Don't drown yourself in debt. The key is to make responsible purchases, eliminate extra expenses and encourage a culture of saving.
It is a lie when someone says that they use magic to make ends meet with their salary. 40% of a family's income goes towards debt payments , according to a report from the Central Reserve Bank .
So, is it a matter of correcting spending habits to avoid financial surprises? Banking experts maintain that balance can be achieved with four fundamental steps.
First: Create a real budget of your guangdong number screening expenses and income (food, transportation, clothing) to determine the availability of your monthly resources.
Identify on your list which expenses are basic and necessary and which could be defined as "impulsive" or less urgent and should be avoided at all times.
Second: Avoid the indiscriminate use of credit cards to pay for your daily expenses. Also, remember that the best decision is not to always pay the minimum installment, but to cancel the entire debt, or at least the majority of it.
Personal finance expert Juan Carlos Ocampo recommends allocating 30% of family income to paying financial obligations .
The problem arises when this percentage does not match the quotas. Ocampo suggests that you look for extra sources of income (temporary jobs) or sell things that are no longer used in the house.
Third: Avoid spending too much. Money spent on "whims" or unnecessary things can leave you with a budget in the red.
Fourth: Set a savings goal . Put aside a certain amount of your income each month, no matter how small. Evaluate various options to make that money earn you a profit.
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