Consejos prácticos para mantener tus finanzas bajo control durante la temporada navideña
PUBLICIDAD
Which strategies can you implement now to reduce financial pressure during the holidays?
- Establish a budget and set aside a portion of your monthly savings goal specifically for holiday savings.
- You should aim to save at least:
- 10% of your total income, if you are 25 years old or younger.
- 20% of your total income, if you are between 26 and 45 years old.
- 30% of your total income, if you are between 46 and 65 years old.
- 10% of your total income, if you are retired.
- From this percentage, set aside a monthly amount for holiday savings. You can use the annual Christmas bonus amount as a savings goal or your expenses from previous years and divide that figure by 12 months.
How to create a realistic budget for Christmas shopping and avoid overspending:
- Don’t leave your shopping until the last minute.
- Prioritize: Make a list of the people you will give gifts to and set a maximum amount for each gift.
- You should leave a portion for unforeseen expenses.
- Monitor your expenses against your plan.
- You can take advantage of coupons and gift cards to help reduce the total cost of your purchases.
- You can also shop during clearance sales to buy seasonal items at a lower price.
- Avoid impulse purchases.
- Pay your debts on time: If you have a credit card, make sure to pay on time and, if possible, more than the minimum payment to avoid paying more in interest.
- Consider debt consolidation with a personal loan.
Should you open a savings account exclusively for holiday commitments?
- Opening a savings account is always good practice. Popular offers different deposit savings accounts with robust features to meet your specific financial needs. The U-Save1 account allows you to set a savings goal and withdraw the money once you reach that goal.
- Avoid using these funds for other purposes.
- To manage your savings account throughout the year, be disciplined with your deposits — be it weekly, monthly, or as required. Deposits should be a realistic amount that works for your current situation.
1Member FDIC. Product offered by Banco Popular de Puerto Rico. To open it, you need to have a transactional checking or savings account with Popular. Charges on the account for partial or total withdrawal at a branch or by check may affect the amount of money saved. For more information, visit Popular.
The suggestions and recommendations contained in this article are offered solely as financial guidance. Neither Popular nor any of its affiliates, subsidiaries, or related companies are or will be responsible for any special, direct, or indirect damage resulting from the information contained in this article. If you require any type of advice related to this article, you should seek it from a competent professional of your choice.
