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Personal finances to improve our economy

  • 8 min read
personal finance

Improving your personal finances.


GET YOUR PERSONAL FINANCES IN ORDER

Today we will focus on a topic that is especially relevant in our lives , the handling and management of our personal finances to have a healthy economy.

We will make a brief introduction to different key issues in order to strengthen our economic position and improve our assets in the medium/long term.

Without further ado...

LET'S START!!!


THE KEY IN MANAGING OUR PERSONAL FINANCES

We cannot begin writing this article without first making special mention of the essential axis on which we will base our position and future economic improvement.

Indeed, we are talking about savings.

In order to generate wealth and improve our capital, we must first be able to generate consistent savings.

To achieve this objective , a series of fundamental guidelines are usually followed.


HOW TO GENERATE SAVINGS TO IMPROVE OUR PERSONAL FINANCES?

Well, at this point you may be wondering...

Ok, very good, very nice, but…

HOW CAN I IMPROVE MY PERSONAL FINANCES?

Well, in order to generate savings, a basic premise must be met...

You must BE ABLE to ensure that your monthly income is greater than your monthly expenses.

Come on, grandma's old accounts all her life.

Now, to achieve this, a series of steps are usually followed:

Preparation and monitoring of a personalized budget

Maximize income

Reduce expenses

IMPROVING OUR PERSONAL FINANCES

The first step to follow will be to create a personalized budget in which we will write down all our monthly expenses and all our monthly income.

We will follow this budget rigorously and methodically so as not to exceed expenses and be able to have a monthly surplus at the end of each month.

This monthly surplus will be our lever to improve our assets and personal .

Now you will tell me...

But it's hard for me to make ends meet...

The preparation and monitoring of a personalized budget of monthly expenses and income is applied in combination with a strategy of maximizing income and minimizing expenses.

AND THIS MEANS?

Well, basically, to consolidate that monthly surplus you must reduce or eliminate those superfluous or unnecessary expenses as far as possible while increasing your monthly income.

It is not about living in poverty , but about living with humility to be able to multiply your capital later, as we will see later.


HEALING OUR ECONOMY

When you have managed to consolidate a monthly surplus, it is time to start eliminating outstanding debts and generating a security cushion.

ELIMINATING PENDING DEBT

basic strategies are usually followed :

Pay debts based on the interest rate.

Pay debts based on their amount.

At Natutube we strongly recommend the mathematical method, which is the payment of outstanding debts according to their interest rate.

To do this, write down your debts from highest to lowest interest rate and pay them off in that order.

As you pay off each debt, you will have a greater amount of money available to pay off the next one and less additional cost in interest.

SAFETY MATTRESS

Once you have generated that monthly surplus and paid all your debts, we recommend generating a security cushion of 3-6 months of minimum expenses for possible unforeseen events.


INVESTMENT, THE KEY FACTOR IN PERSONAL FINANCES

We couldn't talk about personal finances without mentioning the topic of investing and compound interest.

Investment is going to be our catapult to improve our financial and achieve the long-awaited financial freedom in the medium/long term.

When it comes to investing, we have a multitude of assets and financial instruments at our disposal depending on our profile as investors and our level of risk aversion.

Here it will depend on our particular tolerance for risk and the returns we hope to achieve.


PERSONAL FINANCE AND COMPOUND INTEREST

Compound interest works together with our ability to save and invest to multiply our capital exponentially in the medium/long term.

It is about reinvesting the profits generated along with the initial capital to multiply our money.

Imagine if the magic important , there is even a famous phrase about it.

Compound interest is the most powerful force in the universe.

He who understands it benefits...he who doesn't...pays for it.

Albert Einstein

IMPORTANT

The higher the profitability, the higher the risk as a general rule.

Nobody gets rich overnight, it is a path of dedication and perseverance.


REMEMBER

Document yourself, inform yourself and do your own study to determine your steps as an investor.

REMEMBER THAT we are not financial advisors and it is up to you to do everything possible to have healthy finances.


BRIEF REVIEW OF EACH SECTION

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FINALLY

We want to thank you from the bottom of our hearts for reading us, supporting us and participating in our social platform. Without you, none of this would be possible.

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Thank you for being part of our social network and we hope to continue growing together!

Natufaura

Digital Creator