2025 begins, with which people have new purposes, projects and goals, therefore, some want to organize their finances with the ideal of achieving these aspirations. Thus, BBVA provided a series of recommendations to manage income.
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It is worth mentioning that when planning these ideals, it must be taken into account that each year comes with an increase in different areas such as accommodation, food, health, entertainment, basic expenses, among others.
“The beginning of the year is usually accompanied by a price increase in different products and services, and starting with financial stability depends largely on how the salary is managed month by month. For this reason, BBVA in Colombia shares practical recommendations to manage this money efficiently and avoid problems such as over-indebtedness or lack of savings.”said the financial institution.
Finance.
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What are the experts’ recommendations?
According to the foreign firm based in Colombia, the first thing people should do is have financial control and cultivate it as a habit, that is, with which people dedicate a few minutes each week to review their banking movements and adjust their budget. if required.
At the beginning of the year, extra money arrives due to the salary adjustment and interest on severance pay, therefore, another recommendation that experts suggest has to do with avoiding spending that amount and allocating it better to advance payments of debts, investments or emergency fund.
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A third recommendation is to assign a purpose to each peso you receive, that is, divide your salary into categories that allow you to optimize its use. For this, an effective rule is 50/30/20.
“Thus, you will allocate 50% of your income for basic needs such as rent, food, transportation and services; 30% for personal expenses and entertainment; and 20% for savings and investment” highlighted BBVA.
Another tip is related to automatically scheduling savings as soon as you receive your salary. To do this, there are various digital tools that will allow you to separate a percentage of your income and accumulate it in savings or investment accounts.
Another tip that could work is to carry out a study of your finances, that is, review your subscriptions, services and recurring purchases to identify where to reduce costs.
“Mainly those platforms that you do not use frequently, but that represent a significant amount in your pocket every month. In that sense, it is also important that before making a purchase, wait at least 24 hours to evaluate if it is really necessary or just an impulsive desire.”he added.
It is also recommended to diversify your sources of income and not stay with just your salary. It is suggested to explore opportunities such as freelancing, as generating extra money can give you greater financial stability and allow you to achieve your goals faster.
A seventh recommendation made by the financial institution has to do with reviewing and renegotiating debts with the financial entities in which it has its obligations, in order to reduce its monthly burden and improve its cash flow.
And it is suggested to establish financial control, so you can dedicate a few minutes each week to review your banking transactions and Adjust your budget if necessary.
LEIDY RUIZ
Portfolio Journalist
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