personal finance In order for people to forge a financial culture and manage their savings well, these are the main aspects to consider.
During this economic situation that we are going through, saving is of vital importance to face emergencies, avoid critical situations, protect the economic future of people and fulfill the different dreams and objectives. That is why users must make financial decisions that ensure profitability.
LEE: 40.5% of Peruvian households used their savings due to the Covid-19 crisis
According to an Ipsos study, an interesting fact was found for 2021, where 51% of banked Peruvians saved last year and of these, 4 out of 10 claim to have saved less than they had thought.
Given this financial panorama related to the savings trend in the country, there is a need for people to know different possibilities to save more and better. For example, the fixed-term deposit is a financial instrument consisting of the delivery of money by the user to a financial institution for an agreed period, this money with a good interest rate can contribute to generating profitability.
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Mario Cifuentes, Head of the Personal Banking and Institutional Agreements Division of Banco de Comercio, indicates: “Banco de Comercio has the firm purpose of being the ally of Peruvian entrepreneurs and families, our financial savings products are aimed at helping them fulfill their goals and dreams. Just this October 1st we are starting a campaign offering a savings account for customers looking for high yield with an attractive rate of 5.25% TREA in soles. Our commitment is to continue offering the best savings options to our customers”.
In order for people to forge a financial savings culture, specialist Mario Cifuentes recommends the following aspects to consider:
1. Save with the same currency where you receive your salary
It is recommended to save in the same currency in which you receive your salary or collect your fees, since in this way the money is not affected by abrupt variations in the exchange rate. However, if you plan to buy a product in dollars or travel, you can choose to have a position in both currencies.
READ: Money: benefits of having your savings in a financial institution
2. Monitor your finances by balancing your income and expenses
Make a balance of the income and expenses of the month in your budget so that you can identify your progress and avoid unnecessary expenses. Knowing that the savings objectives are met motivates the thrifty person, that money will become a personal or family benefit in the future or will contribute to promoting projects.
Once the consumer is clear about their priorities, it is recommended that they select a solid financial institution that offers savings accounts protected by the Deposit Insurance Fund, in the event of eventual bankruptcies of the institution.
3. For the consumption of the month select a savings account
For monthly expenses, it is advisable to choose a savings account that allows you to withdraw money at any time, in this way transactions can be carried out daily and as far as possible without charging a commission.
4. Take advantage of Fixed Term Deposits
In the event that a person plans to carry out a business, cover health expenses or studies in the medium term, it is advisable to choose a Fixed Term Deposit account, in order to have greater profitability depending on the term contracted.
For example: If a person earns S/ 1,500, they can leave S/ 1,200 in their transactional savings account for monthly expenses and transfer the remaining S/ 300 to another savings account exclusively for savings, once they have accumulated S/ 1,000 begins to open long-term Fixed Term Deposits, it does not matter to have several deposits of S / 1,000 since in the accumulated these will generate a higher return and mitigate the loss of value due to the effect of inflation.
5. Avoid spending your money on unnecessary expenses
It is recommended to account for expenses when purchases are made, also evaluate if the products or services you purchase are essential, keep in mind that the accumulation of “ant” expenses affects your finances.
READ: Four recommendations to choose the ideal savings account
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