LSR MEXICO REPORT

How to improve your finances one way or the other?

Remember that many times the only thing required is to have the right attitude and know-how to take advantage of opportunities

  • REDACCIÓN
  • 11/02/2021
  • 18:55 hrs
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How to improve your finances one way or the other?
Therefore, having an additional income is highly recommended, and these three tips could help you improve your finances. (Pixabay)

Are you tired of living with the bare minimum? Without a doubt, a source of extra income would come in handy, especially after the coronavirus pandemic that aggravated the economic crisis for many.

Therefore, having an additional income is highly recommended, and these three tips could help you improve your finances. However, remember that many times all that is required is to have the right attitude and know-how to take advantage of opportunities.

1.- ANALYZE YOUR SKILLS AND KNOWLEDGE

There are many ways in which you can generate money in your free time. Therefore, you must make use of your knowledge and skills to achieve it. Do not rule out the possibility of finding a job as a freelancer on a topic that is familiar to you.

Likewise, you can give classes or training depending on your skills. It can be in the educational field or courses to prepare food or dessert.

Another option is to start a blog that can generate extra income.

2.- INVEST YOUR MONEY

If you have some money saved, it is time to invest it, this will depend on the amount you have, although if the amount is low, there are several options that you can consider, for example, buying a property is a good decision.

The first thing you should do if you are already decided to invest is to analyze all the options you have and choose the one that best suits your needs. Remember that you must think very well about what you will invest your money before taking any step.

3.- SELL ITEMS ONLINE

This is another option to generate extra income, internet sales have taken a lot of momentum lately, so you should consider them within your options. Taking advantage of platforms like Facebook, Instagram, among others, is the best thing you can do.

If this is an activity that you will do in your spare time, you will not have so much pressure, especially if it is a personal business. Remember to make use of your skills, such as cooking, making clothes, among other things. The fact is that you make the most of them and take advantage of them to improve your finances.

Any option or idea is good for improving your finances, so get to work and land the idea that you have been around in your head for a long time. The important thing is to take the first step and have the patience to start generating income.

FINANCIAL GOALS TO INCLUDE IN YOUR LIST OF PURPOSES:

1- Have a monthly budget

If you are not used to keeping track of your money, this is an excellent time to start. You must know how much money you are spending and what, but it is even more important to know how much money goes into your pocket.

There are several applications for iOs and Android that you can download for free. One that I recommend is the Monthly Budget. It allows you to make graphs, download files and see every day how much you have and how much you have spent, in addition to sending you alerts when you are about to run out of your budget.

2- Reduce "ant expenses."

The worst sabotage you can do to your finances has ant expenses and not being aware of them. We are talking about coffee in the morning, potato chips in the afternoon, and everything that disappears in a moment and contributes to empty your wallet.

It would be best if you assigned a destination to each peso that goes to your pocket, so you will have it previously destined to something specific, and you will hardly use it for something else.

3- Do not make unnecessary purchases

Even if it is not a sales season, always take at least a minute to think if you need what you will buy, especially when you go to the supermarket. Always try to carry a list of what you should purchase, and whenever you see something that is not included, remember to ask yourself: do I want it or do I need it?

4- Pay debts on time

Debts are one of the most common problems people deal with, and it is not wrong to have debts. What is bad is that they get out of control and do not know what to do.

Ideally, if you have debts, you eliminate them immediately, and if you do not have the capital to cover the total amount, advance payments to reduce them as much as you can and stop being a concern for you.

5- Multiply your income

Many people are always looking for ways to save or simplify expenses, and it is because they focus on how much money leaves their wallets, but the real problem is that they do not take into account how much money comes in. It would help if you looked for investments that help you multiply your money.

6- Diversify your investments

If you are new to investing, start now. You do not need to invest large amounts of money or be an expert. You can begin in Cetes from $ 100. The vital part is that you decide to start.

On the contrary, if you have been investing for a long time, it is time to take the next step and take a risk. Remember that no investment is risk-free, but you must look for other vehicles that leave you higher returns.

7- Plan your future (retirement plan)

No matter how old you are, you should always think ahead, and that implies ensuring it. Some plans allow you to choose how much and how to save according to your needs. Look for the best options to start a retirement plan that will enable you to have the lifestyle you are used to when you grow up or in case of disability.

8- Invest in financial education

If you have no idea how you can start to manage your money better, plan your financial goals well, boost your money, invest it or start your business, the best thing you can do is invest in your Financial Education.

To achieve any goal you set yourself, you must have discipline and commitment. It does not matter how much you want to achieve it if you do not adopt those two words to your lifestyle and make your actions become a habit that always helps you achieve your goals.

Traducción: Valentina K. Yanes