Good End 2020: Is Your Portfolio Ready?
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The Good End 2020 is already around the corner, and this time, it will be quite different. Why? We are in the middle of a health and economic crisis, which will put many people to debate between taking care of their health, taking care of their money, buying something because they “deserve it” or because they need it and have waited for this moment to really acquire it.
In addition to this, state workers will have an advance of 50% of their Christmas bonus so that they can help activate the economy during the Good End . In addition, this year it will not only last a weekend, but it will take place from November 9 to 20 that is, almost 15 days.
Although the intention to reactivate the economy may be good, it must be taken into account that, in our country, the financial culture is practically nil, so many people will run to make purchases, they will get into debt, and that will make them face the economic crisis in a more complicated way.
For this reason, if you are thinking of buying something during the Good End, I share some tips so that your portfolio does not suffer the consequences and so that you can rest easy:
1. Make a budget: Before you go out to spend your money. Make a list of the things you want to buy and how much you are going to spend. This will help you not to buy more than planned
2. Compare prices: You can compare prices online. You can find more options and better prices on platforms like Mercado Libre or Amazon , you can even find better deals on the web pages of the stores you plan to visit. In addition to taking care of your money, you will be taking care of your health by not leaving home.
3. Do I need it?: Think carefully if the purchase you want to make is something necessary for your life or if it is just a whim. In this way, you will avoid making superfluous expenses and help your personal finances.
Remember that we are in an economic crisis and we do not know what could happen, so it is time to avoid emotional expenses or buy for your lifestyle.
4. Beware of purchases for months: Many times purchases for months are like flashing mirrors, however, in the long term it can turn into a snowball if you do not pay your credit card on time.
This is a double-edged sword, do not buy things that lose their value for months before you finish paying for them.
5. Don't risk your financial peace of mind: If by making purchases during these dates you are risking your financial peace of mind, better not do them.
In crises, we are not exempt from staff cuts, layoffs, salary cuts… so meeting our monthly commitments can become more complicated. If you don't need something, better avoid buying it. It is better that you are calm and with your finances in order.
All this is not to scare you, it is to prepare yourself and not run away like many people will.
Better, analyze your situation, your purchasing interests and evaluate whether it is convenient for you to spend your money. Your pocket and your peace of mind will thank you.