The ABC of Banking of the BCP presents four essential recommendations that will help you organize yourself and thus turn your plans into reality
A new year begins and with it 365 days to be able to meet your goals for 2018. Each one of us sets out different purposes that we hope to fulfill over the coming months, but one of the most important is to keep order in our personal finances, it will allow us to fulfill faster what we so desire. For this reason, the ABC of Banking of the BCP presents four essential recommendations that will help you to organize yourself and thus turn your plans into reality.
1. Make a budget. The first step in ordering your money is knowing what you spend. List all your fixed and variable expenses for the month, as well as your income. Allocate the necessary money to each of these and calculate how much you have left to save or invest. Do not forget to allocate a percentage of your income to your emergency fund.
2. Save. Define a plan for the year. Whether it’s paying for your studies, traveling or moving, having an objective in mind will help you not to waste your money. Separate a percentage of your salary every month to fulfill this plan and deposit it in a savings account especially for that. Do not try to save in the same account where your salary is deposited, because you will end up spending everything.
3. Be fulfilled in your payments. If you have a credit card, always propose to pay before your payment date so as not to affect your credit history. Try to pay more than the minimum amount to cancel your debts faster and spend less on interest. Remember to pay your credits on time so you can access new loans in the future.
4. Invest. It is advisable to look for alternatives so that your money grows in the long term. Some forms of investment are making a fixed-term deposit or mutual funds. These options will give you more interest than a savings account; However, in order for your money to grow you should not touch it for a certain period of time. The longer it is, the more your investment will grow.