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Week of savings, what recommendations to consider?

Only 42% of Peruvians said they had saved in 2022. | Fountain: Andean

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In Peru, six out of ten Peruvians failed to save in 2022, according to the latest study by the Banking, Insurance and AFP.SBS).

But how to start saving in the midst of a crisis and in a situation where the number of Peruvians with a proper level of financial education is only 13%?

Experts agree that the first thing to do is to budget to know about income and expenses you should set how much you can set aside each month for savings.

“You have to set up a savings plan, give a name to your savings. Review your monthly budget, how much can you allocate weekly or monthly to this savings plan, what happens if I don’t have any money left to save? Adjust your budget and be strategic. It starts with variable expenses or those unnecessary expenses,” explained Andres Flores, financial education manager at BCP.

Experts point out that the first thing you can exclude from your budget in order to save money is the so-called “ant expenses”.

“Ant expenses are those meager expenses that we make on a daily basis, but when we come to the end of the month, they are already significant. For example, if we buy a daily soda that costs 3 sols, these 3 sols, these three sols become 90 sols at the end of the month, and we already feel it, so it is important to define them as unnecessary expenses, so we will save, ”says Luigi Moreno, professor of banking administration at Certus.

Moreno also points out that it’s important to define your savings goals, whether or not you want to save for emergencieseducation, real estate purchase or travel.

“It is important to set short-term, medium-term or long-term savings goals that will develop in us the habit of saving. For example, if we want to buy a laptop worth SGD 2,400 and want to do it within a year, we have to set aside SGD 200 a month if we think we are going to create a habit,” he commented.

Although the amount of savings depends on the income of each person, experts indicate that ideally you should save 10% of your salary per month. That being said, if you are earning SGD 2,000, it is recommended that you set aside SGD 200 to have a reserve fund.

Another important factor in saving is also form, as currently 62% of rescue Peruvians keep their money cash at home, exposing yourself to risks such as theft.

Considering that there are only four out of ten people in the country, why is it important to place savings in the subjects of the financial system?

“Formal savings provide security, earn interest, especially during this inflationary period, and access to Financial services and protecting your money. Let’s not forget that the deposit insurance fund covers up to 125,714 soles,” explains Mavilo Calero, manager of the commercial division of Financiera Confianza.

With a deposit insurance fund that is free and does not require pre-registration, savings held in a bank, savings and financial accounts are protected in the event of bankruptcy.

It should be remembered that savings are necessary, especially in conditions of constant crises that give rise to rising pricesbecause, according to SBS, now one in three Peruvians cannot cover their expenses within a month if they lose their job or business.

Source: RPP

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