You are still on time to start this 2020 with healthy personal finances, so we share some methods that can help you achieve it.
4 min read
The opinions expressed by employees are personal.
January has been a fairly long month for many. We are starting 2020, which means that it is a good time to reflect and set the goals we want to meet this year, so it is very important that you consider increasing your savings and thus improving your personal finances.
That is why Bitso , the platform that simplifies the use of cryptocurrencies, shares three effective methods that have helped people around the world to have a better use and knowledge of their personal finances.
1. Kakebo: The method that will allow you to save 35% of your salary
It is well known that Japan is one of those countries that stands out for its organization and also for its perseverance in work and study, and that from a very early age the culture of saving is instilled in children. In that sense, they have also developed some methods to take care of finances and one of them is the famous kakebo, which would be translated as “household account book”.
If you want to put it into practice, you just have to follow the following steps:
Write down all your expenses, save your tickets, but do it in a traditional way. The kakebo method advises you to write down what you spent in a notebook and thus keep track of it in writing, it is recommended that you do it once a week.
When you have collected all your expenses, divide them into four categories: survival (housing, transportation, food, medical expenses), culture (books, concerts, movies), optional (clothing, accessories, tobacco, restaurants), Extra (unexpected).
The kakebo method ensures that doing this regularly makes people more aware and could save up to 35% of their expenses.
2. The 52 week challenge
You can start this challenge with the sum of money you want; For the next step, you just have to subtract money week by week from the initial sum.
The recommendation is to start with 100 pesos per week so that it is not a heavy load and does not affect other necessary expenses. Although you can start with more money, but it will depend on your possibilities. The important thing to meet this challenge is constancy.
In week 1, those 100 pesos (or the amount you decided) save them in a savings account, for this it can be perfect, since you can have your money in Mexican pesos, bitcoin, tokenized dollars or other 7 cryptocurrencies, it is a Safe place to safeguard your savings and it will be very easy to transfer it to your debit account after the 52 weeks have elapsed.
Now, to continue with the process that will allow you to save, in week two you save 99 pesos, the next week you save 98 pesos and so on, until you finish every week of the year.
3. The Harv Eker Saving Method
This is a method that T. Harv Eker proposes in his book The Secrets of the Millionaire Mind , it is a simple system to distribute monthly income based on various percentages that we include below.
55% for basic necessities and supplies: here comes the rent, bills, mortgage or food.
10% for savings: this percentage is untouchable and is the one that will allow you to raise money over time.
10% for training and personal development: from books to office supplies, courses or exhibitions.
10% for long-term investments: larger expenses they will have in the future, such as taking out a driver's license, a family trip or renovating the furniture in the living room.
10% for leisure, entertainment and whims.
And the last 5% you can consider for some donations, or to add to any of the previous categories.
Surely you can apply one of these methods that has been shared by the Bitso team, and it will be a key tool to start the year in the best way, we recommend you choose the one that best suits your expenses and your way of saving, remember that More important is the commitment you take to achieve your goals in the time you expect.