Saving is a habit that consists of reserving part of the income for some future goal or instead of it, which serves as a support in case of economic difficulties or job loss. According to information from Banco Pichincha, In Ecuador, people start saving at the age of 30.

Financial coach Andrés Mortola points out that saving allows us to be honest with ourselves. “What’s the use of working every day and getting to the end of the month without saving anything to fulfill your dreams?” Add to this that There is little savings culture in the country, the excuse is always “there is little” and generally savings are postponed for higher incomes.

On the other hand, the savings percentage is very important, as this can be used to invest or even serve as a relief in case you run out of income. “It is recommended to start with 10%, but if you are single, live with your parents and work, it is possible to save 20-30%; If you are in an economic crisis and have debts, the value can be corrected by up to 5%, it is important to always set aside the value for savings”, explains Mortola.

With a small monthly amount of savings, you can finance your children’s education in the long term

Saving tips or ideal methods

1. Visualize the goal: house, trip, etc.

2. Determine the amount you need to reach your goal.

3. Try to apply methods that become saving habits. These are some of them:

Emergency fund, why it is important to have a cash reserve

How much money should you have given your age?

The values ​​below were determined using the Greene formula popularized by financial analyst Kimmie Greene. This one is played with two variables basic: gross annual salary and age of the person.

However, coach Mortola believes in it it is not the quantity that matters, but the “habit”. “Saving according to your age will depend on your personal goals, for example, if you are 20 years old and your goal is to get a master’s degree, you will create a plan to save for 5 years and pay for the master’s degree.”