El savingAs a strategy to cover future expenses or investments, it is a difficult discipline, particularly when individual or family income is limited.
Saving usually involves sacrifices, but every effort is rewarded with the tranquility offered by the opportunity to meet those eventual needs, without altering the course of a healthy family economy.
As a discipline that it is, the practice of saving depends on the proper management of family income, and although some may find it a difficult task to achieve, they will be able to achieve it, if they follow some advice from economic theory:
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The economic reality:
When starting a savings plan, you must be clear about the objective reality regarding current and future income and expenses (in consumption and payment of obligations). If the balance is not favorable, the implementation of a plan is required to achieve the balance.
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Categorize expenses:
All expenses - even those that seem most insignificant - must be recorded and classified digitally or physically. It is the best alternative to make a budget that defines the priorities. Saving doesn't just mean saving money; Also avoid unnecessary expenses.
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Meet the budget:
In the execution of the budget, it is possible that excuses will appear to comply with the programmed. Understand that the percentage of income earmarked for savings must be understood as a fixed and unavoidable “expense”. It is a difficult facet of discipline to adhere to, but opening a savings account makes it easy and motivating.
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Define your goals:
Without defined goals, effort can lead to frustration. So a progressive range of goals is important. Once one or more small goals have been met, you can aspire to achieve bigger ones.
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Reserve for emergencies:
As the goals are met, the savings will generate more interest. This is the occasion to create an emergency fund that should only be used if necessary.
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Control debts:
If the money saved is committed, it will have been worth little effort. It does not mean that you do not contract debts (credits are instruments created to provide economic solutions) but that you maintain a debt amortization plan adjusted to your income and expense budget.
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Invest your money:
Deposit the money saved and the surpluses in an investment plan, such as a fixed deposit. But don't take risks; Be sure to make the investment in a financial institution of trajectory, solidity and confidence.
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Instill culture:
Saving is a cultural initiative that requires both heads of family and other members to discipline. The sacrifice of income generators is of little use if there is no encouragement and commitment from the whole family to avoid expenses.
At Coopealianza, the cooperative with the largest associative base in Costa Rica, we have a whole range of savings and investment plans that are tailored to your needs. Consult our plans by calling 2785-3000 or at any of our strategically located offices, near you, throughout the country.