A strategic financial plan for the end of the year and a successful start of the new one

There are only a few days left to say goodbye to 2023 and start the new year with every intention of meeting the proposed goals. Especially the ones that require moneywhether it’s getting out of debt, buying a house, starting collegetake a trip or just learn it Impose.

However, these goals can be difficult to achieve. If you do not already have a financial plan for the expenses incurred in December and how you plan to divide the income between your financial obligations and other consumption in 2024.

According to the banking portal ‘BBVA’, not thinking in the long term from an economic point of view can endanger your financial situation not only because there are no planned savings for large investments in the future, but also because there is no understanding of unexpected situations that may arise and may involve expenses.

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There is also a lack of information on what the money is spent on and how it is distributed, lor it ends up losing control of your finances and a zero account at the end of the month, living on the edge.

So that you don’t fall into it again and start the year with a healthier financial habit that will allow you to meet your proposed financial goals, You can give some recommendations to help you achieve your goal.

Spend or invest your premiums wisely

First of all, spend or invest your premiums intelligently, in case you have this monetary benefit provided by your company. According to the official portal ‘Asobancaria’, it is ideal to evaluate your current financial needs. If you have outstanding debts, It is recommended to set aside a part for their payment and thus reduce your financial obligations.

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If you have an emergency fund, One option could be to allocate a portion of your premium to start one, as it will give you peace of mind and financial security in the event of unforeseen events such as illness, home repairs or job loss.

Take control of your personal finances

On the other hand, You can start tracking the money you receive and how you distribute it, as payments for financial obligations that include utility bills, taxes, education, food, rent and transportation, and lighter and more tasteful consumption such as clothing and leisure.

This classification will depend on the lifestyle you lead and the expenses you have. However, Keeping in touch with them will let you know where you need more money and if you are not using it.according to ‘Forbes’.

For this reason, the magazine recommends that you do a series of exercises or routines to achieve long-term savings in addition to personal finance debt, which will be the first step to achieving these savings.

Create a financial plan for 2024

This should be done after a vacation or some investment where a lot of money is spent, as it usually happens in December with gifts and trips. This step is important because This way you will know what your budget is to start the first quarter of the year. This way, it will be easier to avoid waste and create a spending plan.

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To do this, you need to take into account four items where you can classify your income according to the aforementioned economic magazine:

  1. Consider a savings and emergency fund.
  2. Build a budget and order your financial priorities.
  3. Design a way that will allow you to pay off your debts.
  4. Plan at least one clear and achievable health or financial education goal.
  5. Find an investment fund that will give you extra income.

With this plan, you will have a better orientation in the organization of your finances and a strategic plan that will allow you to close and take on the year in the best possible way, while learning to save and achieve your financial goals.

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