Saving in difficult times
by Dr. Fernando Weimberg
“But how am I going to save now i don’t have enough money at the end of month. When I pay the fees of the credit, or change jobs, or when I raise the salary, or change the order, or, or …?
A wise old proverb says: “There are a thousand excuses to justify failure, and no reason to explain it.”
In short, incorporating the habit of saving is the inclusion of any other positive and healthy habits, like quitting smoking, going to the gym, practicing yoga, or dieting, to name a few.
Efficiency, regularity and continuity depend solely on the relationship we have with ourselves.
That is why the first questions we should ask us to make savings in our economy continuing personal and / or family are:
* How important is for me to create a reserve fund?
* What I want to generate?
* Am I clear the different purposes?
* I made a list of events that may occur and impact on my personal finances throughout my life?
* I know the differences between the needs of short (1 to 3 years), the medium (3 to 8 years)
* What about the long term (9 years)?
* Do I want to really save, I am willing to do?
* How hard can it be for me to fulfill this mission?
* Are truly my priorities within the proposed savings?
At the same time, they should be answered with the utmost seriousness and sincerity as possible, because if at some point our plan falters, it is advisable to keep in mind our original motivation and commitment made to ourselves.
A few suggestions to try to manage our household finances and position in the difficult and almost impossible task for some compulsive spender, savings:
Personal Savings Plan
1 .Start keeping a record of personal expenses, “the most extensive and thorough as possible. The major items to consider, for example, can be:
| Concept | Monthly | Overall |
Annual
|
Overall
|
| 1. Spending | $ …… | $ …… | $ …… | $ …… |
| 2. Mobility costs | $ …… | $ …… | $ …… | $ …… |
| 3. Insurance | $ …… | $ …… | $ …… | $ …… |
| 4. Education | $ …… | $ …… | $ …… | $ …… |
| 5. Loans, savings | $ …… | $ …… | $ …… | $ …… |
| 6. Recreation costs | $ …… | $ …… | $ …… | $ …… |
| 7. Various | $ …… | $ …… | $ …… | $ …… |
2 .Develop a written budget, based on the proposal template above. Consider spending by expenditure item by item in detail and redefining priorities.
3 .Depending on the outcome stipulate in writing how much I save each month and how much I have saved for the end of this year, next and what purpose or use those savings to feed him. A good indicator for this can be compromised with a savings target of 10% of my income. The Golden Rule is “short-term savings are used to finance short-term and long-term savings for long-term costs.”
4 .Respect the slogan do not make any expenditures outside the budget. If comes an unexpected I propose replace it for one of the other or leisure category that are at the bottom of priorities.
5 .Pay particular attention to item interests, especially in these times of high interest rates, mainly dragged by borrowing on credit cards and banks, and also for punitive damages or payment of taxes and services, to avoid drip effect. In cases where there is a habit of paying late, however, without considering the hidden cost or seemingly insignificant difference, it may happen that by adding all these concepts we might save $ 30 or $ 40 in the month, which in a year equals $ 500 approximately, which can serve to take a couple more days of vacation, better choose a hotel, etc.. and where the perception of value becomes important.
6 .Avoid borrowing costs to cope with regular consumption. It is preferable to postpone for a few months incurring unnecessary costs (remember that many times in some areas you have a lot more than you actually need) to be clear and orderly our family budget.
7 .Deletion of the cost of entertainment to improve its use, such as going to the movies on Wednesdays, or by taking advantage of the large deals and discounts offered by many clubs from which benefits may be part.
8 .Ascertain that seem fixed costs are actually variable, and therefore can be reviewed and reduced to the immediate. The typical case is the “black box” of the summary of my credit card, insurance where there are “tastes” that would have prevented if he had acted rightly.
9 .Take the job of scoring next to the amount budgeted for that month for each item or concept expenditure. If you can not do every day, do at least once a week.
10 .Ideally, make the budget from front to back, thus giving priority to the amount to save, for example fixed how much I want to save this month and on basis of this I distributed the remainder among all my expenses, assigning priorities to each spending.
While it seems difficult for some may be more than for others. Only issue is proposed.
The key is discipline and the secrecy is to be clear about my goals and my priorities.
Source: Dr. Fernando Weimberg specializes in Personal Financial Planning in Business & Family.
Member of the Institute of Financial Planning CAPS
www.mujeresdeempresas.com
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