For every family, couple or individual it is vital to have a good financial health. Not only because it allows them to have a better control of their finances, income and expenses, but also because it gives them a better perspective of what they could achieve in the short, medium and long term.
Maintaining good financial health involves several aspects such as, for example, having a vision of savings, the notion of paying financial commitments or debts, even the acquisition of a home, assets or dealing with unforeseen events.
From Areti Bank we recommend you to keep in mind the objective or goal to be achieved in order to establish -with clarity- the destination and the creation of a budget.
In many cases it is recommended that in order to have a good financial health we should establish no more than 30% of our income for the balance of debts. Even, do not assume expenses that may jeopardize the main commitments such as the payment of housing, vehicle, utilities, schools and food.
Having a good financial health means having a high degree of awareness of differentiating what is a necessary expense from what is a superfluous or unnecessary expense.
Here are some additional tips for understanding financial health:
While it is true that it can be understood as the economic well-being that can be obtained from a correct management of finances, having financial health also allows access to other financial tools such as bank accounts, trusts, certificates of deposit or loans.
- Establish a payment schedule. Pay your debts on time.
- Set goals or objectives for the future so you have a savings plan.
- Create a fund to face unforeseen situations.
- Don’t overspend.
We are Virtue In banking!
