According to experts, December is a very complicated month for savings, but it is not impossible. With planning, commitment and responsibility, you can avoid bitter financial situations.

Therefore, in order to determine savings, it is necessary to clarify monthly income and define usual and constant expenses such as education, healthcare, transportation, food, credit card consumption, among others, according to the interviewed economic analysts.

Jorge Calderón, rector of the Tecnológico Universitario Argos, emphasizes that this practice allows us to assess the financial situation and at the same time determine if the costs are greater than the income.

If they exceed it, the ‘golden rule’ would be violated, according to economist and professor at Ecotec University, Guillermo Granja, who points out that this happens when there is no clarity about the total monthly costs: “Inadequate financial planning is evident. “.

When do they pay the thirteenth salary in Ecuador?

How do we save?

Granja explains that the first thing to do to save is to know how much will be left after paying for everything. For example, if I earn $450 and spend $200 a month, I have $250 left over.

Of that $250, according to experts, between 10% and 20% is set aside for savings. And it can be placed in bank savings accounts or other financial instruments such as term policies.

During this month, dependent workers receive their thirteenth salary or Christmas bonus. The item covers one twelfth of the salary that the worker would have received from December 1 of last year to November 30 of this year. Your delivery is an opportunity to save a percentage of this value.

What should I use the ten for?

Granja explains that you can pay your debts with this tithe. “If there’s a percentage left over after paying outstanding bills and there’s an opportunity to save, it’s ideal to make it between 10% and 20% for each opportunity,” he explains.

For example, if a person’s income is $1000, it is advisable to save between $100 or $200 of that salary, which will be used for emergencies.

Until when employers must pay the thirteenth salary

Another option that Granja suggests is to put your thirteenth salary on a 365-day policy with which you earn about 8% interest, depending on the bank: “You won’t see the money for a year, but then you will have more capital of what was kept.”

As of December this year, the reference passive rate paid by financial institutions for term deposits is 7.70% on average, since it varies depending on the time the deposit is frozen in the policy.

For example, if the money is held for 361 days or more, the reference passive interest paid by banks and cooperatives is 9.22%.

Calderón adds that if people pay off their debts with this bonus, it does not mean that they should be in the same situation next year. It is always right to set aside more for savings and minimize large debts.

Although the Christmas season encourages spending, Calderón suggests determining how much of that extra paycheck will be spent. It is appropriate to spend between 20% and 30% of income. “If it’s less, the better (…) People sometimes lose track and spend on dinners, games like a secret friend and don’t measure the waste”, he emphasizes. Therefore, planning is necessary.

Minister of Labor Daniela Noboe continues the analysis of the basic salary for 2024

The tithe can also be used to start a business. “The basis is $5,000, this value varies depending on the type of work. If it is a micro-business, it could be the sale of soft drinks,” says Granja.

How do you know if the use of ten was correct?

After assessing the costs of this tithe, you should consider whether the financial decisions were appropriate. Elizabeth Arellano, executive director of Produbanco’s financial education program, offers some advice in certain scenarios:

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