Personal finances in times of crisis

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Personal Finance in Times of Crisis

Comentarios del artículo By: Isaac Lopez ( Isaac Lopez ) ⋅ December 10, 2008 ⋅ Comments Article

Do not be afraid

First of all not the end of the world, it is important to understand why she and learn from the lesson. Also not be swayed by alarmist people, from journalists to people nearby.

It's actually a very good opportunity to put things in order and find good opportunities, but there is nothing to see examples of Carlos Slim to buy stakes in Citigroup , the new york times and Saks , as well as Ricardo Salinas Pliego with the purchase of 28% CircuitCity . On a personal level is a good time to put your finances in order.

Watch your Health

Diseases cost money. Go on a diet, weight loss, exercise, tone it down to smoking, turn down the alcohol. Without you nothing else matters.

Watch your work

Not only takes the right attitude every day to go to work, but try to take care of business continuity. Be more efficient, not wasting time and do your job with excellence.

Reduce your expenses

It is important to review their personal expenses and seek to tighten their belts. Here are some quick tips:

Buy new stuff to replace the old one: If you're buying 2 shirts new rate to take Make your closet the two oldest shirts you have and donate them or give them away.
Do not eat away from home: Prepare and eat food at home could cost you 50% less to go to a restaurant or taqueria, plus it is much healthier, avoid diseases and comment in the previous paragraph "cost disease money. "
Make Zero-spending one day a Week: Choose a not spend on anything for a day of the week.
Use your car less: Gasoline is going up every week.

Save as much as possible

It is elementary to save at least 10% of their income. As much as heard that banks are breaking in the world, it is very unlikely to happen in Mexico. It is also important to understand that your savings in banks are insured by the federal government. It is recommended that you get into a brokerage account or your account afore.

Turn down your debts

Above all the debts that have an interest rate than fixed (primarily credit cards). Interest rates will rise. The faster you can pay these loans better. If they can not completely liquidate, pay at least double your minimum payment.

Learn

It is unfortunate but there is much financial illiteracy. For various reasons people do not care about the fees and interest that banks charge them, let alone the investment alternatives available to them.

Know financially
Â Do you know how much you spend last month? Â Does the last week? maybe you remember but think about this: if you spent last month actually 5243 pesos and you remember nothing but the sum of five in 1200 "something" means you do not care amounts below 100 pesos, if you care about perhaps those weights could regalármelos as for you is the same ( .) Most personal finance experts ( Your Money ) recommend we all do the habit of writing down everything you spend. For this you can use some of the following tools:
- Buxfer: lets you create your expense records from the Internet, using your cell phone, email or your browser.
- Excel: Excel is an excellent tool you can use free form or with this template revenue management and expenditure issued by the profeco.
- Manually: Some people find it more convenient and faster just writing in a notebook, the only problem I see of this option is access, as it is difficult to query and extract informative reports. If you are motivated by this option I recommend the printable templates www.diyplaner.com
No matter what you choose, it only matters that you record your expenses and income and with it you elaborate a monthly budget. You could say you have no time, but do not really have time to do so
Analyze the total annual cost (TAC) that are paying for their debts, I recommend using calculators baxico or CONDUSEF
Understand the difference between using a credit card debt with a credit card The first case is one that uses your card and full pay each month. The second case is that you use credit given by the bank or department store. The former does not have any public problem because there is no cost. The second interest is paid.
DO NOT buy in offers for "Months without Interest". The promotions of months without interest, are a complete lie as the interest charged to you at the beginning of the purchase. It is better to pay cash or debit and trying to get a discount if the store does not give off algae º n goes to another if you want to do business with you.

Discuss it with your family and friends

The economic behavior of a person is strongly influenced by the social circle, it is important that you participate in your financial strategy every friend or family you have.