Finance Tips
How to budget for a teenager
At the start of our school studies, in many cases, we are not dependent on our parents in some activities, from transportation on our own, buy food every day and start going out with friends to the movies, school events, parties and other activities.
Managing your money
Using a debit card may be the right tool for him to dispose of its funds deposited, since you can keep track of your expenses and proper experience without risk using a bank card. As parents, we can use the deposit facility of electronic transfer and follow through the statements.
Basic necessities and fun
It is important that the principle of these agreements, let’s talk deeply about the proper handling of a budget. Talk with your children to give priority to basic needs, which in this case would be transportation, breakfast or lunch and materials for homework, but still consider other important items like fun.
Check to instill
At this stage it is important to follow the plan, very little good if we can pass our financial experience as I could be wrong. For example, to make ends meet without money, ask for more budget it spent too much on a night out with friends, or exceeded some breakfast, among other factors.
The financial benefit that you can earn a teen with these tips, they mean the assimilation of important financial skills for adult life, and that its financial management responsibility at an age close to the beginning of its life. You will need regular monitoring and use the time due to repair any possible faults through talks that will sensitize and inform.
The 4 Key Partner Finances
Living with your partner is starting a new stage, which means projects and shared dreams. To achieve their goals, both individual and couple, a key is finances.
Each couple must decide what is best for them financially. However, there are some key recommendations that should exist in all relationships and to help that money does not become a headache:
Communication.
They should build trust to talk about everything: his plans, his desires, their concerns. Do not let finances are becoming taboo in their relationship. Discuss what they want in terms of economics will help define what the personal goals and what goals as a couple. Can set priorities and projects that require to realize their ideas.
Planning.
Ideally, all expenses are based on a budget. This allows them to better achieve its objectives without damaging its financial stability. Thus, higher spending, investments or even savings will be supported by a plan, according to financial capacity as a couple. It is very important that the budget provides both cost-sharing (eg, the cost of your home) and personal expenses (such as gasoline or cell phone). So know what amount of money needed each month for personal use, and what amount can be allocated to the pool.
To support you in achieving your budget, you can use the calculator found on our website through the following link: simulators-calculators
Foreign Currency Savings as an option
Currently there are several ways to save, either in funds, programs or foreign currency savings. The latter alternative has taken rise because many people are worried about losing their money if they take devaluation or economic downturns at home. Remember that the savings in foreign currency, like any other investment, carries a risk probability. It is always advisable to seek advice from an expert and you stay well informed, before entering the foreign exchange market.
If you choose this type of savings, then we will give you some details to protect yourself:
* Invest. If you save a certain amount accumulated in foreign currency, you run the risk of losing their value with inflation. To counter this effect, we recommend you open a fund that gives you returns.
* Monitor the market. Saving any other foreign currency, means that you must be aware of market fluctuations. Note that large amounts of money, any minor variation can have a major impact on the final amount.
* Diversify. In the case of savings in foreign currency, the Bank of Mexico should only save up to 30% of your current assets. This suggestion applies to any investment and means you should not put all your money in one place, as it increases the risk. Think about that when you have the money divided into several instruments, if you have one loss, there is still support from others, without affecting your money.
* Use your money. The convenience of your savings will depend on several factors, one of the most important how often you use the currency in which you are saving. For example, if you chose to save in dollars and often visits the United States, the savings in this currency is convenient for you as you spend and invest in it. Conversely, if you do not plan to use it at some point, it is best to keep the amount low simply as an investment, as in speculating on the market could lose a significant percentage of your savings.