When it comes to savemost people don’t have a concrete idea on how to start doing it, that’s why many finance specialists personal have created strategies where depending on the income of each will be the amount allocated to this savings fundThis is how different challenges have arisen where, motivated by a medium-term objective, people who decide to take up the challenge will be able to obtain big profits and allocate their money to better investments.
Due to this need, here we present you a challenge where you can collect a little less than 50 thousand pesos in 40 weeksthis savings mode can be used to support your economy and setting a medium-term goal, this is where it becomes important to clarify that each person has different circumstances, so the goal and disposition of the money It should be tailored to individual needs.
The savings challenge that will make you collect up to 50 thousand pesos
This savings strategy it’s about following an easy-to-implement 40-week plan. The objective of this savings fund is to deposit a fixed amount of just over a thousand pesos each week and don’t use that money until the proposed 40 weeks are exactly over. To facilitate the follow-up, you can use a diagram in which you mark the number of the week and the corresponding amount, in this way you will be able to visualize how you gradually approach your savings goal.
At first it may be difficult to remember the system of this savings challengebut over the weeks you will become familiar with it and it will become a financial habit. If you don’t feel the motivation continue with economyexperts recommend establishing a clear objective that encourages you to keep saving; Likewise, if you find it difficult to maintain it on your own, you can enlist the help of another person to save together while you get used to doing so individually.
How can I start having healthy personal finances?
Have healthy personal finances It is essential to maintain a stable economic life and achieve long-term financial goals, but achieving this is usually quite complicated, which is how experts say the discipline, control and conscious decision-making are key to achieving this. In the same way, they explain that it is important to know your income, expenses and financial goals, as well as to adjust your consumption habits accordingly; Here are some tips to achieve this:
- Budget: make a Monthly Budget which reflects your income and expenses. Set clear limits on your spending and be sure to allocate some of your income to economy and payment of debts.
- Savings: make saving a priority. Allocate part of your income to an emergency fund for contingencies and save for short and long-term goals, such as buying a home, educating your children or retiring.
- Debts: manage your debts Responsibly. Avoid borrowing more than necessary and prioritize paying off high-interest debt. If you have existing debt, make a plan to pay it off gradually and avoid taking on new debt.
- Spending under control: Control your expenses and avoid unnecessary expenses. Evaluate your needs in relation to your desires and prioritize your purchases. Compare prices, search for deals and consider cheaper alternatives.
- Investments: Consider invest part of your income in financial instruments that generate long-term returns, such as investment funds, stocks or real estate. to consult financial advisors to make informed decisions.
- Financial Education: Increase your knowledge of financial matters personal finance. Read books, attend classes or workshops, and keep up to date on topics related to investments, taxes, insurance, etc. The more informed you are, the better your financial decisions are.
- Long-term planning: Set long-term financial goals and develop a plan to achieve them. This can include planning for retirement, creating an education fund for your children, or buying long-term assets. Adjust your plan based on your situation and review your progress regularly.
Source: El Heraldo De Mexico
Ashley Fitzgerald is a financial whiz and a writer at Run Down Bulletin. With a passion for all things economy, she provides insightful and thought-provoking coverage of the latest economic trends and events.