How can women improve their finances?

Having a clear business focus and planning the use of money is essential for an efficient administration of personal finances.. “This seems obvious, but the truth is that women, for socio-cultural reasons, have – for now – less exercise and practice in focusing on savings, investment, defining goals and designing strategies,” explains Ana Cecilia. Akamine, manager of the Strategy Division of Financiera Confianza.

In that sense and regarding the International Women’s Dayknow the 7 keys for the optimal management of your finances in the business and at home, selected by the specialist:

1. Be independent

“The possibility of achieving your goals in life is closely linked to your ability to generate income on your own, without depending on your partner or your parents,” says Akamine. This does not mean giving up the collaboration of your loved ones, but that your lifestyle and dreams are never subject to the decisions or arbitrariness of others. To achieve this, you must seek to acquire knowledge and skills that are of value in the job market or that allow you to start your own business.

2. Have a monthly budget

Planning expenses for a certain period and monitoring if you have spent what you had proposed will allow you to make adjustments on the fly to optimize it. “Keeping a daily track of your budgets can give you savings of up to 15%”, says the expert.

3. Use accounts for different purposes

They can be savings or current, whichever suits you best according to the conditions of the product. The key is to relate each account to an area of ​​your life and use it only for this purpose. Every time you get money, assign a percentage to each account.

4. Invest instead of saving

“Saving is fine to handle unforeseen events, but you have to aim to accumulate to invest, generate returns and more income. In the market there are options such as Fixed Term Deposits, which do not ask for very high amounts to start with and which can give you better results than the interest on a savings account”, she suggests.

5. Prepare for the unexpected

Have a savings cushion to face emergencies it’s good and should ideally be equal to three to six months of your income. However, having insurance for your life, your business and some of your assets, which may be damaged and affect your wealth, will help you face more complex situations with more margin and tools.

6. Think about tomorrow

It’s never too early or too late to design a retirement plan. and savings. “Women have, on average, more years of life expectancy than men and they must consider how they will have quality of life in old age,” warns the expert.

7. Create a good credit history

Having a financial history that demonstrates your ability to pay and your good behavior opens the doors to various credits that can be from a personal loan to one for your business.

What’s more, the expert warns about the trap of informal loans. “Avoid them at all costs. You expose yourself to many risks and you will not have the protection of the law. To build a credit history, it is recommended that you investigate the options offered by the entities regulated by the Superintendence of Banks and Insurance”, he points out.

As you can see, you don’t need to be an expert, just have a clear idea of ​​your current finances and develop a plan based on that. If decisions are more complex in business or at home, you can consult a trusted financial advisor with whom you can build a long-term relationship.