In a world where the cost of living continues to rise, having a well-structured budget has become more important than ever, especially for the Hispanic community in the United States.
Creating and maintaining an effective budget not only puts you in control of your finances, but also gives you the freedom to reach your goals and dream big. If you don’t have a financial plan yet, it’s time to start. Here at QuéOnnda we tell you how to do it.
Is it necessary?
A well-done budget helps you understand how you manage your money.
According to the National Survey of Personal Finances 2023, 40% of U.S. Hispanics do not follow a regular budget.
It's advisable to keep an emergency fund for unforeseen events
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This places them in a vulnerable situation in the face of financial contingencies.
Having a proper control over your income and expenses will allow you to save, reduce debts and plan for the future.
Create your budget
Here are some practical steps to create an effective budget that will help you organize your finances efficiently:
Identify your sources of income: It is essential to know exactly how much money you receive each month.
This includes your salary, extra income and any other source of money.
List your fixed and variable expenses: Categorize your expenses. Fixed expenses include rent, utilities, and debt payments.
Variables are those that can change, such as food, entertainment or personal purchases.
Set realistic goals: Make sure your goals are achievable, such as saving for an emergency or paying off debt.
If your goals are clear, it will be easier to follow your financial plan.
Stay in control
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For your budget to be effective, it is important to review it regularly.
According to financial experts, using budgeting applications such as YNAB (You Need A Budget) can be an excellent option.
In addition, it is advisable to keep an emergency fund for unforeseen events, which is essential to avoid falling into debt.
