Strenna 2021: What YES and what NOT to do with your money

Curated by WorkingFromHome

This article is an excerpt from the original article found in the Read More link – please follow for full article.

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

You’re reading Entrepreneur United States, an international franchise of Entrepreneur Media.

End of the year . It already smells like punch and Christmas dinner, the resolutions for the new year begin and for your well-deserved effort, the long-awaited Christmas gift arrives, but do you know what you are going to do with it?

Depositophotos.com

In addition to thinking about buying gifts, and spending it on end-of-year promotions, some decide to pay off debts. According to a study carried out by CONDUSEF: 90% of Mexicans think about using their Christmas bonus to pay their debts but only 35% comply with it and the rest are affected in their finances.

How many times have you said: ‘on Monday I start the diet’ or ‘this year I do save’, ‘now I pay all my debts’? But that Monday never comes.

If you answered affirmatively to these questions, calm down, you are not the only one, you just need a little more structure and that is why I give you these recommendations of what YES to do and what NOT to do when you receive your Christmas bonus:

WHAT YOU SHOULD NOT DO

  • Fall into temptation: You will be surrounded by offers, promotions, months without interest. Be careful! Avoid buying things you don’t need – no matter how cheap they are.
  • Acquire new debts: If you do not have debts, do not complicate yourself. Start 2020 with healthy finances and forget about those annoying payments.
  • Make compulsive purchases: Acquire only what you need, if you did not plan to buy something, do not do it.
  • Spend everything on Christmas gifts: Many people will buy gifts as if they were Santa Claus, but don’t worry, you are not. I recommend that ‘if you want to show love to your loved ones you can give them something made for you and that does not affect your finances’.
  • Abusing credit cards: If you already had in mind to buy certain things but you realized that you are not enough to buy everything in cash, use your credit card, but the author remembers that we should not abuse them and you have to be special Pay attention to the interest-free months trick.
  • Grabbing little by little: If you don’t have in mind what you are going to spend your money on, don’t go grabbing “little by little” generating expenses ant, because as they say: drop by drop the water runs out … and your money too .
  • Allocate all the money to a single thing: Unless it is to pay your debts or to invest it, do not use all your Christmas bonus to buy things that you will not need.
  • Lending: Many people take advantage of the fact that everyone has money and begin to borrow to be able to spend more. I recommend that you only lend money if you do not need it and that you think that ‘money you lend is money you give away’.
  • Spending to spend: If you don’t need it, don’t buy it, not because you have money you have to spend it.
  • Make emotional purchases: It is similar to being tempted. Do not get carried away by the flashy offers that make you buy things that you think you need momentarily and later you realize that you only let yourself be carried away by your emotions.

WHAT YOU MUST DO

  • Pay debts: Before you get more debt, try to pay what you owe. If you only have one debt, try to pay it off once and for all, if you have more than one, advance payments or reduce your debts. I assure you that this will bring you peace of mind to start the year well.
  • Invest: The best thing about having money is that you can make it grow. If you are not an investment expert and one of your New Year’s resolutions is to learn, the author recommends that you start at CETES (and you can do it from $ 100).  
  • Resume your resolutions: Is the year ending and you did not fulfill any of your resolutions? If you were planning to take a trip, take classes or buy something, but you had not had the opportunity or the money, take advantage of your Christmas bonus and make sure you don’t finish the year without having completed at least one.
  • Think ahead: If you do not manage your money well, remember that January is coming and if you do not prevent yourself, your finances can be affected and January can be the most difficult month of the year. So think ahead.
  • Separate between needs and wants: Before you go shopping at the end of the year, make a list and order it according to the needs you really have and discard what you “think you need” (but not).
  • Have a backup: Include it in your budget, save a little of your Christmas bonus for any unforeseen event that occurs on these dates.
  • Compare: In many stores, whenever there is mass shopping season, they take the opportunity to inflate their prices and put some “offers”. Do not buy in the first place you go, better go ahead to compare prices and choose the one that suits you best.
  • Make a budget: Separate your Christmas bonus so that you know how much you are going to spend on what, plan your finances for this end of the year and prevent your money from ending up where you least expected it.
  • Reward yourself: The bonus is the result of your effort throughout the year, it is worth using part of it to buy whatever you want, but remember, only part.
  • Take care of your money: It is your money and nobody is going to take care of it for you. Take responsibility for managing it and having healthy finances.

If in previous years you have done more things that you should NOT do than you DO with your Christmas bonus, it is time to generate the change you need before the end of the year.

And so that it does not happen to you again, I recommend that you assign a destination to each peso that reaches your pocket starting from today.

Source: Entrepreneur.com

Read more here:
Strenna 2021: What YES and what NOT to do with your money

You May Also Like…

Capital One vs. Ally: Which Credit Services Stock is a Better Buy?

Capital One vs. Ally: Which Credit Services Stock is a Better Buy?

The credit services industry has been making an impressive comeback on rising credit transactions and consumers’ increased discretionary spending. So, Capital One Financial (COF) and Ally (ALLY) should benefit from the industry tailwinds. But which of these two stocks is a better buy now? Read more to learn our view. shutterstock.com – StockNews Capital One Financial Corporation (COF) in McLean, Va., is a diversified financial service holding company that offers a range of financial products and services to consumers, small businesses, and commercial clients through branches, the internet, and other distribution channels. It operates through three segments: Credit Card, Consumer Banking, and Commercial Banking. In comparison, Ally Financial Inc. (ALLY) in Detroit, Mich., is a bank holding company that provides various digital financial products and services to consumer, commercial, and corporate customers. It operates through Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations segments.The credit services…

It’s Time to Step into Yum! Brands Stock

It’s Time to Step into Yum! Brands Stock

Popular restaurant franchisor Yum! Brands (NYSE: YUM) stock has been selling off with the benchmark indexes despite strong earnings. The Company is a franchisor of well-known restaurant brands including KFC, Pizza Hut, Taco Bell, and Habit Burger Grill. All brands are growing with KFC leading the pack at an 11% clip. The price/earnings is falling back to earth at 27X forward earnings. The Company has over 50,000 locations and launched 760 new restaurants in Q3 2021 with plans to continue opening new units at a 4.5% rate. The Company was a pandemic winner thanks to its drive-ins, mobile ordering, and take-out options. It continues to thrive during the reopening phase and even through COVID omicron surges as its touchless options are paying off. The recent selling in shares if providing prudent investors with opportunistic pullback levels to consider building a position in this value stock. Depositphotos.com contributor/Depositphotos.com – MarketBeat Q3…

Working From Home TV …

Tips to enhance your own website…

How to Create a Giveaway to Grow Your Email List by 150% – Website Tips

How to Create a Giveaway to Grow Your Email List by 150% – Website Tips

Do you want to start a giveaway and get more email subscribers? Giveaways are one of the fastest ways to grow your email list, increase traffic, and boost sales. They help you reach new audiences and boost user engagement on your website. In this article, we’ll show you how to use a giveaway to grow your email list faster. Why Use a Giveaway to Grow Your Email List? Did you know that email marketing sees a 4300% return on investment (ROI) on average for businesses in the US? People who sign up for your emails are already interested in your products and services, making them highly likely to convert into paying customers. However, the hardest part is getting more people to join your email list. This is where running a contest or giveaway on your WordPress site comes in handy. It helps you grow your email list while getting more…

How to Track Video Analytics in WordPress (Step by Step) – Website Tips

How to Track Video Analytics in WordPress (Step by Step) – Website Tips

Do you want to know which videos your visitors watch the most on your WordPress website? Videos are a great way to bring life to your website and boost engagement. By tracking video analytics, you can see how your videos are performing with metrics like total views, watch duration, and more. In this article, we’ll show you how to track video analytics in WordPress using Google Analytics. This solution works for YouTube, Vimeo, and other HTML5 video embeds. Why Track Video Engagement in WordPress? Adding videos to your content makes your articles more engaging and helps in getting people to spend more time on your site. However, if you have multiple videos on your WordPress site, then how do you which type of content is performing the best and whether people are watching your videos or not? Tracking video engagement in Google Analytics can help you uncover these insights. You…

How to Easily Create a Custom WordPress Theme (Without Any Code) – Website Tips

How to Easily Create a Custom WordPress Theme (Without Any Code) – Website Tips

Do you want to create a custom WordPress theme from scratch? In the past, you had to follow complicated WordPress tutorials and have decent coding knowledge to build a custom WordPress theme. But thanks to new WordPress theme builders, now you can easily make one without learning any programming skills. In this article, we’ll show you how to easily create a custom WordPress theme without writing any code. Here is the list of topics we’ll cover in this article. Creating a Custom WordPress Theme for BeginnersCreating a Custom Theme with SeedProd Theme BuilderEditing a Theme with SeedProd Theme BuilderChanging the Site-Wide Design for Your ThemeApplying and Publishing Your Custom WordPress ThemeCreating Other Layouts for Your Custom WordPress ThemeReady? Let’s get started. Video Tutorial Subscribe to WPBeginner If you’d prefer written instructions, just keep reading. Creating a Custom WordPress Theme for Beginners A WordPress website uses a theme for website layout…

0 Comments

Submit a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.