Strenna 2021: what YES and what not to do with your money

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The end of the year . It already smells of Christmas punch and dinner, New Year’s resolutions are starting and for your well-deserved effort, the long-awaited Christmas present is coming, but do you know what you’re going to do with it?

In addition to thinking about buying gifts, and spending them on end-of-year promotions, some decide to pay off their debts. According to a study carried out by CONDUSEF: 90% of Mexicans think of using their Christmas bonus to pay their debts but only 35% comply and the rest is impacted on their finances.

How many times have you said: “Monday I start the plan” or “this year I save”, “now I pay all my debts”? But this Monday never comes.

If you answered yes to these questions then calm down you are not the only one you just need a little more structure and that is why I am giving you these recommendations of what to do. must do YES and DON’T when you receive your Christmas bonus:

WHAT YOU SHOULD NOT TO DO

  • Fall into temptation: You will be surrounded by offers, promotions, months without interest. Be careful! Avoid buying things you don’t need, even if they are cheap.
  • Acquire new debts: If you don’t have debt, don’t overdo it. Start 2020 with healthy finances and forget about those annoying payments.
  • Compulsive shopping: Buy only what you need, if you weren’t planning on buying something, don’t.
  • Spend it all on Christmas gifts: A lot of people will buy gifts like they’re Santa Claus, but don’t worry, you aren’t. I recommend that “if you want to show love to your loved ones, you can give them something that is made for you that doesn’t affect your finances”.
  • Credit card abuse: If you already had in mind to buy some things but found that you weren’t enough to buy everything in cash, use your credit card, but the author remembers that you should not abuse it and that you have to be special Pay attention to the interest -Hint of the free months.
  • Gradually enter: If you do not have in mind what you are going to spend your money on, do not “gradually” monopolize expenses generating expenses, because as they say: drop by drop the water flows … and your money too.
  • Allocate all the money to one thing: Unless it’s to pay off your debts or invest them, don’t use all of your Christmas bonus to buy things you won’t need.
  • Ready: Many people take advantage of the fact that everyone has money and start borrowing so they can spend more. I recommend that you only lend money if you don’t need it and think that “the money you lend is money you give”.
  • Expenses to spend: If you don’t need it, don’t buy it, not because you have the money you have to spend it.
  • Make emotional purchases: It’s like being tempted. Don’t get carried away by flashy offers that make you buy things that you think you need momentarily and later find you are just getting carried away by your emotions.

WHAT YOU MUST TO DO

  • Pay the debts: Before you get into more debt, try to pay off what you owe. If you only have one debt, try to pay it off once and for all, if you have more than one, make advances or reduce your debt. I assure you that this will give you the peace of mind to start the year off right.
  • Invest: The best thing about having money is that you can make it grow. If you’re not an investment expert and one of your New Year’s resolutions is to learn, the author recommends that you start at CETES (and you can do that starting at $ 100).
  • Take back your resolutions: The year is ending and you haven’t fulfilled any of your resolutions? If you were planning on taking a trip, taking a class, or buying something, but didn’t have the opportunity or the money, take advantage of your Christmas bonus and make sure you don’t finish. year without having completed at least one.
  • Think ahead: If you’re not managing your money well, remember that January is coming and if you don’t help it, your finances can be affected and January can be the toughest month of the year. So think ahead.
  • Separate needs and wants: Before you go shopping at the end of the year, make a list and rank it according to your actual needs and throw out what you “think you need” (but not).
  • Have a backup: Include it in your budget, save a little of your Christmas bonus for any unforeseen events that arise on these dates.
  • Compare: In many stores, whenever there is mass shopping season, they take the opportunity to inflate their prices and make “offers”. Don’t buy in the first place, better go ahead and shop around and choose the one that’s right for you.
  • Make a budget: Separate your Christmas bonus so you know how much you’re going to spend on what, plan your finances for the end of the year, and prevent your money from ending up where you least expect it.
  • Reward yourself: The bonus is the result of your efforts throughout the year, it is worth using some of it to buy what you want, but remember, only a part.
  • Take care of your money: It’s your money and no one will take care of it for you. Take responsibility for managing it and having healthy finances.

If in the past few years you’ve done more things that you should NOT be doing with your Christmas bonus, it’s time to generate the change you need before the year is out.

And so that this does not happen to you again, I recommend that you assign a destination to each peso that arrives in your pocket from today.

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Julio V. Miller