Thinking of saving in 2023?

This is how you can organize yourself to meet your goals. The first thing that experts from various banking entities share is the importance of knowing your income.

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Make saving a habit

To turn saving into a habit, the first thing that experts from various banking entities share is the importance of knowing your income.

Despite the fact that saving is a constant habit in many people, with the decline of the economy and changes in financial and consumption habits that were affected as a result of the covid-19 pandemic, today it is becoming increasingly expensive Review spending levels.

To turn saving into a habit, the first thing that experts from various banking entities share is that the person knows their income. It must be taken into account that in Colombia, a large part of the population survives on a minimum wage, which, as of January 2023, will be $1,160,000.

In the last two years, financial and consumption habits have been altered as a result of the covid-19 pandemic. Savings rates, for example, increased significantly as a result of the reduction in household consumption spending, in 2020 and 2021, according to bank data.

Currently, after several months of economic reopening, people are gradually resuming their work, social and educational routines, which has generated an increase in expenses, compared to the two previous years and has caused families to consider readjustments in the Budgets available for your activities and savings for the future.

In fact, the start of the new year is always a good time to set new objectives and goals to meet. As well as reorganizing personal finances to achieve the proposed goals through savings.

“One of the main lessons that the pandemic taught us is the importance of saving. 2023 gives us a new opportunity to develop this important financial practice. One of the main challenges is to dispel the myth that saving is a luxury. This habit has nothing to do with quantities, but rather with people's ability to plan. As well as adapting their daily financial behaviors to better manage their money," said Laura Céspedes, Scotiabank's senior manager of Deposit Products.

saving habits

Facing the new year, it is important to identify the goals that you want to achieve and for which more resources should be allocated. Below are a number of expert recommendations for those looking to get organized around saving in 2023.

The budget is the starting point. It is almost impossible to start saving without knowing the personal or family financial reality, so preparing a budget is the key to having a clear vision of income and expenses, and being able to make timely decisions and optimize our capital.

Identify opportunities to optimize your budget. After detailing and ordering your expenses in the budget, try to examine item by item. This in order to find opportunities for improvement in the administration of your money. Under this parameter, you can reduce the consumption of services or activities that are dispensable to increase your savings capacity.

Set financial goals. Determine what your financial objectives are in the short (6 months), medium (2 years) and long term (10 years or more). Making sense of saving will help motivate you.

Define an amount for your savings. First I save and then I spend, not the other way around. It is essential to prioritize savings, in this way, you will avoid making the mistake of saving only the money you have left at the end of the month. Allocating a fixed amount, biweekly or monthly to your savings plan, will help you achieve the proposed goals.

Beware of ant expenses. Here we classify those expenses that are almost imperceptible because they are small amounts. However, when they accumulate, they can be a considerable sum that impacts your budget.

additional recommendations

Save part of your employment premium. A few months before the end of the year, it is an ideal time to plan how you will use the extra money you will receive in December. Try to allocate at least 30% of the Christmas bonus to start 2023 with savings.

Schedule your savings. Take advantage of the tools offered by digital banking to transfer part of your income to your savings accounts. This automatically and periodically.

Lose your fear of investing. Once you have developed a constant and healthy saving habit, evaluate the possibilities to increase your capital in the medium and long term. This through investment products.

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