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The opinions of the employees of s You are personal.
The coronavirus pandemic (COVID-19) has led to this Mexican families to restructure their finances. One example was the increase in operations in Nacional Monte de Piedad between 15 and 20 percent in the second week of March 2020, said Luis Enrique Padilla, director of the institution’s Prendaria operation.
So that this is not your case and you keep the flat screen that you like so much, or the jewels that your grandmother inherited, the real estate portal Properties.com gives you some tips on how to manage your money and deal with this crisis.
Take out paper and pencil
Leonardo González, real estate analyst at properties.com, said that you should first check your budget. Remember that this is a written record of your income and expenses. It has to be flexible so that you can delete or add concepts.
According to the magazine Protect your money With this list you can control your expenses in the Condusef and determine where you spend the most. You can also know your savings and calculate your solvency.
Be careful! On the income side, you shouldn’t consider your emergency fund (if any) or your credit cards. Only the money that belongs to you and that you receive month after month.
Remember that debt equals commitment
If you buy something with yours this season Credit card, it is important that you do it with care, even if it is months without interest.
“It is very important to remember that a debt is an obligation that is earned with money that you do not have,” said Joan Lanzagorta, a personal finance specialist.
With regard to the options announced by some banks to defer mortgage, automobile, salary, staff, SME and card payments by four or six months, Lanzagorta recommends reading these companies’ offerings carefully as there are certain requirements.
The best way to get this support is to contact the institution and find out if you are a candidate.
If you do not need these facilities, it is better that you pay your debts on time. Remember that everything is a chain and other people’s employment depends on this money.
It is still uncertain how long the crisis will last, which is why Leonardo González and Joan Lanzagorta agree that you have to be careful with your expenses and leave the unnecessary aside.
Health is more important today than ever and you have to be healthy inside and out. Pay attention to the Food and Agriculture Organization of the United Nations (FAO) and strengthen your immune system through a healthy and conscious diet.
Eat fruits, vegetables, and legumes, but shop wisely. Remember that there are other consumers who also need these products.
Another tip is that you drink plenty of water and limit your consumption of high-calorie and processed foods. Not only are these more expensive, they also do not nourish you.
Check your emergency fund
If you do it now Home officeRemember that the use you give your property is greater. This increases the likelihood that something will go wrong. In this case, you can contact your emergency fund.
Fineiro, a personal finance application, explains on its website that an emergency fund is financial support. This will help you deal with unexpected problems and there are three ways to do it.
The first is that you are very honest and define how much you spend each month. Once you know you need to multiply that amount by three, the result is what you should have in your emergency fund.
For example, if you spend 5,000 pesos, your fund must be 15,000 pesos.
Another option is to save three months of your income. As long as your income is higher than your expenses. So if you earn 15,000 pesos a month, you need to have a total of 45,000 pesos in the fund.
The third modality requires you to save six months on your salary. While it may sound exaggerated or difficult to achieve, you can be sure that it will help you get out of many difficulties.
The lessons that the pandemic will leave
“We have already seen that something can happen from one day to the next that can cause a financial change in our family,” said Joan Lanzagorta. Therefore, according to him, the most important lesson the pandemic will leave is preparation. One way is through savings.
Businesswoman Patricia Armendáriz mentions on her social networks that you should see savings in the same way bears accumulate fat before hibernation. With this resource you have liquidity in times like these.
Another lesson is to reduce debt and use credit cards and credit sparingly. Lanzagorta noted that the ideal is to turn to them when it comes to long-term goods or services. For example a mortgage.
If you invest, the third lesson is for you. According to the specialist, there are those who are blinded by word performance but do not take several factors into account. For this reason, it is ideal to go to the basics: put together an investment portfolio that takes into account your goals and your risk tolerance.