Saving in the pandemic

Article N° 45

It is obvious that Covid-19 has brought great levels of uncertainty and those changes have caused a reduction of free transit and the distancing in relations with others, altering consumption and affecting economic actors' behavior.

In this sense, consumption habits have been diminishing in every order: individual, family, business, and government. This forces us all to make the effort to identify what is the use we make of money, thus reducing unnecessary expenses and deciding to carry out other activities to increase income.

In finance, the concepts of excess and deficit are using in the intermediation of resources between people and bankers.

Therefore, there are those who have surplus resources and put the money in the financial markets to obtain dividends from their assets and there are those who, being deficient in resources, go to the markets paying a commission for the loans.

If for some of our readers will these changes have brought unexpectedly increased revenue for some reason, here are some tips to save on a pandemic if you have surplus:

-Reserve a percentage of your income, designing a budget to view incomes and outflows. It is better to save higher portions so that you can accumulate more money in a short time.

-Evaluate the country's economy where you are, because if the prices of goods and services increase rapidly, you can determine the depreciation of the currency and adjust your consumption. Making efforts to beat inflation.

-Save in the currency with which you receive your income, that way you can accumulate capital that will allow you to make expeditious investments in stocks, bonds, stock indices, metals, real estate, and monetary deposits.

-Protect yourself in the currency you want to buy or invest in the future. Considering the above, with the periodic accumulation of money in local currency you can often buy currencies that are stronger than the currency with which you receive your income.

-The fluctuations in the values of the currencies can enrich you. Similarly, if the local currency tends to devalue, it is more profitable to acquire foreign currency regularly than to deposit money in banks.

Always remember that the habit of saving is an advantageous and powerful instrument for your financial well-being.

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(Pacheco. 2020, December. Saving in the pandemic. Blog Administración para todos. Obtained: 2020, 19 December. https://rb.gy/alwn57).

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