Financial quick: 21 days of spending just to survive | Economy | News

Do not buy anything unnecessary and do not use the cards for 21 days. This is not impossible and is a way to improve personal finances after the holiday season, gifts and debt. This idea was born in the United States and is now spreading also in Ecuador, which in the midst of the pandemic saw an increase in the level of savings that continued into 2021.

“No intermittent fasting and no keto diet! Perhaps what will do you good now is financial speed that will help you heal and stabilize your money once and for all.” Hence, Banco Pichincha invites its clients to join this challenge to learn how to spend conscientiously, clearly know the needs of the house, better control the temptations of offers and know the ability to save .

How and what expenses should be reduced to adjust the salary with the crisis and start the year 2021 with the arrangement of accounts

Personal financial columnist for Washington Post Michael Singletary Creo 21-Day Financial Fasting: Your Path to Financial Peace and Freedom Or 21 Fast Financial Days for Peace and Financial Freedom. During that time, you only have to make ends meet and put aside purchases by desire. It’s like a diet and it has four golden rules.

1. Do it for 21 days. The first thing is to respect the time of fasting, and this is based on the idea that within three weeks a person can incorporate a new habit into his routine. “If you break any of the rules in 21 days, the best thing is to start everything from scratch and that motivates you to do better next time,” one of the bank’s tips among its advice Set goals to meet in 2022 is part From the blog on your website.

2. Buy only if needed. Determine the basic expenses of living (housing, food, medical care and medicine, basic services, transportation and cleaning) and those that are only desires or whims to leave during the fasting period.

3. Cash payment Purchases to survive those 21 days is the third key to visualizing the money being spent this way and thinking twice before wanting to make an impulse purchase. “Watching your wallet bills fly is a powerful way to make you regret it! You will develop greater self-control.” After three weeks, you can use your credit and debit cards again if it’s safe to be more expense conscious.

4. Keep a diary of expenses To record the purchases made and their amounts. This way you will be able to see how the money is used and how much is saved each day. Everything should be noted.

Namely, financial institutions at this time make suggestions to clients regarding the management of their financial affairs. Banco Bolivariano prepared a Checklist Financial End of year:

• Review and update insurance documents if necessary.
• See how your investments have grown in the past year.
• Review your budget and come up with a plan for the coming year.
• Review your emergency fund or create one if you haven’t already.
• Review your debts and think of steps to reduce them in the following year.

These councils have gained greater acceptance after the pandemic due to the need to protect themselves from crises. Thus, “deposits maintain an increasing trend during this year”, notes the Federation of Private Banks of Ecuador (Asobanca). 11.2% more money was deposited compared to last year, in addition to $4,001 million deposited into the system as deposits.

Leaving term savings increases the interest received from $3 to $30 per month, if the amount is high

In total, there are $39.654 million in deposits through November and 37% of it is term ($14.857 million). Those who choose this form of savings prefer to leave them between 91 and 181 days, and this year were the ones who saw the largest growth in their participation, from 22% to 25%. Cash deposits (current accounts) 32% and savings 26%.

52 Week Challenge: How to Save $1,378 in One Year

A year has 52 weeks and this challenge is to save one dollar in the first week, two dollars in the second week, and three dollars in the third week, thus adding an extra dollar each week, last week it should be 52 dollars and with that year you will close with a saving of 1 $378. At first, this money is easy to part with, but in the middle of the challenge – in June – they are already about $100 per month that should be set aside for savings. The recommendation is to do it in a closed piggy bank so that you do not use this money in the event of an unexpected event, or do it as a couple to get to the end.

The Kakebo method, the Japanese savings system

This is a method that has become popular in recent years, but it is the simple method that has been used to maintain control of money, it consists of writing down all income and expenses in the agenda or notebook, day in and day out, and analyzing them first monthly and then annually. By writing down all the money received: salaries, bonuses, overtime … and subtracting expenses, every penny is better controlled and the balance that goes to savings is obtained. You have to be consistent in keeping your notes every day.

How do you take care of money

The proposal is to save 10% of the income because in this way the salary can accumulate within a year. The golden rule is to never put off buying food, because this is how credit card debts accumulate and are payments that are withdrawn for products that are consumed immediately, and another mistake is going to the supermarket without a menu without a clear budget. (I)