Educación financiera: cinco consejos que te ayudarán a manejar bien el dinero

tips to help you manage money well

Financial education allows you to make economic decisions that will have a positive impact on your quality of life. These are tips to correctly manage your money.

According to the Development Bank of Latin America – CAF (2021), 63% of Peruvians state that their income is not enough to make ends meet and 49% of them would not be able to cover an unforeseen expense equivalent to your monthly income. These data demonstrate the need to generate knowledge, skills, attitudes and behaviors to make sound financial decisions.

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Therefore, within the framework of the recent Financial Education Day, Scotiabank and Junior Achievement Peru, through the Economy for Success Program, jointly highlight the importance of properly managing personal finances.

Taking into account that financial education allows economic decisions that have an impact on people’s quality of life, both organizations advise the following:

1. Instill financial awareness in children and young people

Currently, they are growing under an increasingly complex financial landscape and with responsibilities. Therefore, it is important to become aware from an early age about the conscious use of money and the importance of saving; as well as motivate the design of products or services that result in future business projects.

2. Establish measures to obtain your financial goals

To achieve financial success, a path must be charted. It is important to learn to set goals, identify present opportunities and project yourself into the future. Be aware of what the skills of young people can be in the world of work and take advantage of them to increase your economic income.

3. Make smart use of resources

Learn to identify the connection between personal finances and education to take advantage of the training options that are at hand and thus be able to finance future projects of their own. Also, learn to take advantage of financial products (bank accounts and credit cards) to start managing a healthy personal economy.

READ: Your money: advice before granting a credit or loan

4. Achieve a balance within your finances

Although keeping expenses in order seems complicated, always being aware of income and expenses will allow us to have control of our finances. Begin to divide expenses into fixed and variable in order to determine which of them are expendable.

5. Generate more sources of passive income that allow you to obtain financial freedom

Having only a source of passive income is not the most recommended. It is advisable to look for diversification options such as having the money in fixed-term savings accounts or in the purchase of goods or real estate that generate interest over the years and increase in value. In this way, income is obtained from different sources to be able to enjoy the money freely.

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What else should be taken into account?

Finally, Deborah Revilla, executive director of the Junior Achievement Peru organization, mentions: “Our goal is to train young Peruvians in financial skills and competencies that allow them to improve their quality of life.” For this reason, Junior Achievement and Scotiabank Peru come together to bring the Economy for Success program to 3rd, 4th and 5th grade high school students, where they seek to strengthen soft, financial and employability skills that will help enhance their professional profiles and improve their economic resource management skills.

READ: Six techniques to save a little money each month

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