The first thing we must do is start cutting all those unnecessary expenses or those that can be partially suspended. What we call “ant expenses” are the first to go.
The idea is to increase the savings capacity as much as possible to have a greater “financial cushion” for vacations or other expenses.
At first glance, it might seem that the amount of money saved with these practices is almost negligible, but it can make a difference after several weeks and months.
2. Use a budget
After cutting expenses, it is important try not to fall back on them again. To do so, just use a personal budget that details how much and what the money will be spent on week after week. Everything that is not included in the estimate will be a waste that can be avoided to have a better vacation. At this point, it is also essential to put together a list with cheap products to replace those of the first brand, to further enhance the savings capacity. An option that is also widely used is to agree on a certain weekly amount of money and divide it by days.
3. Invest in the short term
Finally, with a part of the savings, you have to put together a short-term investment strategy to obtain a small income to increase capital. A money market mutual fund or certain short-duration bonds might be ideal. In this instance, the ideal is to chat with a financial advisor who guides us properly. At the moment, the options most used by Argentines are fixed terms: traditional or UVA. Keep in mind that in case of making a UVA, the money is retained for a period of three months. There are also some interesting options in virtual wallets to put money on the move. In this case, risky investments such as cryptocurrencies, cedars or shares are not convenient.
Source: Ambito
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