Managing your money can seem like an impossible task. The questions that arise when you want to get organized are countless: What tools do I need? How do I create my budget? What fixed expenses should I track? What are variable expenses? How can I identify my small expenses? Is saving the same as investing? What is an emergency fund and why should I have one? How can I define my savings goals? What should I consider when deciding on a purchase?
“The management of money has a lot to do with our freedom.”
Lara Lopez Calvo shared her perspective on the importance of staying informed, educated, and taking action when it comes to money management. Here are some tips you can’t miss:
1. Make a budget: This is the first step (and the most important of all). It will allow you to identify your current situation: what your monthly income will be, what your expenses will be for that period, and what the final result will be. It can be done in any format: a notebook, a spreadsheet on your computer, or using available apps. When making your budget, you should record both your fixed and variable expenses. That is, those that are bound to happen and those that can be postponed or are not essential.
2. Record every expense you make: Virtual wallets can become a fundamental ally when it comes to this task allowing you to track activity details of your purchases and simplifies the need to keep track of expenses.
3. Identify small expenses: These are small daily expenses that appear to be unimportant in terms of their amount, but which can add up to large sums in the total.
“Don’t leave money idle because it will melt with inflation.”
Virtual wallets can be the key to preventing money from losing its value. Lara Lopez Calvo highlighted how the interest-bearing accounts available allow for daily returns with easy access.
To invest the amount of money you prefer to keep available in a paying account, you must first have a validated account in a virtual wallet. The minimum balance required to start trading is in most cases just $1.
To enable the daily investment option you have to follow two steps:
1. In the “Savings” section, click the “Your money grows!” button.
2. You accept the terms and conditions, the management regulations of the Fund, and the sworn statement, and that’s it!
Just wait for your registration confirmation, and by clicking on the “Grow my money” option, you’ll start investing automatically. You can withdraw your profits within 24 hours, a week, a month, or whenever you need to.
“Having clear goals encourages us to save.”
A trip, a retirement fund, or a much-desired item you want to buy can be the concrete incentive to improve our savings capacity. Lara shared her recommendations for increasing our savings: concrete and achievable goals can be the key to success.
Savings Goals is a must-have feature that lets you set aside your money for savings. It allows you to set a goal, separate money from your main account, and grow it daily. At any time, you can “break into your piggy bank” and have the money immediately available in your main account.
To activate a savings goal you only have to follow 4 steps:
1. Enter the “Savings” section
2. Choose the “Savings Goals” option
3. Add a new goal by pressing the “+” button
4. Choose the category, name and amount.
