For those who have identified with the saying: “that’s why I work, the money is mine” or the famous Instagram reel “then I see how I pay, God will provide… because one is a consumer, but a believer.” Or, this Christmas you have been swiping your credit card non-stop, as if your bank account were that of billionaire Amancio Ortega, it’s time to stop.
The first thing to do is take a moment to understand your personal financial habits. Take a look at bank, debit and/or credit card statements to identify spending patterns. “By checking, you may realize that you tend to order takeout frequently, or that your daily coffee is more expensive than you think. Being aware of these habits will allow you to have a clearer picture and decide which purchases you can avoid or reduce and which others you cannot,” they add from HelpMyCash.
Set financial goals:
When you know and have controlled the fixed expenses (meaning mortgage, rent, insurance, transportation, etc.) and essential variables (food, water, electricity), it is time to budget for savings. “Savings are not what we have left over, it is the money that we set aside almost as a fixed amount, and what we have left after adding fixed expenses, essential variables and savings, is the money that we have for entertainment and ant expenses,” specialists emphasize.
You must save for various concepts. The first is to have an emergency fund, plan the purchase of a home or car, or for a vacation. “A budget helps you allocate your resources effectively to achieve your short- and long-term goals,” they add.
An excellent tool to separate expenses and keep expenses at bay and avoid overindulging in whims is to place money in different accounts.
There are several accounts on the market that have no commissions or conditions and that can help you distribute your money and even earn some profitability.