After receiving the Christmas bonus, there is a great temptation to spend immediately on gifts for loved ones or planning a trip. However, the economic and health situation is very different from years ago, so it can be very helpful to consider the recommendations of experts before you start using this money.
Marcello Mundaca, business manager of Comparabien portal, argues that while the custom of buying gifts and celebrating this holiday cannot be put down, it needs to be remembered that the country is at risk of a possible second wave of coronavirus infections, which may get worse ‘ r the economic crisis.
For this reason, it highlights the need to save part of this income to obtain liquidity in an unexpected situation.
“Just like in other years they asked us not to spend everything, that is taking more emphasis now. It is necessary to get some money to cover an unexpected situation, such as an infection from a family member. It is understood that the recipient of the award has a job; however, in a second wave eventually, many people may lose their jobs, “he told gestion.pe.
For this reason, Mundaca thinks it is ideal to have it a fund in a savings checking account. From his perspective, in the current situation this type of account represents a better alternative to fixed term accounts, as it allows the funds to be available at any time and generates slightly lower profitability.
Paying expensive debt
For his part, Jorge Carrillo Acosta, a professor at Pacífico Business School, recommends taking advantage of this income to pay off higher interest rate debt, which is generally obtained by using a credit card.
“The first thing I recommend is killing expensive debt. If I pay interest rates of 50%, which is the average paid for buying credit cards; or if I pay for cash, I am charged over 100% interest, the best thing is to use the money to kill those expensive debts”, He told gestion.pe.
How to distribute the money
In addition, the finance expert adds the suggestion to distribute the remaining money between savings, investment and Christmas shopping. “After paying off those debts, It is convenient to allocate half of the balance to savings, 25% to investment and the remaining 25% to enjoy. You have to look a little beyond December. Critical months and the school term are coming ”, he remembered.
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