Enjoying financial freedom may seem like a very distant reality, for others it is a very complex topic to understand or one that is just beginning to be explored. The truth is that many of us want to enjoy our finances in the wisest, most responsible and independent way possible.
In this blog, we give you some techniques to maintain our financial stability and organize it in a better way:
1. Determine and plan your financial budget
When we manage to recognize our income and expenses, we can better organize our finances and our budget, allowing us to save, invest and define expenses.
How do we prepare a budget?
- First, let's identify our total income and where each one comes from.
- It is essential that we know if the income is fixed or variable
- Making a list of expenses is essential; In addition, those that are fixed or essential must be classified.
- Finally, we must make a subtraction between the total expenses and income and thus realize the real subtraction of our finances.
2. Define financial objectives
It is very helpful and important to clarify the desired financial path, establish short, medium or long objectives. We will thus be able to answer the most important question: What do I want and can I do with my money? We present the deadlines and examples that we can have in those periods:
- Short term: These are goals with a duration between 6 months to 1 year, such as a family vacation, with friends, a trip.
- Medium term: those goals that take between 2 to 4-5 years, such as starting your studies, enrolling in a master's degree, buying a car.
- Long term: These are those that take us a longer time, such as a retirement plan or our dream of obtaining our own home. Those that go beyond 10 years.
3. Create a savings culture
For many it may be easy to save, for others it may cost a little more, but if we learn to do it well, we will see the fruits of our work and changes in our personal finances.
The best way to start is slow and little by little while we get used to new financial habits.
Over time we can increase the amount of savings, remember that the most important thing is to be constant.
An additional tip
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