Your Paycheck Is Coming and You Already Owe It All? Here’s What to Do.


Month after month you’ve got complications to pay your fixed expenses and non-permanent ones. We recommend that you simply have control together with your personal finances, especially in times of a COVID-19 pandemic which will cause more economic damage this year, since the slowest recovery is seen in Mexico thanks to the delay within the application of vaccines.
What is the salary in Mexico? consistent with data from the phonephone Occupation and Employment Survey (ETOE) prepared by the INEGI at the top of 2020, 60.7% of Mexican workers earn between one and two wage s (the daily minimum wage in 2020 in central Mexico was set at 123.22 pesos a day). In real terms, Mexican employees earn between 3,696 and 7,393 pesos per month for jobs performed within the formal economy.
On the opposite hand, the study Well-being with Equity towards a replacement social pact , of the Espinosa Yglesias Studies Center (CEEY), the school of Mexico and therefore the French Agency for Development (AFD), indicates that 40% of individuals have an income 2,548 pesos per month. the info indicates that 59% of the workers have this monthly income on the average . Now, workers consider that the minimum income to be rich is 38,248 pesos and there’s a general perception that 35% of individuals have these perceptions on a monthly basis. In Mexico, but 1% of the population earns or exceeds that level of income.
What is the impact of the pandemic on banking? consistent with figures from the National Banking and Securities Commission (CNBV) in 2020, the pandemic led customers to cancel 1.5 million credit cards and therefore the delinquency rate rose to five .20%; additionally , the closure of 776 bank branches, to conclude with 12,106 units.
“I already owe the fortnight”
This is a really common situation among the population because they are doing not have a Financial Education since their years as students, a time when classes should be taught in order that they need the financial tools that make them have a quiet life without complications.
Month after month you’ve got complicated long periods of your time to pay your fixed and non-permanent expenses, like rent, electricity, water, telephone, Internet, automobile insurance , food, transportation, gifts, meetings, studies, purchases, etc. to measure this reality easily , it’s required, first of all: Financial Education. Gerardo Obregón, founder and CEO of , comments: “Becoming the simplest manager of your money should be one among your main objectives, the more you recognize what you ought to do and not do, the higher in order that you are doing not always live worried and from fortnight to fortnight with fingers crossed. “
When we start to venture into the financial world, the fortnights are burned in our hands, whilst the cash arrives from one moment to subsequent it’s gone, what can we do?
What you ought to not do together with your salary
Spend the cash before you’ve got it.
Make impulse purchases.
Overdrawing your credit cards.
Borrow without a payment plan.
Eagerly awaiting your fortnights to travel bent celebrate without rhyme or reason.
What you ought to do together with your salary
Live your reality, that is, live consistent with your income.
Make an idea for your finances and stick with it. Monthly and yearly budget may be a good idea.
Eliminate ant expenses, vampire expenses, impulse expenses, etc.
Save constantly, not only for emergencies.
Change your financial habits in order that your fortnights don’t disappear as soon as they arrive.
Organize your finances, have tons of fun and don’t reach subsequent fortnight.

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