Savings, the fashionable New Year’s resolution

October 28, 2015
Ahorrar

With the New Year approaching begins the process to establish the 2016 goals. One of the most popular and important ones is to save. Put into practice these tips to succeed in your goal.

  • Save, as a minimum, 10% of your gross income. A mistake is to save only if there is money left over. Consider saving as a fact, as part of your life and your financial planning.
  • Invest your money. Set up a simple investment strategy, which may provide a yield exceeding the inflation rate. Do not forget to diversify your savings in several products and consider your risk tolerance and the time you will leave those funds in that investment product.
  • Cut unnecessary expenses. Seek areas of opportunity, those in which you can reduce or eliminate expenses. Some ideas include comparing prices and buying during season-end sales.
  • Buy only what is needed and not on impulse. Every time you buy something think clearly if you really need it and if it boosts your investment goals.
  • Save the extra income. Save your bonuses and any other income you get from extra work from your full-time job.
  • Ask for support from the members of your family. Ask your teen and adult children to contribute to your home, whether working in the family company or getting a half-time job that allow them to pay for study-related expenses, among others.
  • Set goals that motivate you. Think, for example, in your next vacation and how you will get the money to pay for the vacation of your dreams. The desire to visit that new destiny will help you save.
  • Save the loose change. Revive the idea of the piggy bank you had as a child. Save the loose change in a pretty vase. You will see how, in a short time, you will have extra money. You can also register in Ahorro Directo, a free service from Banco Popular that helps increase your savings while you buy with your Popular ATH® Ahorro Directo lets you save while you make your purchases with your Banco Popular ATH® cards. When you subscribe to this service, every time you make a purchase at a point of sale (POS) with your Banco Popular debit cards, we will round off the total cost of the purchase to the nearest dollar and the difference will be credited automatically from your checking account to the savings account(s) that you designate.

For additional information, access http://www.popular.com/ahorrodirecto/index-en.html.

  • Seek advice from a financial planner. Seek personalized advice regarding your savings plan, investments and insurance.

Remember, savings, investment and good planning will bring you closer to your goals and will allow you to be better prepared for any economic challenge that may arise.

 

In Popular we can help you make your resolutions and dreams a reality for the New Year.

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