We are still in time to prepare a family budget for 2022

Although we are already in the middle of January, it is not too late to plan and prepare a family budget, that can be carried out month by month, as indicated by Guillermo Granja, specialist in Financial Planning.

“A budget can be done in any month of the year, because the objective is that our expenses are covered with our income and, if possible, we have the possibility of saving a little ”, mentions the expert.

Granja mentions that, when preparing our budget, There are several factors and recommendations that we must take into account. Among these he mentions the following:

• The main expenses that we must take into account are the electricity, drinking water, conventional telephone, but also the internet and cell phones, who have already become part of this group.
• Expenses in mobilization and fuel They must also be taken into account and can be entered among the basic payments that we must make.
• Additional to the before, food expenses must be included, either what is purchased in markets and also in supermarkets.

How to save for the future if I have little money?

• Expenses in medical and vehicle insurance they must also be contemplated.
• The expenses to be taken into account must also include a value for fun and entertaining activities. In this case, given the current situation due to the pandemic, the expert recommends replacing these expenses (of outdoor activities) by options on digital platforms.

“With the preparation of the budget you can have a real control of the income that enters the household and the day-to-day expenses. Adequate financial planning allows allocate a percentage for savings and helps avoid incurring expenses that destabilize the family economy. Furthermore, this practice favors making correct decisions, based on real data and not on perceptions, this is the key to good planning ”, says Belén Luzón, Business Manager at Cooperativa Andalucía.

How to save planning your family budget?

The specialist also points out that an adequate budget will allow families to get closer to where they want to be economically, both in the amount of savings and in the quality of consumption, in order to achieve your financial goals.

In story how to properly maintain the family budget, the expert indicates the following tips:

• Allocate the budget in real expenses and not in consumption objectives.
• The expenses should not exceed the income that is received monthly.
• Prioritize debt payments, you can start with the smallest and then continue with the largest payments.

Five simple tips to learn the habit of saving

• Prepare for eventualities, in this way you will avoid over-indebtedness and if you need to cover urgent expenses, you can access consumer loans.
• Keep a timely control of the budget: situations can change and it is possible that income and expenses are not the same as before, for this it is important to update the budget frequently. (I)