Dozens of purposes and dreams we make during New Year’s Eve. However, several of them, as the months went by, we failed to comply with due to a lack of knowledge regarding financial education. Starting to implement economic intelligence is a way to save and optimize the budget. It is important to remember that small changes in financial habits generate resources to achieve the way of life we dream.
We present some recommendations from Will Grims so that this year he establishes a responsible attitude towards debts, a term defined by the Royal Academy of Language as an obligation that someone has to pay:
A first step to change habits is to make detailed schedules with the expenses and debts present during the day, week and month. For this, there are numerous tips to control the desire to buy. One of them are mobile applications that allow you to visualize daily income, expenses and remnants by category. Thus, you will know in detail how much you spend on food, clothing, gasoline and tastes.
The moment this practice becomes a habit, you will have greater objectivity when living simple situations like buying a coffee in one establishment or another. Once you have accomplished this step, plan expenses and adjust them according to your income capacity.
Avoid asking for loans to cover others
On numerous occasions, a loan application is made due to lack of budget planning. Will Grims, a leading online loan company, is present in this type of situation from the comfort of your home or work, with a response of less than five minutes and a delivery of money, in your account, in less than 24 hours if it is approved.
To keep your loan payments in mind and not continue to increase the delinquency figures, do not fall into the trap of borrowing on loan, since this type of action creates a bad reputation in your credit credibility.
Avoiding falling into this modality is simple, so one technique is to take a weekly record of all the receipts you have and not throw them away until the registration. Memory sometimes fails and when improving our budget, every detail counts.
Pay on time
Overdue debts are synonymous with poor budget management and organization, it is essential that you know in depth each debt with an exact value. If you have multiple commitments, set monthly alarms on your computer and cell phone. Gradually over time, your brain will assume the appropriate payment days for your multiple duties in student loans, credit card, public and mortgage services.
Colombians continue to prefer the credit card with 14.2 million accounts opened in the third quarter of 2017, according to Transunion figures. These data infer that it is possible to handle products such as credit cards and loans in a responsible manner, without resorting to extreme measures to achieve timely payments.
Saving is essential to carry out future plans, it is a habit that is acquired over time. However, to acquire this good habit, it is possible to schedule your debit savings from payroll with various banks during different periods established in months or a year. That way, money will always count in your emergency budget.
Similarly, at the time of starting the savings, the rewards for doing so must be present to become a motivator. A three month period can be rewarded with something of low value, at six months with a whim like a garment or a visit to a restaurant that has been planned for a month and a year ago.
Also, it can have piggy banks of different sizes in currency of a certain denomination with marked purposes that allow to achieve short and medium term purposes. With these tips, saving becomes something everyday and easy to carry.
Remember that saving is not a minor commitment, consider it as important as the payment of public services. Therefore, include it in your plans as a monthly payment. In this way, acquiring a mandatory commitment every month guarantees you achieve your goals and dreams.
Think before you borrow
Before making any type of purchase, keep in mind the benefits and disadvantages in the short, medium and long term, so that optimizing the budget becomes something that is always present in your daily life. Good debt management defines your credit reputation in risk centers to project loans in housing and business.
These tips are key to help change your consumption habits, improve your expenses, control your debts and acquire tools in your financial education process.