The hours of the day go by like honey bee serum and the collection date seems to be as far away as going by boat from the Dominican Republic to Indonesia. Personal finance experts recommend the rule of 70%, 15% and 15% to maintain adequate financial health, however, how to start saving?
With a purpose, a short-term objective and established future goals will allow you to fulfill your dreams without having to acquire long-term loans or overdraw credit cards.
The key questions would be: what do you want to achieve? In what time do you want to achieve it? And what is the amount you have to allocate to reach the goal? For example, Betty Suero earns a salary of RD$45,000 and this year she wants to travel abroad, but Europe “continues” to be an expensive destination to visit in the first world.
The advisers recommend that you investigate and decide on more affordable destinations, mainly in the Latin American and Caribbean region such as Colombia, El Salvador, Guatemala or Cuba, nations that are “in fashion” to travel with less than US$1,500 and without the requirement to have a tourist visa. Also, Turkey, Greece and Morocco in Europe or Singapore, Philippines or Malaysia, in the Asian continent are an option of an average of US$2,500 and US$3,000 to make a transatlantic trip.
This means that if Betty wants to save 10% of her income, which amounts to RD$45,000, she must allocate RD$4,500 per month, which means that in 12 months she will have saved RD$54,000. This amount will increase or decrease according to the type of trip that the Dominican will make.
The success lies in knowing the high season of the nations, planning two possible dates and verifying the costs that include accommodation, activities, restaurants and excursions to be carried out in the foreign destination. In addition to shopping centers or fashion brands to visit to buy a souvenir.
Obligations
According to the Superintendency of Banks (SB), RD$903,092 million of the deposits taken belong to savings accounts, this means 40.2% of the RD$2.2 trillion reported by the entity until November 2022.
Although it is true that the older the user is, the more commitments such as marriage, children or loan payments will increase, however, there must be a culture of saving, because if you earn money, you can save, adjusting expenses and lifestyle, Carrying out a real budget to meet the established goals.
In this way, establishing a goal is the first step to start saving, being the route to follow to meet the goal set. According to experts, the goals are classified into three.
The first, in the short term, those that are less than 12 months old, that is, travel, pay for a master’s degree, finance a wedding or buy the latest electronic devices; followed by the medium term, whose purpose requires more responsibility, such as starting a business, buying a car or paying for the initial cost of a home.
Meanwhile, long-term goals are made up of retirement or investing in the stock market to diversify income.
Tips to keep in mind
Organization. The first thing you should know is the amount of money that enters your bank account each month, then its destination such as paying debts, saving or investing.
Costs. Plan ahead for vacations, birthday celebrations, or doctor visits. This will allow you to find the best plan that suits your pocket.
grain by grain It is recommended to allocate 10% of the salary or a fixed amount for any purpose. By December 2023, that “little savings” will make a difference.