Savings. Only 66% of the Peruvian adult population saves and 45% uses entities of the financial system as a means to save their money.
Avoiding unnecessary expenses, planning purchases, reviewing the income and expenses that we generate are key aspects to have a stable economy, explained Eva Berlanga, academic coordinator of the Accounting and Finance career at the Universidad Privada del Norte (UPN).
The specialist highlighted the importance of including a monthly budget in Peruvian households to increase their savings capacities.
The importance of saving
According to the Superintendence of Banking and Insurance of Peru (SBS), only 66% of the Peruvian adult population saves and 45% uses entities of the financial system as a means to store their money.
“People must allocate between 10 to 17% of their income for reserve funds, an amount that will allow them to meet their objectives or use it in an emergency,” explained the UPN specialist.
Eva Berlanga recalled that the savings should be used in contingencies such as medical emergencies, unemployment, planned expenses such as professional studies or purchases of electronic devices.
He also provided five recommendations to maintain a financial balance and increase reserve funds:
1. Plan purchases. Organize the goods you will need during the week or month
2. Invest in necessary goods. Buy only what you need and have a long shelf life.
3. Get a piggy bank. Keep a money container nearby and drop coins daily.
4. Control the use of your credit card. Remember that your card is not an extension of your salary, use it in specific cases and meet the payment dates on time.
5. Save wisely. It is important to set goals and organize yourself monthly. Remember saving should be a stimulus and not torture.
What else should be taken into account?
The UPN expert highlighted the importance of instilling knowledge about financial education in children so that they know how money works and successfully manage their income and personal expenses in the future.
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