Consider these tips for saving

Saving culture is not very common in Colombia, a fact that has increased among the youngest due to changes in subsidy policy and few job offerswhich forced the suspension of scheduled savings payments,

The marketing studies department of Confiar Cooperativa Financiera decided to analyze the reasons why people stopped saving. For this purpose, 2,743 people (1,588 women and 1,155 men), users of savings services in nine departments of the country, were consulted.who said the main reasons they reject savings offers are:

  1. Lack of resources (36.5%)
  2. Uncertainty related to economic and political circumstances (29%).
  3. An intention to invest funds previously earmarked for savings, either because they have already been invested or there is a future goal or a decision already made.

Some tips to start creating this habit, according to Mibanco’s financial doctor, are as follows:

  1. Savings plan: A savings plan should be created to plan when and how much you will save each month.
  2. Financial goals: Defining goals will help you clarify the reason for saving and the amount needed. It will also help you maintain self-control so that you don’t spend on unnecessary things.
  3. Monthly budget: Keeping a list and detailing your expenses throughout the month will provide a clearer view of your expenses and help you identify areas where you can cut back or eliminate those that are unnecessary. This requires careful monitoring of monthly bills and additional purchases.
  4. Debt payment: pay debts as soon as possible, will not only help reduce expenses, but also prevent interest on some loans from eating up a significant portion of your income, making saving even more difficult. This will determine how much money is available at the end of each month and how much should be allocated to savings.
  5. Set the savings percentage: Determining what percentage of your income you want to save is crucial because you are forced to consistently allocate a portion of your income to a portion of your savings. Experts suggest it be 10%; However, this percentage can vary and be flexible, allowing it to be adjusted according to your financial needs and goals for the month.

One tip to start saving is to have a savings plan. | Photo: Getty Images

That’s the savings by department

Confiaro’s analysis shows that, according to the department, insecurity is the main answer in Valle del Cauca (91.3%) and in Cundinamarca (51.9%).

Meanwhile, in Quindío and Casanare, the intention to invest resources is the most common answer with 67.6% and 56.5%, respectively.

Less access to the labor market and lower income savings.

Finally, Lack of resources was the main answer in Risaralda (81.7%), Meta (71.4%) and Boyacá (57.5%). In areas such as Antioquia and Bogotá, the three main reasons have percentages close to the average.

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