Eliminate these 5 bad habits and increase your savings: Condusef

Do you want to increase your savings but don’t know what else to do anymore? Would you like to save a little more? Next we will give you the advice of the National Commission for the Protection and Defense of Users of Financial Services (Condusef) so that you can improve your personal finances.

According to the Condusef, the first step to reach your goalss is to save a proportional part of your salary to be able to use it in the future, but surely you already knew this, however sometimes we fall into bad habits that do not allow us to save properly.

Even the Condusef warned that saving is not accumulating what you have left overbut contribute a fixed amount, that is, designate the amount you want and include it in your budget each month.

According to some data provided by the Commission, at least 25 million of adults save through informal mechanisms, while those who save formally or informally are around 22 million.

How to start saving properly?

The Condusef gave some suggestions that it could consider to achieve its objective in a shorter term.

• As we already mentioned, the first step will be to establish a specific amount each month, that is, allocate a part of your income to savings
• keep a goal in mind
• Be organized with your money
• Resist the temptations that promote advertising
• Look for opportunities to reduce expenses
• When shopping, bring a list of what is needed

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What are the bad habits of saving?

• Impulsive spending.
• The disorganization.
• Saving less than what was proposed each month
• Not making or following a budget
• Use your savings fund as petty cash every time you do not have enough to finish the fortnight

Likewise, the Condusef recommended reducing or eliminating ant expenses to increase their savings, that is, the expenses that are made daily when leaving home and although they seem small, over time they add up to a considerable amount of loss for their pockets.

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According to specialists, carrying out this type of disbursement day by day represents around 12% of a worker’s annual income. The main recommendation in this case is to save those amounts or invest it in your Retirement Fund Administrator (Afore).