long-term debt.

• avoid Ant FeesThese are the small expenses (coffee shops, taxis, kiosk purchases, etc.) that we don’t realize can end up adding up to a lot of money at the end of the month and year, and can even outweigh the 10% saved from day one of the tip. If it is not included in the budget, it will not be spent that month.
• Always keep this concept in mind Financial assets and liabilitiesActive is any asset that produces income, passive is any asset that makes money from us.
• Don’t get caught up in it Bid Fraud. Quotes are made by marketing professionals who want to sell more products. We should use them only when we really need them. If we need something in particular, we look for quotes, but we should not be tempted by any offer “because it is cheap and I save money”. It is not true: you spend money, you do not save. You save only if it is something that needs to be purchased and is bought cheaper.
• Avoid paying credit card minimum limitsIn all countries of the world, Credit card interest rates are among the most abusive and high-interest rates. In many countries, the interest rate on personal loans is higher than the interest rate on credit cards when you make the minimum payment. So, sometimes it is convenient to take out your personal credit cancellation card and cut it off at the same time!

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• Make one Shopping List Before you go to the supermarket, plan your meals for the week, see what you need to buy, and then stick to that list. In supermarkets, it is common to be tempted by different offers and products. In any case, you can fit “temptation” into your budget so that you can respect it and not spend more than necessary.
• If you work outside the home, Food with homemade food. You can cook at night Prepare double the amount. Or cook in bulk on Sunday to have all your lunches ready. You’ll save a ton of money and eat healthier.
• Don’t buy it to show offMany times, we allow ourselves to be swayed by fashion to fit in with friends, colleagues or society, but we don’t realize We buy things that don’t make us happy or aren’t really necessaryand also threatens our financial health.

LM CP