In 2021, the effects of the pandemic and political uncertainty complicated the economy of Peruvian families. For this reason, Jorge Carrillo Acosta, professor at Pacífico Business School, offers some tips to optimize the finance of homes in the new year.
1. Keep track of your income and expenses. You must be clear about how much you earn and what you spend on so that you can calculate your surpluses or shortages. Regarding your income, always consider your net income (after discounts) and in terms of expenses, distinguish between household expenses, household maintenance expenses, transportation expenses, among others.
2. Reduce your non-essential expenses. To have a better economic capacity you must control or reduce expenses related to activities that are not strictly necessary like buying sweets, going to a mall or the cinema and even taking a taxi being able to get up earlier and use public transport.
3. Plan your purchases. Before going to the market or the supermarket, it is recommended that you make a list so as not to buy something you do not need. You can also previously search for the product you want online, that way you can compare prices and find the one that suits you best.
4. Save, even just a few. Saving is one of the best financial habits, as it allows you to achieve certain goals and face some unforeseen events. Therefore, the ideal is that you save 10% of your income, in such a way that over time you can accumulate at least three monthly salaries.
5. Use your credit card wisely. Use this means of payment under the modality of “direct credit” or “total payment”, that is, consume your “day-to-day” expenses with the card and leave it at “zero” on the date of payment. This will avoid paying interest.
6. Endorse only for major purchases. Acquire debts only if it is a consumption that has a significant value, such as an appliance, a large piece of furniture or a trip, whose purchase you cannot pay in full at the end of the month.
7. If you are taking a loan, let it be in the currency in which you receive your income. If, for example, you earn your salary in soles and get into debt in dollars, you may run the risk that the exchange rate will rise a lot, and unnecessarily increase the debt.
8. Take advantage of strong income months. If you are on the payroll, take advantage of “seasonal” income such as a bonus, CTS, or utility payment to reduce your expensive debt or start saving. Similarly, if you are an entrepreneur, peak earnings times are a good time to get your family finances in order.
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