The hardest thing to save money is to start. Review these tips so you can define your savings plan easily and use your money to achieve your financial goals.

  1. Record your expenses Before saving, it is necessary to know how much you spend. For one month, record everything you spend in cash, with a card, in transfers, payment of credits, etc. Every penny Then organize the expenses by category, such as: mobilization, food, housing, etc. and get the total of each one.
  1. Make a budget. With the information of the registry it elaborates a budget to plan your future expenses according to your income. Includes monthly expenses and also those that are not regular, such as entry to classes or car maintenance. You can guide yourself with this tool .
  1. Define the amount of savings. Include the item “savings” in the budget and allocate at least 10% of your monthly income. If your expenses do not allow it, try to make a cut, look for non-necessary things that you can spend less on, such as food away from home.
  1. Set goals It’s easier to start if you have something in mind. There are short, medium and long term objectives. Define how long it will take you to reach each one. For example:
  • Short term (from 1 to 3 years): emergency fund, vacation
  • Medium term (from 3 to 5 years): automobile
  • Long term (from 5 years and up): retirement, education of the children, entrance for a dwelling
  1. Decide Identify the most important savings goals for you. Analyze how long it will take you to save to reach them and how much you can save per month. Ordinate them by priority and write down that amount in your budget. If you choose ones, others may have to postpone.
  1. Choose savings options. Depending on the term of your objectives you can choose between savings account, scheduled savings account, profitable savings account or certificate of deposit (policy).
  1. Take advantage of transfers. It is easier to save if money does not pass through your hands. Request an automatic transfer or do it yourself as soon as you receive your income. Make savings your first expense and pay yourself each month.
  1. Watch how your savings grow. Check the total savings you have each month. This will help you fulfill your plan and identify and correct problems quickly.