In the previous article we saw how to organize our personal finances in three steps (and a half). In it, we find that the most important tip is to organize accounts have a long-term savings.
However, how can we shape it?
First of all, we must understand that the long-term savings are those resources that aside for a dignified old age and well off.
From the moment we started working, we should take care of our retirement. If you work in a company, it should give us savings through an Afore. However, if we work on our own, we must begin this “stash” on our own. Not only that, you can also supplement the retirement fund you have.
If we account for what we saved from month to month and will cost lives when we are at retirement age (that today is marked by law at 65 years old), do you think you’ll have a free old age financial concerns? You’re going to have to keep your children? Do you want to rely on your family in your later years?
Personally, when I think about these questions, I realize that I have control in my hands, do what I want to enjoy my old age with dignity and to travel. Do you have similar desires? Then, it is time to take action about it!
One way is to automate your savings.
Insurance companies have products to save long-term (up to the age of your retirement), that amount of money away month after month from your bank account or credit card. The amount destinies up to you, but it is advisable to separate between 10 and 15% of your salary (a minimum of $ 1,000 a month).
These savings include the benefits of the Income Tax Law. Under Article 151 of this law, you can deduct $ 123,000 pesos a year.
That is, savings – taxes deduce – you return money. This means that when you make your annual statement, to draw what you pay in taxes you have to tell, you can get credit balance. It is at this point where you apply for finance you money back. This capital you can get through a bank transfer or you can use it just to have their income tax credit balance.
Keep an eye out!
There are many tools on the market to save, including life insurance savings funds of some insurance companies. However, it is essential to investigate how much it will cost and how the product is going to divide your money.
That is why it is advisable to have a separate account for your life insurance, because you allow all of your money is invested and earn compound interest savings. So you have more and let your money grow.
Remember it is very important that NOT TOUCH this money. There are resources to start a business or remodel your home, but to have a decent life for your old age.