Just as there are basic rules for maintaining physical health and doctors talk about prevention, it is also feasible to do the same for personal finance health.
In Elevadores Alamex a financial health talk was carried out for all employees in which the following important points were shared:
Monitor the net value.
If the assets, be they investment or property accounts, do not exceed the liabilities, which are the future payment commitments, it is in a technical bankruptcy.
Depending on the severity, it involves making a restructuring to tidy up the finances and avoid a catastrophe.
Healthy cash flow.
Even if there is a positive and even high net worth, there may be a problem to face the daily requirement; that is, determine if the income is sufficient to meet the daily
The challenge is to know where the money is going and it is best to work on an expense record to correct with a budget.
Savings as a diet regimen.
Restricting expenditures is one of the big dilemmas and yet it is the right medicine to maintain good financial health.
The proportion should be fixed under the circumstances of each family; It could well be 50 percent or 5 percent, depending on the possibilities.
Get away from excessive indebtedness.
It becomes a snowball, as it is usual to resort to more credit to cover the monthly payments.
The first suggestion is to completely liquidate the cards every month and, if impossible, pay above the minimum and lower the balance consistently.
Prevent rather than regret
The question is obvious, how prepared are you for a contingency?
It is about having a coverage of a fund that allows to cover imbalances due to unforeseen events, in addition to valuing insurance, such as life, major medical expenses, cars and school.
Think of abundance.
Personal finances are more than just saving money and stop spending; The idea is to enjoy what is obtained with long-term responsibility.
Once solved the daily commitments and with a goal of saving, it is necessary to establish patrimonial objectives to achieve aspirations, such as buying a house, providing university education to the children or living a dignified old age, among many other things.
For this, it is essential to direct the resource towards investment alternatives with a return above inflation, running the risks that each option means.